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I'm an Uber delivery driver. When should I file my taxes? quarterly or yearly? is it optional?

I read in an article that delivery drivers must report to the IRS quarterly, but it is not specified in the Uber driver's web page or the IRS page.
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5 Replies

I'm an Uber delivery driver. When should I file my taxes? quarterly or yearly? is it optional?

You file it on Schedule C in your personal tax return each year.  But you may need to send in quarterly estimated payments to cover the tax since they don't take out withholding like for employee W2.

 

You might need to send in quarterly estimated payments if you don't have enough other tax withholding (like from W2 wages) to cover any self employment tax on a business profit.

 

Turbo Tax will calculate the 1040ES estimated payments

https://ttlc.intuit.com/community/tax-payments/help/can-turbotax-calculate-next-year-s-federal-estim...

 

You must make quarterly estimated tax payments for the current tax year if both of the following apply:

- 1. You expect to owe at least $1,000 in tax for the current tax year, after subtracting your withholding and credits.

 

- 2. You expect your withholding and credits to be less than the smaller of:

    90% of the tax to be shown on your current year’s tax return, or

  100% of the tax shown on your prior year’s tax return. (Your prior year tax return must cover all 12 months).

 

To prepare estimates for next year you start with your current return, but be careful not to change anything.  For Online returns, if you can't get back into your return, Click on Add a State to let you back into your retun.

 

You can just type W4 in the search box at the top of your return , click on Find. Then Click on Jump To and it will take you to the estimated tax payments section. Say no to changing your W-4 and the next screen will start the estimated taxes section.

 

Or Go to….

Federal Taxes or Personal (Desktop H&B)

Other Tax Situations

Other Tax Forms

Form W-4 and Estimated Taxes - Click the Start or Update button

 

 

How to make the Estimated payments

https://ttlc.intuit.com/community/tax-payments/help/how-do-i-make-estimated-tax-payments/00/25875

I'm an Uber delivery driver. When should I file my taxes? quarterly or yearly? is it optional?

Some general info on self employment...........

You will need to keep good records.  You may get a 1099NEC at the end of the year if someone pays you more than $600 but you need to report all your income no matter how small.  You might want to use Quicken or QuickBooks to keep track of your income and expenses.

 

There is also QuickBooks Self Employment bundle you can check out which includes one Turbo Tax Online Self Employed  return....

http://quickbooks.intuit.com/self-employed

 

When you are self employed you are in business for yourself and the person or company that pays you is your customer or client.

 

To report your self employment income you will fill out schedule C in your personal 1040 tax return and pay SE self employment Tax.  You will need to use the Online Self Employed version or any Desktop program but the Desktop Home & Business version will have the most help.

 

Here is some IRS 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

 

You pay Self Employment tax on $400 or more of net profit from self-employment in addition to any regular income tax.  You pay 15.3% 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.  

I'm an Uber delivery driver. When should I file my taxes? quarterly or yearly? is it optional?

You are confusing filing a tax return with making estimated quarterly payments---they are not the same thing.   Your 2020 tax return was supposed to be filed by May 17, 2020.    If you are an independent contractor you can make estimated payments during the year to avoid a big tax bill --and possibly an underpayment penalty-- at  tax filing time.

 

 

https://ttlc.intuit.com/questions/2903027-how-do-i-report-income-from-self-employment

https://ttlc.intuit.com/questions/1901110-do-i-need-to-make-estimated-tax-payments-to-the-irs

https://ttlc.intuit.com/community/self-employed/help/what-is-the-self-employment-tax/00/25922

 

https://ttlc.intuit.com/questions/2902389-why-am-i-paying-self-employment-tax

 

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

I'm an Uber delivery driver. When should I file my taxes? quarterly or yearly? is it optional?

I just wanted to take a second and say I love how you put a disclaimer on your answer to protect yourself, because there are people out here that will truly try to sue you because you answered a question online. It's sad we have to protect ourselves in that way. When people should always do their own research and research their research and not just go with the 1st answer they see and run with it. By the way I didn't know there was an underpayment penalty I thought you just had to pay the difference and not be penalized. Wow!! Also thanks for the great information.

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