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Where does my 45,035 business miles deduction @ $.58 cents per mile for Uber & Lyft go?

 
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2 Replies

Where does my 45,035 business miles deduction @ $.58 cents per mile for Uber & Lyft go?

In the Sch C expenses section look for VEHICLE expenses ....

 

 

Tax Tips for Uber, Lyft, Sidecar and other Car Sharing Drivers FAQ
 https://turbotax.intuit.com/tax-tools/tax-tips/Self-Employment-Taxes/Tax-Tips-for-Uber--Lyft--Sideca... 

You will need to file a schedule C in your personal tax return for self employment income.  You will need to use the Self Employed Online version to fill out schedule C.

Here is some reading material……

IRS information on Self Employment….
http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Self-Employed-Individuals-Tax-Center 

Pulication 334, Tax Guide for Small Business
http://www.irs.gov/pub/irs-pdf/p334.pdf 

Publication 535 Business Expenses
http://www.irs.gov/pub/irs-pdf/p535.pdf 

Self Employment tax (Scheduled SE) is generated if a person has $400 or more of net profit from self-employment on Schedule C.  You pay 15.3% for SE tax on 92.35% of your Net Profit greater than $400.  The 15.3% self employed SE Tax is to pay both the employer part and employee part of Social Security and Medicare.  So you get social security credit for it when you retire.  You do get to take off the 50% ER portion of the SE tax as an adjustment on line 27 of the 1040.  The SE tax is already included in your tax due or reduced your refund.  It is on the 1040 line 57.  The SE tax is in addition to your regular income tax on the net profit.

KarenM90
Intuit Alumni

Where does my 45,035 business miles deduction @ $.58 cents per mile for Uber & Lyft go?

You will need to claim your mileage as part of you Self Employment Income & Expenses under the Income & Expenses Tab.

 

Follow the onscreen interview then choose Add Expenses and Add the Vehicle Expense.

 

 

 

 

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