Yes please. Please show us the actual maintenance costs for the whole year vs. the standard mileage deduction for the whole year. I've always wondered which gives the bigger tax break.
99% it’s going to standard mileage deduction. The only time the expense one is going to be higher is if you write depreciation off your car. But if I remember correctly once you do that you are stuck with doing that every year until you get rid of it if I remember correctly and then standard mileage deduction gets better after generally first year but sometimes you can stretch it a few years.
@@Drews_Spark_Adventuresas long as you pick mileage deduction the first year, you can swap back and forth. If you pick, expenses the first year then you can no longer swap back
You can still owe $1000 or less by the April 15 filing deadline, and you won't owe any underpayment penalty. So I think it's the best strategy to pay just enough quarterly taxes and aim for owing between $0 to $1000 on April 15, because giving the government a de facto interest-free loan through the quarterly payments does not feel good.
Interesting good to know. I thought there was something like that but couldn’t remember I’ve done my fair share of looking into the full on taxes side but not in full detail. I just know if some people did do the lower side of setting taxes aside they might go over that 1k threshold probably. Thanks for watching!
Hey! If you use the link down in the description it’s right there for ya! Just click copy on it or whatever the button is can’t remember off the top of my head as I’m working right now. But the link to the doc is in the description!
Hey I saw your email. Apparently I have to provide a different link in order to let you copy. Go to this link and it will ask you to make a copy! I’ll also add it to the description. docs.google.com/spreadsheets/d/1hX5_JxB4XAWhP1fBO5TMo-lBXK6pRNPJepVagE8CCZA/copy
80-90k sounds great and is definitely possible but looking towards the future do you really want to be in a constant grind with no benefits no chance for promotion or raise. Personally no, maybe if it wasn’t my vehicle
I mean all that matters is I enjoy what I do 🤷🏻♂️. I don’t feel the constant grind generally like most do. Plus I have had multiple W2s eventually got treated like dirt and felt like working for myself was better! But I can definitely see where you are coming from. Thanks for watching!
It’s a question? I then go in to explain the expenses of gig work and how some people can skew it by not showing the expenses and since I’m trying to be transparent with my challenge of trying hit 80k in one year doing it, I go into my expenses and what my actual net profit will be.
Yes please. Please show us the actual maintenance costs for the whole year vs. the standard mileage deduction for the whole year. I've always wondered which gives the bigger tax break.
99% it’s going to standard mileage deduction. The only time the expense one is going to be higher is if you write depreciation off your car. But if I remember correctly once you do that you are stuck with doing that every year until you get rid of it if I remember correctly and then standard mileage deduction gets better after generally first year but sometimes you can stretch it a few years.
@@Drews_Spark_Adventuresas long as you pick mileage deduction the first year, you can swap back and forth. If you pick, expenses the first year then you can no longer swap back
@Bigace39. OK cool learn something new every day. Thanks for sharing!
Love this! Thanks Drew!
Yeah hopefully this will be a good thing!
Good info
You can still owe $1000 or less by the April 15 filing deadline, and you won't owe any underpayment penalty. So I think it's the best strategy to pay just enough quarterly taxes and aim for owing between $0 to $1000 on April 15, because giving the government a de facto interest-free loan through the quarterly payments does not feel good.
Interesting good to know. I thought there was something like that but couldn’t remember I’ve done my fair share of looking into the full on taxes side but not in full detail. I just know if some people did do the lower side of setting taxes aside they might go over that 1k threshold probably. Thanks for watching!
thanks for the info
Your welcome!
What is the projected annual net? And at 80k gross?
So far with my expenses it looks like 70% that’s after taxes and fuel maintenance etc. so about 56k. Thanks for watching!
Can I get a copy of your google doc to use for myself.
Hey! If you use the link down in the description it’s right there for ya! Just click copy on it or whatever the button is can’t remember off the top of my head as I’m working right now. But the link to the doc is in the description!
Hey I saw your email. Apparently I have to provide a different link in order to let you copy. Go to this link and it will ask you to make a copy! I’ll also add it to the description.
docs.google.com/spreadsheets/d/1hX5_JxB4XAWhP1fBO5TMo-lBXK6pRNPJepVagE8CCZA/copy
80-90k sounds great and is definitely possible but looking towards the future do you really want to be in a constant grind with no benefits no chance for promotion or raise. Personally no, maybe if it wasn’t my vehicle
I mean all that matters is I enjoy what I do 🤷🏻♂️. I don’t feel the constant grind generally like most do. Plus I have had multiple W2s eventually got treated like dirt and felt like working for myself was better! But I can definitely see where you are coming from. Thanks for watching!
WTF does your title even mean? 🤔🙄🙄🙄
It’s a question? I then go in to explain the expenses of gig work and how some people can skew it by not showing the expenses and since I’m trying to be transparent with my challenge of trying hit 80k in one year doing it, I go into my expenses and what my actual net profit will be.