How to understand your Uber Tax Estimate

[Updated 1/24/18] Unfortunately Stride no longer offers access to the Uber Tax Calculator! We've decided to focus our efforts on building even better products for our members. If you're looking for help with your 1099 taxes, we recommend taking a look at our Tax Center, as well as other tax product, Stride Tax!

Stride built the Uber 1099 Tax Calculator, so you can go into tax time prepared and ready to save money. Here’s how to understand and use your Uber Tax Estimate.

How does it work?

Stride’s Uber 1099 Tax Calculator syncs with a your Uber account to automatically calculate your tax estimate. It saves you the time of having to go through weekly and monthly driver summaries to make sure you have a complete 2016 financial picture going into tax time. 

Uber Income

This is an estimate of your total income based on the trips and bonuses you’ve earned from Uber in 2016. This number does not include Uber’s commission. It does include earnings from both trips and referral bonuses. 

Mileage deduction

Uber records your on-trip miles. This mileage deduction is calculated based on the total miles driven while a passenger is in your car. You can claim $0.54 per mile in tax deductions using the 2016 standard mileage deduction rate. The estimate multiplies your total Uber mileage by the standard mileage rate to calculate your deduction for you. But you can also deduct mileage between passengers. Stride Tax helps you maximize your mileage deductions. 

1099 Estimated Taxes

This is an estimate. Your actual tax liability depends on factors like state, taxable household size, marital status and others. We calculated this estimate by assuming a 30% tax rate on income after removing mileage deductions (30% or your earnings is what most tax preparers recommend putting aside for self-employment taxes). This combines self-employment, state, and federal taxes. US only.

Want to save even more?

The tax report gives you an accurate snapshot of what taxes you’ll owe given the mileage Uber track, but what about the mileage in-between passengers? The FREE Stride Tax app lets you automatically tracks all of your mileage (with passengers in the car and in-between pick-ups) so you can keep even more of what you earn! 

Learn more about Stride Tax!

Laura ZulligerComment