Drive Uber or Lyft?? | You HAVE to Watch this before 2023"!!

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[@peterwilliams6361]

I am from Spain, my friend in Texas referred me to this channel you make a lot of sense but I do not understand anything until she referred me to a financial counselor in USA that help me to craft my portfolio and over a year we have been working together making consistent profit enough to get me a new apartment and care for parents.

[@peterwilliams6361]

@Mark Reeves it is not a he. It is a lady. I see most things she says and use to carry out trades are done by Steve. that is how I know she knows what she is doing. in her technique of over night trading she says she use stop loss and take profit strategy. She trade on her account and it reflects on your own

[@peterwilliams6361]

@Mark Reeves Her name is Laura Marie Keilman. Look her up online, she is quite popular in the united states and she is a certified financial adviser in order to put you through the procedures of achieving your dream portfolio.

[@peterwilliams6361]

@Mark Reeves I have referred a few of my friends, she is working with them currently and they have improved greatly with their finances. I have made 153,000 usd since Nov with a capital of 10,000 usd that i initially deposited, she collects her fees after you have made profit and her style is such that I am in control of my funds and to a large extent also what happens on my account

[@Iamlorenzojimenez]

Amazing knowledge brother

[@specstreaming6127]

Great tips. I did want to make a slight correction. If you choose the actual method the first year you have to do the actual method going forward. However if you choosd the standard mileage method the first year you can switch. You are not required to take the standard or method.

[@VitalShieldInsuranceServices]

Can you expand or do a video on how to write off heath insurance for self employed?

[@angelrochoa7180]

I drive full time do I still use the schedule C

[@drumbumm47]

These are great tips. I'm a fan of the tip

[@gscottea2539]

To use the standard mileage rate for a car you own, you must choose to use it in the first year the car is available for use in your business. Then, in later years, you can choose to use the standard mileage rate or actual expenses. (Reference: IRS Topic No. 510 Business Use of Car)

[@adrianmartinez6858]

So I just bought my car in 2022, if I choose to use the actual expenses this year, does that mean I will not be able to use the standard mileage rate next year

[@wakeywakey8603]

Can u claim the Standard Mileage deduction AND Lyft's car rental fees (Express Drive Rentals)? Or is that DOUBLE DIPPING?

[@shuncharon]

Man this is great

[@radicalaccounting]

I think my book is applicable to this video because I step through the possible write-offs when I talk about how to setup your accounting system. Pretty hard to do this without some kind of accounting. It's called "radically simple accounting". Best of luck paying less taxes!

[@Smirk_Station]

Most of this video is over my head... I maybe could have had a much larger 2021 return... oh my. Wish I was a hair smarter to understand the s-corp.

[@hm3615]

Lyft and Uber are lying to drivers. I have tons of evidence . They counting not correct and paying even less than they should. I caught a lot. And yet, I’m not talking about that they are taking 60-70% from what riders are paying. Uber/Lyft job become shit, go do another job and you will make more (because of gas price it not worth it anymore)

[@unknown-user2024]

you're right man. They're taking way more than half. Unfortunately not many other options. I now just hustle lyft/uber/spark on weekends. But total BS during the week.

[@hm3615]

I know, but when you count how long time you spend and how much are you taking home, than you see that it not worth it, working at the Starbucks or elsewhere, you make more than driving Uber/Lyft. I’m doing that shit now too, and looking for a job. And doing some kind of side work when I get, when I’m free, I’m doing lyft/uber, until I find regular job. I did more than 10.000 rids and know everything and how they are doing “white slavery”…

[@brokidstv2202]

If I have advertisement on my vehicle 24/7, would that make it 100% business use.

[@WILPOLLOCK]

How small can I be (revenue wise) to adopt a Solo 401k? Can I open the LLC and adopt immediately od do iIneed (miminal) revenue to do so? I wanna roll $$$ into the plan for real estate purposes. :)

[@niameanspurpose]

i have an llc and run my uber rev thru it... i didnt clear enough for an scorp in 2022 but i will this year i planned for more rev. i have been totally self employed since 2022 driving uber...

[@PermanentHigh]

Are you driving Uber XL, or just regular Uber?

[@abdiabdi8963]

Thanks for explaining this knowledge

[@godsgotthis-yalltrust195]

You need a guy like this your drive for rideshare. You need a good tax guy. There are apps that keep TRACK/RECORD of your business and personal miles.

[@ShairPWR]

I’m going to be calling you soon, putting up a budget to consult with your team 🤝🥀

[@b18spoon]

I am a frugal person. I'm trying to buy a house. I drove almost 150,000 mi this year. Can I use just enough miles to cover my taxes? The home loan people want to see some income.

[@MarkJKohler]

To dive deeper into your question, please get connected with one of our Main Street Tax Pros at markjkohler.com/tax-advisor-network/ OR contact my team at kkoslawyers.com/contact-us/ Thanks!

[@JSGroupofCompanies]

29:47 You can't write off rentlal car expenses because its not yours.

[@angelrochoa7180]

Where do you live where can I go consult with you?

[@MarkJKohler]

Hey Angel! So glad you are enjoying my content! I am currently not accepting any more new clients at the moment, but I have the attorneys at my office that I personally train that are awesome! Reach out to our new client specialist Shelby at 888-801-0010 ext. 2043 or email her at [e-mail] and she can help you get setup with a consultation!

[@angelrochoa7180]

I'm new to your page I would love to go see you personally and have a consultation

[@ms.budgetmom8472]

How much do you charge for the S corp?

[@jeffreyg5718]

$800

[@2ferone86]

Passive income vs active income? 🤔 Great video btw. 👍💯

[@GRGRHQ]

Hi Mark, I'm on a mission to understand my true numbers from Ride-share driving. Can you please answer the following question/s? Using the following scenario: Let's say I give an Uber/Lyft ride that pays me $9.63 for a total of 7.41 miles, and let's say I use the AAA formula that says it costs an average of $0.72 per mile to operate a car (Car payment, finance interest, auto insurance, depreciation, tires, maintenance, gas, etc.). 1. If we use AAA's formula, that 7.41 mile trip cost me $5.34 ($0.72 x 7.41 = $5.34). If I use AAA's formula, am I understanding this correctly, that the $9.63 I earned for this trip actually cost me $5.34, which means I actually only earned $4.29 ($9.63 - $5.34 = $4.29 )? 2. If Q1 is correct, and I take the standard IRS miles deduction of $0.62.5 per mile, on that 7.41 mile trip, the tax write-off would be $4.63 ($0.62.5 x 7.41 = $4.63)? 3. If Q2 is correct, does this mean, from that $9.63 trip I only have to pay income tax on $5.00 ($9.63 - $4.63 = $5.00)? 4. If Q3 is correct, does this mean, that if I am in the federal tax bracket of 15%, I will pay $0.75 income tax on that $5.00 ($5.00 x 15% = $0.75)? 5. If Q3 is correct, does this mean that I actually only made $3.54 from that $9.63 trip ($4.29 - $0.75 = $3.54)? Thank you! Also, after watching this video, I think need to set up an LLC or a C-Corp. I clicked on the link you posted in this video and it took me to a law firm named KKOS Lawyers. Is that you?

[@PepiSchmeichel]

So if I go with the standart millage for auto deduction, can I still write off my new phone ?

[@lindahudson8694]

If I make less than 30k can I still itemized than just writing off mileage? Last year I had a tax accountant group do my taxes and they did not itemized. Don't know why, but they stated it was best for my income level.

[@jamesburke7728]

I'm trying to make a new app that will actually work for the drivers. Uber treats their good drivers like crap. Infact they let me go because my 06 saturn vue is too old

[@wooster1414]

06 Saturn 😂, If you showed up in that POS I would cancel. Passengers don't want to ride in an old car. Has nothing to do with the driver.

[@BGraves]

The smartest financial advice is to NOT drive for either

[@jaywilliams773]

I believe he said..........knowledge... I'm unsubsidized

[@addictedtragedyx]

This job is almost tax free... last year made 40k and paid maybe $200 after the mile deduction..