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I am not sure about Canada but in US you are supposed to deduct expenses for Insurance, parking, licensing, registration as a percent of miles driven for busine
by nemo3141 9y ago
I am not sure about Canada but in US you are supposed to deduct expenses for Insurance, parking, licensing, registration as a percent of miles driven for business. So 20k miles driven total with 10k for Uber and 10k for personal means only half of your car expenses is deductible for Uber income.
- aianus 9y agoYes, it's the same here. Still, since Uber wasn't doubling my insurance (it actually didn't cost anything more), deducting half my insurance etc. for Uber is not really an accurate accounting of the expenses. I bought the car because I like driving and I like having a car, and I would have bought it anyways.
- nemo3141 9y agoOh ok that makes more sense. Yes the standard mileage deduction of 54c/ mile and other deductions makes Uber profitable if done in a right market with an old car. Few years back my deduction made it seem like I was in loss and didn't have to pay any taxes.