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Uber bill format for Public Relations

what's up guys welcome to More driven where we talk all things gig workk and today in this video I'm going to be going over how to file your taxes as an Uber driver for the years 2023 through 2024 so just a disclaimer at the beginning of this video I am not a tax professional in any way so this is not Financial advice but I've been a door Dash driver for almost 6 years now I've been an Uber Eats driver for a couple of years and then I've been doing Uber andyt now for a year as well so I know the ins and outs of how to file your taxes so I'm just giving you guys my personal experience of what I found and how I've gone about filing my taxes so I'm going to be going over a couple of different things in this video first thing we need to know before we get into anything else is the vocabulary terms of filing your taxes because when you're self-employed there are some things that you need to know of so the first thing you need to know is how much you made in total in the year 2023 from Uber so I'm just going with a nice easy round number and I'm going to say I made $40,000 last year from Uber it just makes the math nice and easy I feel like that's an average amount you can make if you did it full-time last year so that's the first thing you need to figure out the next thing you need to figure out is how many miles you drove so your total miles driven and once again I'm just using a generic number this is not my real numbers for the year but for the purposes of this video we're going to say I drove 45,000 mil last year to make that $40,000 so I have the total amount you made in 2023 and then you have the total miles you drove the next thing you need to know is the standard mileage deduction for the year 2023 which was 65 a half cents per mile you drove so once you figure out those three things you can just plug and play into this formula that I've created and I guess it's not really that I've created it's just the formula on how you file your taxes so after I go over this I'm actually going to go into some tools that make it way easier and you don't have to do all of this on your own but I think it's good to know this formula and plug andplay yourself just so you know a ballpark number throughout the year of how much you should be saving towards taxes but there are tools that just do this for you and it makes it super easy so I'll be going over those after I go over this two things I forgot to mention is that the tax rate for this year actually went up and it is 67 cents per mile so we'll be getting an even bigger tax write off for 2024 and then also you don't have to use the standard mileage deduction to get your write-offs which means you would write off every single expense that you had pertaining to Uber so that would be gas any car maintenance anything like that that you paid for you could write that on instead but I've come to find out that using the standard mileage deduction saves you way more money and every time for me it's been more worth it to do the standard mileage deduction rather than the itemized deduction but anyway now that you have all those numbers you can just plug and play into this formula and the formula is you take the miles you drove and you multiply that by the standard mileage deduction rate of 655 and that equals your total writeoffs that you get you take the total number you made in 2023 and then you subtract your write-off total that will give you your taxable income after that you take your taxable income and you multiply that by your tax rate which is the federal tax rate plus your state income tax rate plus the self-employed tax rate and that equals your taxes owed so for the numbers I'm using for the purposes of this video it would go something like this since I drove 45,000 mil in 2023 I would take 45,000 and multiply it by 655 and that would equal 29475 and that is the total amount of write offs I get so then I take that number and I subtract it from that $40,000 that I made for the year and that gets me $1,525 and that is my taxable income that's the money I have to pay taxes on so then you take your taxable income which for me $10,527 and you multiply it by the tax rate which for me because I live in the state of Utah and because I am married my tax rate equals 29.95 or 2995 in terms of the multiplication problem so I multiply $1,525 time 2995 and that gets me to $3,152 24 is what I would owe on taxes and that is in terms of these numbers I'm using for the video so the way I got that 2995 tax rate for myself is because for the federal taxes you can actually just go online and look the up they have it on irs.gov and or you can just Google it and you can find the tax brackets so for me I am married filing jointly so my tax bracket is a little bit different than if you're single and so you can look right here and it says from $0 to $2,550 of your taxable income I have to pay 10% so I have 10% right there and then I have to add in in the 15.3% self-employed tax which is just a blinket tax rate that you have to pay if you're self-employed because it covers Social Security and Medicare and unfortunately I don't think there's a way to get around that and so that gets me to 25.3% that I'll pay in taxes but you also have to file your state income tax which for the state of Utah it is 4.65% so I add all those together and I get 29.95 or. 2995 so you can just Google all of those things Google your state income tax Google the federal income tax brackets for 2023 see which one you fall into and then just add the self-employment tax and that's how you get that tax rate so if you're doing your taxes alone that's how you would do it essentially but you always want to file with an accountant or with an accountant service like the ones I'm about to get into right now so this is actually the first year you can file your taxes with solo the solo app makes it super easy this year so if you've been tracking your stuff through them for the whole year then it's going to be even easier but even if you didn't track all your stuff and you haven't even downloaded the app yet you can still file through them and they make it super easy so if you don't know what solo is they're just a great app to use if you're a gig worker because they just have a bunch of tools to help you as an Uber driver or whatever other apps you're using so once you sign up for the app just on the home screen they will have a file your taxes little tab that you can click on so they've partnered with tax experts at colum so that you can just quickly file your taxes and if you track your expenses with solo they'll just pre-fill in your tax forms and if you have income from other jobs you can also add that in as well and this service is free for the pro and pro plus subscribers so if you're paying $115 a month or the $20 a month pass then you get this for free so that is well worth it because what I've done every single year is I've just used Turbo Tax they make it super easy as well but to file for self-employed taxes I think it's like $250 you have to pay or maybe even 300 you have to pay to use Turbo Tax self-employed so this is way cheaper you just pay $15 or $20 a month and you get this service for free so it is a great tool it makes it so you don't have to do all of this math that I just did in this video so you can use that or you can use Turbo Tax like I've done for the past few years because solo didn't have this feature yet and Turbo Tax is the same thing you don't have to do any of this math yourself you just submit your 1099 form or your W9 Form whichever one it is I can't remember which one Uber sends you you just submit that Into Turbo Tax and they make it super easy so either one of those but I just recommend solo because it's way cheaper so if you want to use solo then I have the link for you down below in the description and when you use that link you'll get a bonus $10 upon sign up anyway so really you're getting this tax file service for only5 or $10 because you'll get that $10 bonus when you sign up so it's there in the description if you want to use it but anyways there you guys have it that is how you file your taxes as an Uber driver and like I said I am not an accountant this is not Financial advice but this is how I've done it over the years and this is the formula I've used so hopefully you enjoyed this video If you learned something make sure you subscribe thank you guys for watching and I'll see you in the next one