Rideshare Guy - Bill's Tracking Spreadsheet (2016 Earnings)
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IRS form 1040, schedule C......................................................
http://www.irs.gov/pub/irs-pdf/f1040sc.pdf
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IRS form 1040, schedule C instructions..................................
http://www.irs.gov/pub/irs-pdf/i1040sc.pdf
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IRS form 1040, schedule SE.....................................................
http://www.irs.gov/pub/irs-pdf/f1040sse.pdf
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IRS form 1040, schedule SE instructions...............................
http://www.irs.gov/pub/irs-pdf/i1040sse.pdf
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video tutorial on how to use the worksheet............................
https://www.youtube.com/watch?v=OP3WmNPMPrY
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UBER rideshare insurance coverage....................................
https://newsroom.uber.com/insurance-for-uberx-with-ridesharing/
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LYFT rideshare insurance (CA) coverage............................
https://help.lyft.com/hc/en-us/articles/213706398#insurance
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2015 tax deductions guide from therideshareguy.................
http://therideshareguy.com/all-of-your-2014-rideshare-tax-questions-answered-a-turbotax-giveaway/
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2015 tax deductions guide from everlance.............................
http://blog.everlance.com/2016/01/26/the-ultimate-guide-to-tax-deductions-for-rideshare-drivers/
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2015 tax deductions guide from sherpashare........................
http://sherpashareblog.com/2016/02/09/tax-season-is-upon-us-filing-taxes-in-the-rideshare-economy/
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Sign up to drive with Uber using our code '3e3dg' or go here:
http://www.therideshareguy.com/newuberdriver
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Sign up to drive with Lyft using our code 'Harry757' or go here:
http://www.therideshareguy.com/newlyftdriver
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here's a quick set of instructions for everyone since i hadn't ever included them:
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-1) start with entering driver data on either the UBER or LYFT 2016-DL&WR tabs as indicated by the blue inputs for each highlighted column
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-2) update your average CTY/HWY MPG in cell N8 (within the 2016-profitability tab) as it'll calc estimated gas expense (for both LYFT/UBER tabs) based on total miles driven
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-3) update tax related intangibles on 2016-P&L or 2016-EstTax tabs ASAP as they flow through to "total expense" & "tax due" columns of profitability calc
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-4) to help w/ monthly budgeting, please remember that the 1st month or two (2) will skew the averages due to a shortened timeline, by month three (3) it'll level out to usable #'s
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-5) the overall purpose of this tool is to not only assist w/ estimating your tax liability as a 1099 independent contractor but to give you a better perspective about driving efficiency
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>>>drive smarter NOT longer, chase those $$$'s but ONLY when it's working 4 you NOT against you :-)<<<
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here's a few tips/tricks for staying efficient:
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a) on a per mile basis: you're better off NEVER chasing surges or driving around aimlessly, figure out a base driving radius (if working weekdays) w/ quick access to highways
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b) on a per hour basis: you can't force fares to hail you but can hedge against low demand by signing up to drive for both UBER & LYFT, as riders may prefer one against the other
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c) on a per trip basis: if anyone knows a way around this issue let me know...
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UBER|LYFT combined gross wages summary $ 1.68 $ 50.23 $ 30.69
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per mile>>>>>per hour>>>>>per trip>>>>>
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regarding all three analytics... demand will ALWAYS be suppressed weekdays versus weekends (but weekend demand will grow organically throughout your driving shift). don't get discouraged if you've had a worse week than usual, rider requests tend to be cyclical & seasonal. start driving for about 3 months, log your stats, spot check for trends, then use weekly averages as goals to beat. as you drive more, you'll tend to agree that $$$'s out there but it's more of a #'s game in the long term. generate a specific $$$ amount, forecast your gross earnings, then drive the hours required to meet expectations =)
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