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0 pointsevjim11y ago0 comments

The IRS $.56/mile takes into account estimated gas costs, wear&tear and insurance. You are double dipping.

Also income tax is deducted off of profits not driver revenue.

0 comments

bane11y ago

Yeah you're right. The IRS mileage covers insurance. You can alternately calculate your true expense and deduct that, for example, since he's operating a taxi service, he's probably required to have taxi insurance or risk committing insurance fraud. Since that insurance is much higher than normal car insurance, he probably can deduct more.

dnautics11y ago

it's not a taxi service, and I have one of the insurance companies that is ok with ridesharing. I am sure they have plenty of actuarial data that allows them to set the rates accurately.

I'm not double dipping because I won't be deducting gasoline or insurance expenses as a part of the .56/mi deduction. (I don't keep my gas receipts)

bane11y ago

Sure, uber is not a taxi service in the same way McDonald's is not a restaurant.

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0 pointsevjim11y ago0 comments

The IRS $.56/mile takes into account estimated gas costs, wear&tear and insurance. You are double dipping.

Also income tax is deducted off of profits not driver revenue.

0 comments

bane11y ago

dnautics11y ago

it's not a taxi service, and I have one of the insurance companies that is ok with ridesharing. I am sure they have plenty of actuarial data that allows them to set the rates accurately.

I'm not double dipping because I won't be deducting gasoline or insurance expenses as a part of the .56/mi deduction. (I don't keep my gas receipts)

bane11y ago

Sure, uber is not a taxi service in the same way McDonald's is not a restaurant.

j / k navigate · click thread line to collapse