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

My Uber drivers and Lyft drivers. I love you. I use your user services all the time and I want to give you some critical year end tax tips, some that will bleed into next year. I want to help you with your tax filing. This is one of the most incredible side gigs and if you don't approach it properly on your tax return, it can cause you problems. But I've got some tips here you're going to love. I'm a CPA attorney, best selling author, podcast or YouTube personality. I'm here to answer your questions. Please type your questions down below and I will not waste your time. I want to get right into it. Yeah, I have a joke here and there, maybe because I want to keep this light. Who wants to talk about taxes, right? But we're going to rock this. And I'm going to go to the whiteboard to explain a lot of this because I think it'll be really helpful. Some of you might be watching this while you're driving. I would recommend while you're waiting for your next fare that you watch this video while you're driving. But I'm going to have some whiteboard action here and I think it's going to help out a ton. As I explain this now, I, I don't really. The only way I can explain this is in the context of the trifecta and it's going to help you understand where your side gig fits into your overall life. Now let me say this right now, people. An Uber driver is a business owner. You are freaking on the gateway drug to entrepreneurship. You may have several small businesses evolve from this. Being a consultant, selling something on ebay, Craigslist, doing a side hustle separate from Uber, continuing to do Uber the rest of your life. This is a small business and we want to take advantage of all the tax deductions that go with it. Treat it like a small business. Some of you are like, well, I get a 1099 and then I'll write off a few things. Guys, you got to freaking own this. This is a small business, just like a restaurant. This is you, just like a landscaper or a contractor. And if you don't take advantage of all the write offs, you're going to pay more in taxes. Plus you might even get audited and the IRS will be up your butt. You don't want that. So I'm here for you. Let's dive into it. Let's go to the whiteboard. Now, as I've explained, business structuring for clients around the country over the years One of the most, the easiest ways to do this is what I call the trifecta. And that's where down here at the base of your overall plan, you have your trust, your revocable living trust, which is good. You don't have to be rich to have a trust. In fact, if you've been married, you have real estate, you have kids, you have a second marriage, you have a small business, you need a trust. It's good for privacy. We're not going to go into it in detail today. I have ever other podcasts and YouTube videos on that. Please look into it. But down here at the end of the day is your 1040 tax return. This is where you report your income from being an Uber driver. And I'm going to show the different ways this can happen. Now in the trifecta, the three legged stool is over here you have ops, and over here you have assets. And how this would look typically is you're going to have an entity that you're gonna run your Uber business through and we're gonna talk about the different options you have for that. You may say, well, I'm just a sole proprietor, I don't have an ein, I don't have an llc. Fine. I'm gonna tell you the pros and cons of that. This entity is owned by your trust or you. For now, over here is your LLC that's gonna own your rental property. I want you to build real estate. I want you to build wealth. And that's where this trifecta comes into play. Over here you're going to have IRAs, you're going to have 401ks, you might have a health savings account. We're going to build wealth tax free with Roths whenever we can. We're going to build the tax free side and we're going to build your real estate side with the profits from your Uber driving. See, there's a big picture here, people. You're living the American dream. I don't want you to just drive Uber to make ends meet. I want you to drive Uber and make a few extra hundred dollars to build wealth. Dropping that money into your Roth, buying real estate, buying ETFs, mutual funds, crypto, whatever, you know, is what I want you to invest in. It doesn't have to be the crazy stock market. So my friends, I'm going to take a breath. That is the trifecta. We have operations on the left, holdings on the right, and it all flows down into your trust or 1040. Now when we focus on ops, we're talking about you Uber driving. So if we're on that side of the equation, let's look at your options. You could be a sp sole proprietorship. When you operate as a sole proprietorship, which is the majority of Uber drivers, because they're making less than 20 grand a year, they're like, it's just a little side hustle. I want to make some extra money. You're going to report that on a schedule C, as in Charlie, Schedule C flows down into your 1040. If you've never done this before, you're like, mark, all I have is a W2. That's cool. Deb, can you put my picture over on the right hand side? Over here you might have a day job, a W2 day job. That's cool. And you might even be funding your 401k in your day job. That's great. But over here is your Uber revenue. This is your 1099 and it's going to go on a schedule C. You're going to put your income in here and we're going to want to write off everything we can, all the expenses we can, dining, travel, the auto, of course, computers, electronics, your cell phone, any expense we can related to your small business, home, office, we're going to go through some of those. So this is where all your expenses go and then whatever's left, this is your net. Okay. The problem with the sole proprietorship, and many of you already know this, because you're driving for Uber, you're going to pay what is called self employment tax. Self employment tax is 15.3% on the net. So let's just say hypothetically you bring in, oh, let's say, oh, it'd be a good amount, let's say just 30 grand. You bring in 30 grand from driving Uber. Oh, sorry, we got problems here with my screen. Let's get this back up. Oh, what happened there? There we go. So let's say you're going to bring in over here. There we go. And you bring in $30,000. This $30,000. $30,000. Then you're going to take write offs for your auto and everything you can think of. And in this experience of writing off your auto, sorry everybody, this never happens. I don't know what's going on here. Using a different function here with my pen, I guess this $30,000 comes in and you're going to write off all the expenses you can. I'm going to start a new page here, see if we can figure this out. Okay, we're going to go Here. And boom, just struggling here, people. Sorry about this. Okay. All right, let's go off the whiteboard here for a moment, Deb, and see if you can fix this for me while I am off the whiteboard. If you could do that, please. Okay, so, all right, off the whiteboard here. Let me just talk to you guys. What we're trying to do here with the sole proprietorship is avoid the self employment tax. When we have self employment tax, what we're trying to do is limit the income by taking as many write offs as we can. So if we can write off our auto in the most efficient way, we can write off dining, travel, home office computers, our cell phone electronics, and write off all those expenses. We get our net income down, that 15.3% of self employment tax is first. Then we got to pay state and fed. So the number one strategy I'm trying to emphasize this is an Uber driver is let's maybe get off the sole proprietorship. The sole proprietorship could be costing you. When I have Uber drivers making more than 40 grand a year, we put them into the S corporation. So we take an LLC and tax it as an S Corp or we use the just a straight up Inc. Now you can run different revenue, multiple streams of revenue into your small business entity like an S Corp or an llc. And by doing that, you can be more efficient. You don't have to just set up an LLC for Uber driving. You could have an LLC for your consulting, your, your landscaping, you're selling crap on ebay, and then your Uber driving. So it all goes into one entity. Then we take as many write offs as we can. If you do the S Corporation now we can peel off a little bit of salary and you may have a day job. That's cool. But we peel off a little bit of salary to keep the IRS happy and then everything else falls out the bottom without self employment tax. So I'm going to finish up with this point. If you are an Uber driver and you're making more than 30 or 40 grand a year, you have got to look at the S Corporation strategy. If you've had an LLC all year long, I can backdate you into an s Corp for 2022 if you were not, We've got to be thinking about setting up your s Corp for January 1st. Now our law firm helps clients around the country and blah, blah, blah. This is not an infomercial. My information is down below. But we have a lot of Uber driver clients that actually incorporate their Uber driving. It saves them taxes. But let Me repeat this over and over again. I have to say this. An LLC does not save you taxes. They don't. You do not have to have an LLC to save taxes. It won't work. We have to take the LLC and turn it into an S corp, set up a little bit of payroll. Now when you say, well, mark this S corp, I'm in California or wherever, that S corp is going to cost me a grand or two grand a year. Yeah, let me see, if you make 30, 40, 50 grand with. We might save four grand in taxes. Let me see, spend two, save four. Sometimes you have to spend money to save money and then this corporation can be used for other things. All right, so that's number one strategy is considering the S Corporation and you got to have that in place and be thinking about it in the next six weeks before year end if you're going to do some self employment tax planning before year end. Okay, Number two, you guys all know this is the auto deduction. Now you have two main options. When you do your auto, you could be doing. Thank you, Deb. You could be doing actual or mileage. Now just don't do what everybody else says they're doing. Or you go on a platform and you hear some. And here's what drives me crazy. And I know you're trying to save money, I get it. But you go out into some forum of other Uber drivers and they go, yeah, the best thing is to do this really. Are you signing my tax return? Are you a tax specialist? Well, no, that's what everybody else does. Just because everybody else does it doesn't mean that's what you do. Your car could be different. Your experience or situation could be different. How many miles are you driving? Are you going actual? Did you buy new? Did you buy used? Do you have a suv? What are you driving? So be careful just doing what everybody else says. Now when it comes to your auto deduction, let's go to the back to the whiteboard, Deb, if we can. So number one strategy was doing an S corp. Now on your auto deduction you have two options. You can do. Let's see, let's get this right. You can do. We're having a problem here. Somehow it's turning everything I type into letters. I think it's because of this A right here. I'm even going to switch over there. Let's see if that does it. There we go. I think we figured it out. Okay, so with auto, the auto deduction I can do actual or mileage. Now if I do Actual, that means you're going to be writing off your fuel repairs and maintenance. If I do mileage, then that's all I get. I'm just going to deal with mileage. Now, the mileage rates, as many of you already know, this year, the first half of the year, it was 58.5 cents per mileage, and then 62 and a half cents per mile from July 1st on. Now, I know many of you are like, well, my app tracks it. You know, I know how many miles I drove because that tracks it when I have people in the car. That's active mileage. What about the mileage you drove for business when you didn't have someone in the car? You're running errands to pick up your supplies. You're going to the Apple store or Best Buy, you're driving across town to get to the most advantageous area. Maybe you're driving back home. Home from. After driving people around, and you don't even end up anywhere near your home. Those are non active miles without anybody in the car. Those are still a business deduction. So if your app says you drove 5,000 miles, well, you've got to turn around and figure out how many miles did I drive when someone wasn't in the car. So I want to come up with your total miles for the year. And in some situations, you're better off riding off with mileage. And I know some of you are like, well, I read on a forum that I just need to do actual. Well, I don't know what's best. You, you, your situation could be different. So actual is where we're going to use depreciation. So we're going to write off the vehicle and then we're going to write off all your fuel and repairs and maintenance. But you don't get to use mileage. And once you choose a method, you're stuck with that method the rest of the time you have the car. So what do you do if, let's say you drove, let's see, let's say you drove 20,000 your car, you put on 20,000 miles total this year. That was your total. 20, 20, 20, 22 miles. But 15,000 of that was driving Uber. Okay, so, and then 5,000 was commuting to your day job or personal. So what you have to do is you take the 15,000 divided by the 20, and that gives us a 75% ratio. So you get to write off 75% of your car, 75% of your fuel, 70. You can't just write off all your fuel. But because you have this personal use in the middle of it now, the only way you can do actual is if you use the vehicle 50% or more for business. So if I have total miles of 20,000 again and I only drove 5,000 of Uber, ooh, that's only 25% business miles. That means I'm under, I'm less than 50% business use. Your only choice is mileage. You can only do mileage and so you're going to get stuck with using mileage for the rest of the year. So I'm going to summarize here, everybody, and then we'll do some Q and A. Number one, my Uber drivers, at least a third of them make the transition to an S corporation. And when you go to an S corp, you reduce your chances of an audit by 1500%. 15 times less likely of an audit and you're going to save in self employment tax. That's why you go and I've got YouTube videos out there on the S corporation. Do not try to go freaking knock this out on TurboTax and Jack it up. Get a consult with one of my lawyers when you set it up or use someone, a legal advisor, not a tax person. It's legal work to set up an LLC or an S Corp. We charge 800 bucks for any entity in any state and you get an hour with a real lawyer answering your questions and tailoring it to your situation. I'll give you a phone number. It's down in the description. I'm sure the team's writing it in there. Number two, you're going to write off your auto now. Number three, I want to give you another one. Do you have kids under age 18? Are they helping you with your business? Are they cleaning the home office? Are they helping wash the car? They are they cleaning the car for your Uber driving? I want to put kids on payroll. I love to pay your kids a few hundred dollars, maybe a thousand dollars because you're going to pay for your kids soccer lessons anyway. Quit paying taxes and giving your kid money for soccer. Put them on the payroll and have them help you with your Uber business. Cleaning the car or helping with the office duties. So when you you can pay your kids in your business, you don't give them a W2, you don't give them a 1099. It's a unique strategy when you have kids helping in your business. And I love this, it's a great strategy and you can just go, you know, again, YouTube, Kohler, pay your kids. And I've got multiple video on that. Number four, like I said, using the trifecta is you might have multiple businesses going into one entity. So your entity is one structure, that's your LLC or S Corp. But then you might have multiple businesses going down into it. This is your consulting, this is your Uber and this is your selling on ebay. So you have three businesses but going into one LLC or S Corporation. Real estate's on this side, operations are on this side, and it all goes down into your 1040. So that's your trifecta. We want to bring that together. Some of the other biggies, whenever you go out and talk about your Uber business and you have dining with someone, you're going to write off dining. You may travel for business. Go to workshops on how to be a better business owner. You're going to be driving, riding off airfare, you're going to Airbnb hotel, workshops, travel and workshops. Because guys, you're a business owner. You should be going to workshops on how to be a better business owner. Take this opportunity as an Uber driver to build your business. It's just a part of your overall American dream. One other strategy that I have some clients doing right now is driving Uber just so they can set up a second 401k. You know, you can have two 401ks, you can have a 401k at your day job and you can have a 401k in your small business. So Uber now is you're getting tax write offs to put money into your own 401k. What? Super cool. Love that. The last deadline I'm going to tell you too is many of my Uber drivers that are independent, they're paying for their own Health Insurance. December 15th is your deadline to set up your health insurance for 2023. So for health insurance, the big strategy that I want you looking for is the health savings account, the HSA. You've got to choose your qualifying HSA policy by December 15th, this next year. And it, well, this year, right now you can put up to $7,300 into a health savings account and get a tax deduction. A lot of people don't know that. So I want you to write off your health insurance as an Uber driver and fund a health savings account. Fund your Roth IRA, pay your kids, maybe fund a 401k. Maybe you're going to use an S Corp. Guys, there is so much here and I love it. And I want my Uber drivers to own, adopt and just get it that they're in a business and I want you to blow it up. All right, well, let's go to some questions and drop the whiteboard. What do we got?

You know, I got a question here from West Coast Longi 85. It's interesting and I'm just gonna had to have to add Uber to it. How far do you have to travel to get a write off? For example, if you live in Los Angeles and have a weekend, let's just say you, you drive Uber to Orange County. Can I stay in a hotel and write that off as an Uber driver?

Oh, that's a great question. I would be open to that. Just thinking like you're a truck driver, you happen to take a load of supplies in a, in a truck driving situation and you go from LA to Orange county and you get stuck there that night and you stay the night in a hotel. And the whole reason you were there is because you were Uber driving back and forth from Orange county to LAX and you got stuck in Orange County. I would definitely write off the hotel. Also, you're outside of a normal commute, so you could write off your food that night in Orange county, which, or you, yeah, you could take a fare all the way out to Orange county and then bring a fare back from Orange county to lax. But you use stay at a hotel in Orange County. You're like an airline pilot. You just timed out. You can't keep driving. You're going to kill yourself. So be safe, stay in a hotel and write that off.

All right, question number two is from make that cheddar. If I buy chrome rims for my car, is it a write off if I drive full time and what are

they buying for their car?

Like a upgrade for say, chrome rams, but an upgrade.

Yeah, no, it's true. Now let's talk about this if, let's go to the whiteboard. Now in the auto deduction area, if you're doing mileage, you get the same mileage write off whether you're driving an SUV or a jalopy. And if you put improvements on it, it's mileage only. You don't get any extra write offs. So if you go to actual, so let's say everybody, you go to actual, what do you get? A write off the vehicle. You get to write off the vehicle through depreciation. And that includes repairs, improvements, maintenance, gas, all of that's included in actual. So if you want to upgrade your vehicle so you can charge more or get a better experience, get more rides, whatever you're going to do, that is definitely a write off. But Remember, how do I qualify for actual? You need to be driving your vehicle for at least business 50% or more. So what the IRS is going to do is look at your total miles for the year and then how many miles were Uber? This is where now you're going to say, well, my Uber app says I only drove 5,000 miles. Well, you bet. I bet you drove an extra one to 2,000 miles on top of that going around and getting in the right space, getting back from your last fare in between fairs, where were you? All of those extra miles are a write off off. But remember, you have to have business use of 50% or more. Then yes, you can write off those improvements. But remember everybody, you can only write off the business use percentage of those improvements. So let's say you use your car 80% for Uber driving and 20% personal. And you go in and put on new tires that cost a thousand dollars or new rims for a thousand dollars. You get to write off 80% of those because it's 80% business use. So I can write off $800 of those new rims. Great question.

All right, next question is from Snickers. If I drive only one day a week for one hour, do I have to start an llc?

No, I would not do that. Now everybody listen. If I'm an Uber driver, and let's go to the whiteboard, you have really three options here. You can be a sole proprietor, no llc, nothing. You could have an LLC or you could have an S corporation. Those are your three main options. The only options I think are legitimate. So as an Uber driver, which one are you going to choose? Do I ever half to be any of these? No, you get to choose. I have dentists that are sole proprietors that make 150 grand a year. It's a dumb move, but they don't have to be an llc. So Snickers, when you say I'm only driving one day a week, do I have to be an llc? No, you don't have to be. So let's then say, should I be an llc? Well, what do you get with an llc? Well, you get some asset protection that as long as you weren't drunk driving as an Uber driver and you weren't crazy and there's an accident of some sort after insurance, if there's a problem, no one can get outside of your llc, as long as you weren't reckless or negligent. So no one could touch your personal residence, your home. So the LLC gives you some asset protection. But do you save Taxes with an llc? No. So if I go from a sole proprietorship to an llc, why would I do it? Well, one reason is asset protection. I want to be protected if there's a lawsuit in a car accident that exceeds any insurance that I carry or Uber requires me to carry. Well, what happens if I go to an S corporation? Well remember everybody, and I'll go to red on this. Let's say I bring in 50 grand Uber driving. I'm going to pay self employment tax of 15.3%. That's $7,500 in self employment tax. That's before I even get to state or fed. But if I go with an S corporation, I may take 25 grand in a W2 and 25 grand as pass through. And guys, every realtor, broker, dentist, accountant, lawyer, landscaper, plumber, electrician, we're all S corps. And if you make more than 50 grand a year, you better be freaking thinking about it. Deb, can you that pick? So now if I'm making 25 grand in a W2 and 25 grand in a pass through, that means I'm only paying FICA on this piece. So instead of paying FICA the F word on the whole thing, I'm only paying it here. So snickers, if you're making 50,000 or more, I want to look at the S corp is a really legit opportunity because I could save $3,250 in this example. But if I'm only driving once a week, I don't need the llc, I don't need the S Corp. Just stay over here, take a write off for everything you can and you're going to deal with a little bit of self employment tax, but it's not going to pay you to go over to a new entity. All right, let's drop that next question.

All right, the next question is from the Driven Dad. My wife and I both drive full time. We also have YouTube channels. Our gig business is Uber Lift Doordash and others. We are gross over 90k so far. How to structure from sole prop.

Ooh, I love it. Great question. Let's go to the whiteboard. So in this situation we're now talking about what I was just thinking. So we have a husband and wife. I don't know if they have any kids or not and but they're out there working their butts off. So we've got this 1040 joint tax return. In the accounting world we call that married filing joint. So how should we structure them? Well, they've got three different businesses, right. Or more. And so they're making 90 grand plus now. What did I just say? They are going to pay self employment tax of 15.3% on everything they make. What? On top of state and federal tax? Yes. They're going to get killed. So what I want to do. Deb, can you move that pick? Whenever you see the pick on the side, I'm right. Go to. Let's go to the other side. Okay, so over here they got 90 grand coming in. What we're going to do is set them up as an S corporation. Now if you're like, well, Mark, we haven't been anything this year, well, I hate to tell you, you're pretty much screwed for 2022. You're going to pay more tax than you should. And I'm sorry, but start 2023 off right. We are built for small business owners in America. That's what our law firm is all about. That's why I am on YouTube talking to you guys. We're not a big city law firm that charges you thousands of dollars to screw you over. We want you coming back again and again every year to get updates on your small business strategies. Please get to my website, get to my YouTube channel and watch more videos on this. But this caller, if you've got GrubHub, you've got Uber. You're selling products, you're selling services, you've got consulting, you've got multiple businesses. I want you to set up one freaking entity and we're going to run all the operations through there. We might do two W2s, we might do one W2, I don't know. And how much money are you going to net? I don't know. Do either of you have a day job? I don't know. This is what the consultations for. So I'm trying to give you guys some great answers here, but I don't. I would take 40, 45 minutes, dial them in and save them tens of thousands of dollars and you may call my law firm and go, it's $400 to talk to one of your lawyers. Yeah, we're going to save you freaking ten times that. Oh, don't worry about what you're paying per hour. Look at what you're going to save. That's what tax lawyers do. We are built to screw the IRS over and make you money. That's what we do. That's what we went to school for. Give us a chance. So we would set up your entity for around 800 bucks. You're going to do A tax return for around a thousand. You're going to do payroll throughout the year of 500 at least. So you're looking at about 1500 dollars a year to maintain this thing. But if you're netting 60, 70, 80 grand, oh my gosh, we're going to save you $10,000 or more year after year. Then we could set up a solo 401k over here. We're going to set up Roth IRAs, we're going to set up all sorts of structures. We want to maximize your write offs. I teach biannual classes to small business owners around the country on these strategies. Got another one coming up in Phoenix in December. Get to my website, markjkohler.com you need to have an entity and right away. Now if you were an LLC all year, I'm going to backdate that S corp and you got to talk to one of our team members in the next six weeks because I can backdate an llc, but I cannot backdate into a new S corp. All right, wraps that question up. Let's drop the whiteboard. Go ahead, James.

This one's from Prima Damina. This one's a great one. Because I always wanted to know. I rent my vehicle through Lyft. They have a program where you can rent your vehicle through Lyft. Do I, do I expense the rental fee

she's getting paid to. Oh, she rents the car from someone else.

She rents the car through Lyft. So there's a program where Lyft can provide.

She renting her car to someone else.

She's renting a vehicle like at Enterprise, but it's through a Lyft program. Okay. Okay. So yes. Is it a write off?

It absolutely is. Now, everybody. But trust me, the reason why I got screwed up on that, James, because you know I love Turo, right? So I get twisted around. So I was thinking maybe she's renting her car through Lyft, that's now doing some TURO type things. But if you're renting your car through Turo, that's another great business. We're going to do probably a podcast or video on that. But if you're renting a car to then drive it for Lyft, that rental is an expense. You're good to go. Yeah, that's frickin write off. And you're gonna write off your fuel. I don't think you should have repairs and maintenance when you're renting a car. But you're gonna write off the rental expense plus your fuel and then go Drive for Lyft, claim your income, and then I want you writing off your cell phone, your dining, your computer, your home office, any other expenses we can relate to this business. All right, next question.

Okay, the. Sorry, the next question is from animatedbz20. If I installed dash cams or Sirius radio, is that considered a write off as well?

Yes, up to the percentage of what your business use of the vehicle is. So everybody remember the IRS is going to assume, unless you can prove it, that you're going to have some personal use of your car on Friday night. You're going to go to the movies with your lover, right? And so when you go out and use your car personally to go to the grocery store on a hot date, that's personal use. So at the end of the year, the IRS is going to go, how much of your car was used for Uber? And you're going to have to show, oh, I drove it 18,000 miles for business and 2,000 for personal. Okay, that means it's 10% personal use, 90% business. So when you install dash cams or pay for Siri or you pay for all these other features, you can write off 90% of it because your vehicle is 90% business. So when it comes to those things, you've got to always come back to what is your business use of the vehicle percentage? Next question.

Well, unfortunately, we're running low on our Uber questions. Can we give away a book?

Yeah, let's give away a book. So the tax and legal playbook is for anybody that owns a small business owner, I mean, owns a small business. And as an Uber driver, you are a small business owner. So let's freaking make sure we take advantage of every strategy we can with our Uber business. And so who's our winner?

First winner is going to be Loyal Best. That's Loyal Best.

Okay, Loyal Best. Congrats. Now, if you could, I'm going to write it up here on the whiteboard. You send us an email. My customer service director is Diane with two n's@markjkohler.com and so@markjkohler.Com I would love you to send her an email, say I won the book, give her your info, she'll verify it's you, and she'll send you your book that you just won.

All right, I also have Another question from Mr. Street, and it's, it's a great one. If I use my cell phone, because you have to use your cell phone on Lyft. Is it a write off? Can I, can I write off my Cell phone bill and the percentage of

the cell phone, you know, and maybe I sometimes assume too much. Everybody but your cell phone is 100% deductible under IRS rules. Your cell phone is 100% deductible when you have a small business and hear the and can show you have a home line for personal use. So if any of you have an old phone plugged in the wall at your place that shows you have a home phone line, your cell phone now becomes 100% business use. Now, if you're in a relationship and you married whatever partner and you use your partner's phone, your spouse's phone is the personal phone of the family. And your phone is for business, that's 100% write off. Now, if you're like, well, Mark, I don't have that. It's just me, I'm flying solo and I don't have a phone plugged in the wall, okay, then that means you're going to be writing off a percentage of your cell phone. And so you might choose 80% business, 20% personal. But your cell phone, everybody, your cell phone's a freaking write off. Your computer, your home office, you own a business. I want you to getting your kids involved in helping to clean the car and help you do other things in small business. Use the Uber driving as your gateway drug. I love that couple that asked the question a moment ago. They've got four different businesses going on. That's great. Get more revenue coming in and let's write off everything we can. You should be having a board meeting before your end. So this is great in your small business. Any final questions before we call it?

All right, we have one more question and then we'll give one last book away. This is from shortstop. If I purchase a new vehicle and use it only for work, can I write off the note until it's paid off?

Okay, so I want to repeat that. They bought a car to drive Uber and they want to write off the note. Is that. Repeat that for me, too. I went down a different path before they asked the question. Yes.

If I purchase a new vehicle to use for Uber only, can I write off the note until it's paid off?

No, it's better than that. People, this is very, very important. When you buy a newer used vehicle for Uber, whether it's 80% or 100% use, you're going to write off that vehicle. Okay? You're going to write off the vehicle. The loan is irrelevant. You may have paid for the car with cash. You may have paid for the car with $1 down on a loan. If you go out and buy an SUV for 50 grand and drive black Uber, whatever it's called, but the high end Uber experience, and you've got a $50,000 SUV, you get to write off the whole freaking $50,000 if it's 100% business use the day you buy it, even if you have a loan or not. So people don't focus on the loan, focus on the purchase price of the vehicle. Now remember, it's got to be over 50% business use to write off the vehicle or you're going to get stuck with mileage. But don't focus on the loan, focus on the value of the car. All right, who's our other winner of the book?

All right, the last winner is the Driven Dad.

The Driven Dad. You just won a Tax and Legal Playbook. Oh, that's over here on this side. Tax and Legal Playbook. We'll send that off to you. Get over to dianearkjkohler.com and she will send you that copy of that book. Dianearkj Kohler.com appreciate you. Thanks so much, everybody for participating today. I wish you the best as an Uber driver. It's tough. It's hard working long hours every day. But use that extra money to get out of debt and then use that extra money and save it. Live on the bare minimum. Save for the future. It'll give you the financial freedom you want and truly desire. So use this Uber as a jump and a springboard into the American dream. Thanks, everyone and have a great day.