Episode 42: A Tale of Two Profits: Talking Taxes, Profits, and is it Time to Get Worried?

We are coming up on the end of the year. Doesn't seem possible, does it? One thing that the end of the year is going to mean is, TAXES.

Are you ready for tax day?

This week we do a bit of a more general overview of taxes. In Episode 21, we talked a little more in depth about how taxes work.Earlier in the year a more in depth explanation and video were published about what taxes are like for independent contractors in the on demand delivery industry.

We talk about some basic understandings:

There are two different types of profits: Actual (what's actually left over after real expenses) and taxable. When we drive as much as we do, there can be a big gap between the two.

We also talk about making sure you understand your real expenses as a driver. Your car is like a credit card on wheels and it costs a lot more than the gas you have to buy. You can go to episode 18 to get more information on that. You can also find this article which talks about how driving extra miles to reduce taxes is not a great idea.

Finally, you can find an article that was written with Uber Eats couriers in mind that gets into the details of what kind of miles you should track. The information is applicable with other delivery platforms.

We post a companion page on our website that we call a sort of semi-transcript - it's the same general information but not necessarily word for word.

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