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Uber bill format for Logistics

I'm making this video to assist the uber drivers with their uber taxes if you are not an uber driver please share this video with an uber driver that you do know hopefully a family member a friend not just some random uber driver the reason why I'm making this video today is because April 10th today is the first day that self-employed people and sole proprietors can go apply for the PPP forgivable loan an uber driver is a sole proprietor and self employed therefore when they went to their lender a lot of the banks are saying in order to apply you need your 2019 tax return therefore I'm making this video to assist with the uber taxes so while we're doing it you might as well do it properly and save taxes to make sure you're doing it correctly and you're not overpaying taxes so let's start with just saying that both the income and the deductions all information regarding the uber activity goes on the Schedule C of your individual income tax return Schedule C like in cat you're gonna have the income side so let's start with the income side this is straight from an actual 2019 1099 K from uber the income side is either going to be a 10k or attend a Miss regardless they're both gonna be inputs into your tax return on your schedule see as your gross sales in this example it's gonna be $34,000 if you're an uber driver you're in luck because you can help this will help you I'm looking at the actual form the reason why I'm not doing a screen share is because I know turbo tax is the most popular software but then there's tax at there's H&R tax cut there's so many other tax softwares major name-brand ones you're probably 20 of them so as much as I'd love to do screen share which I've done in plenty of my videos I think it's better to just go over these from a high-level overview to help you universally no matter what platform you're using as you're doing a home software but this one okay this is for uber 1099 k Box 1 $34,000 if you're gonna input that into your software and that's gonna show up on your Schedule C as your total sales so the income side of it very straightforward it's as simple as that let me just say that whatever appears on your 1099 K that is definitely not how much money you receive so that's not like your net income that you received this is this is your total gross sales and from that uber took away a lot of money and we're gonna go over those as your deductions so these are your deductions if you don't have this you want to log into your uber accounts as the driver and look for the tax summary look up tax summary for 2019 it's gonna tell you driving totals completed trips online miles it's gonna give you the works this is you need to have this form the deductions which are on the Schedule C to the deductions they're gonna be made up of things that are on this form the tax summary from uber and the deductions are gonna be the other expenses that are not on this form so you don't want to miss one or the other you want to have both of these so this tech summary sheets from uber this is giving you your deductions on a silver platter they are literally just laying up lying expense it's just line by line by line so let's start so it's gonna say these are your expenses fees and tax and then they're gonna give you a second supplementary sheets and they're gonna list the expenses literally line by line uber service fee $6,000 booking fee another six thousand split fair fee Airport uber fees instant page Hodges you're gonna give the tolls all these are expenses that you can deduct make sure you do not miss this you I mean you cannot miss these these are straight from uber so these will go on your schedule see and you're gonna literally just line by line list them out and write the dollar value as expenses that you can deduct so that's from the category from the uber summary sheet labeled expenses fees and tax that's gonna be a big amount the second thing that you do want to deduct from this sheet are the on line miles that's gonna be towards the upper right the on line miles whatever is listed there for example in this case it says 25,000 miles that's the minimum that's the absolute minimum amount of miles that you do want to deduct so the the on line miles that's going to compass everything while you're actually on a trip with the passenger while you're waiting while you're driving around to get the the passenger all that so that's whenever your cap is on that's gonna be your on line model so that should be the absolute minimum if you did some driving for work purposes on top of that then you would be deducting that as well so that's why I say whatever is listed as your online miles in this tax summary sheet from uber that's the minimum amount that you want to be deducting in your tax software you're gonna be given you're gonna be given the option to deduct the mileage the mileage method is based off you get a certain amount of cents per mile driven and then they're gonna ask you do you want to take the actual method that's where you're actually deducting the true cost of your of your gas your repairs your maintenance your insurance depreciation I would say generally speaking unless you bought a very expensive vehicle in the current year or this tax year you're reporting if if you do not buy an expensive vehicle then you generally just want to use the standard mileage rates so that's just the mileage method so what in other words you're not listing the actual cost of the gas there are pairs the maintenance you're just writing how many miles you drove how many miles you've driven and that you're getting a deduction based off how many miles you've driven and that's very straightforward therefore from the sheets what you want to extract as deductions are the expenses fees and tax that's from straight from the uber summary sheet and the on line miles so those are the two things that you're looking for to extract from this informational sheet from uber and you're deducting on the scheduled seat on top of that like I said this is handed to you on a silver platter by uber and then additionally you want to deduct the things that are not given to you and not represented on this uber sheets because they have no idea which is based on your personal situation the first thing that you want to adduct is your cell phone you know a lot of times for other businesses a cell phone may not really truly be associated as a business expense in this case it is 100% without a doubt absolutely deductible because how are you using the app it's all running through your phone so it's going to be deductible no questions asked so don't forget your cell phone expenses so please deduct that another thing that you do want to deduct are the supplies I mean this might be more true for the lyft drivers but if you're buying supplies such as tissues hand sanitizers water bottles snacks whatever it may be you know to provide to the passengers or for the car I mean those are supplies that you can deduct as well so please do not forget that another one that you do I guess you this is your choice is the home office duction now I understand yes obviously you're on the field that's where the work takes place however you still need a place to do the administrative work whatever that may be and if you're using a place exclusively for work purposes carved out in your home then you can deduct a home office this is up to you you don't have to take this it depends on how aggressive you do want to be if you do want to take the home office deduction within that deduction you have two ways to do it you can just do the simplified method which is a very low audit risk you get five dollars a square foot and you just write how much how many square feet were used for your home office the other way is to prorate it based off the actual expenses so these are our actual expenses for rents or mortgage interest or utilities or whatnot so even within a home office you have a riskier way and you have a conservative way or you could just completely not take it it's up to you if I were in your shoes I would take it [Music] okay that's my advice for completing your uber taxes again I'm doing this because a lot of people are looking to complete their uber taxes in order to get the PPP loan application but if you're gonna do your taxes for 2019 better do it right it might as well save taxes while you're at it if you have any questions or comments please leave them below and if other people have experience with the uber taxes and can answer any questions confidently please help one another out I know people are rushing to get this done to get the PPP loan in the application in so please if you could I'd greatly appreciate it you can help out one another thank you so much please subscribe that's all next video take care