Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Being Independent Contractors and 1099's has worked well in the Real Estate business forever.
As long as Uber drivers know the rules. No sweat on their part.
IMO everyone should have to write a quarterly check to the IRS. That would wake up a lot of people.
Being Independent Contractors and 1099's has worked well in the Real Estate business forever.
As long as Uber drivers know the rules. No sweat on their part.
IMO everyone should have to write a quarterly check to the IRS. That would wake up a lot of people.
It is a more reasonable usage. And it has gotten to be controversial when Brokerages have gotten too structured. That is why most keep a very loose rein.
It is also a bit of a put on. The idea that brokerages actively supervise their agents is mostly absurd. But we maintain the legal fiction.
One thing is for sure - either cab companies are upset that they have to admit that they are a total ripoff, or, alternately, Uber drivers are accepting an effective pay near, at or below minimum wage once one factors in all expenses (including gas, insurance, added servicing costs, and added depreciation of the vehicle, not just for miles driven with a rider, but also miles to go pick them up or return from their drop-off location).
How are you factoring the regulations and cost of Taxi medallions into that? It seems like your assessment is severely flawed.
It is sad and scary how Pavlovianly trained people are to be so pro-corporate. If something offends a monopoly or corp, it is bad, it must be stopped. We have offended the 'job creators'
The job creators are those who pay to ride, not those who lease cabs to drivers - at extortionist rates. People don't start businesses to create jobs - people start businesses to make a profit.
This is a can of worms...
Isn't capitalism all about being entrepreneurial, owning one's own business and providing for one's own self?
Wouldn't Uber fall under the term "self employed"?
What about kids who go door to door wanting to mow lawns, rake leaves or shovel sidewalks for some cash? Evil little bastids, aren't they? They probably stole $100 from some corporate handyman's annual salary.
They most assuredly deserve to be lumped in with kids who sell lemonade "illegally", don't they?
As for the poster claiming to be under duress while paying $3K in taxes quarterly...what is your annual net?
Lol what? It's no different than taking your weekly income and setting some aside. Instead of your employer doing it you're doing it. That's why you budget. You run P&L statements, you look at cost savings. If you are going somewhere and can pick up 4 riders lined up at say $15 a ride you just made $60 bucks. So you deposit $60 but keep a $15 aside for taxes.
And at the end of the year you get to have some deductions.
You'll have a aneurism if you see how much taxes I used to pay quarterly. What you paid in a year I used to pay quarterly. It's just projected taxes.Sometimes I was right sometimes wrong
How are you factoring the regulations and cost of Taxi medallions into that? It seems like your assessment is severely flawed.
Speaking of the medallions......I read a newspaper article about the Boston medallions and how they have plummeted in value. Not sure why anyone would bother buying a medallion if Uber gets you out there for free!
Uber is causing taxi medallions to decline in value - Markets - Boston.com
The average price of medallions sold this year is $402,444, according to CommonWealth Magazine —down from $666,547 last year. CommonWealth also found that medallion sales have decreased dramatically: In 2009, more than 90 medallions were sold, the magazine reported, but in the first six months of 2015, there have been just 10 medallion sales.
Because quarterly taxes are stressful and psychologically damaging. I take a massive ego blow each time I have to pay 3 grand every quarter and I suffer panic attacks.
Taxes aren't your problem. Why not get a bookkeeper or accountant to do your taxes?
Sooner or later perhaps part of an larger overhaul of the US tax structure (yeah, right) something is going to have to be done about self-employed persons and FICA/payroll taxes. It wasn't such a huge deal in the past but the numbers are growing and no it just isn't from businesses trying to fob off employees as contractors.
The nature of employment is changing thanks to in no small part by rapid advances in technology. However as stated above those that have never had to pay estimated quarterly taxes don't have a clue.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
It's good to be self employed.
