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Deductions

Discussion in 'Taxes' started by flix, Dec 8, 2016.

  1. flix

    flix New Member

    Hey all, newer driver here and this will be my first tax year with uber. My understanding is I can deduct 54 cents per mile for business miles driven. In my case I usually drive more than 200 miles for $100 in fares. This will ostensibly give me a 100% deduction.

    Even if your numbers aren't 2 to 1, or you only deduct miles while being paid, that comes out to about 76 cents a mile. (3/4 of .77 plus .09 a minute @ 30 mph average) That means a deduction of, a guesstimate here, about 75-80% of fares earned.

    Am I really confused? Steer me straight. Many thanks, flix
     

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