turbotax online home & business - intuit · turbotax online home & business use this...

TurboTax Online Home & Business

Use this handbook to learn how to enter your Uber Partner

income and expenses to get your taxes done right.

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Guide for Uber Partners

Table of ContentsIntroduction

Getting Started

Your Special Offer

Preparing your Income Tax Return

Step 1: Create your Personal Profile

Step 2: Create your Tax Profile

2a. Completing your Tax Profile

Step 3: Enter your Income Information

3a. Identifying the Type of Self-Employment

Step 4: Completing Form T2125 4a. Business Statement: Basic Information

4b. Business Statement: Business Address

4c. Business Statement: Industry Code

4d. Business Income

4e. Vehicle Expenses: Claiming Vehicle Expenses

4f. Vehicle Expenses: Adding your Vehicle for Business Use

4g. Vehicle Expenses: Entering your Vehicle Information

4h. Vehicle Expenses: Summary

4i. Business Expenses: Claiming Business Expenses

4j. Business Expenses: Licenses, Business Taxes or Dues

4k. Business Expenses: Office Expenses and Other Supplies

4l. Business Expenses: Banking Charges, Professional Advice and Service

4m. Business Expenses: Telephone and Utilities

Step 5: Reviewing your Bottom Line 5a. Statement of Business Income

5b. Business Summary

5c. Employment Insurance Contributions

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This content is intended solely for information purposes and no Uber Partner or other third party may rely upon it as tax or legal advice or use it for any other purpose. As such, Intuit assumes no responsibility whatsoever to Uber Partners or other third parties as a result of the use of information contained herein. Readers are encouraged to consult with professional advisors for advice.

TurboTax Online Home & Business Guide for Uber Partners

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Introduction

In accordance with the CRA, independent contractors such as Uber Partners are required to file taxes under the self-employed category. This means that in addition to the usual income tax forms, you will also be including your income and expenses from being an Uber Partner.

The main tax forms used to complete your personal income tax return include the T1 General and the Schedule 1. As an independent contractor, you’ll most likely need to enter your Uber Partner information on the Form T2125 (Statement of Business or Professional Activities). This form is used to report your income and expenses as an independent contractor.

Our easy to follow step-by-step process with TurboTax Home & Business helps you file your personal and business taxes together, and also provides extra guidance through self-employment income and deductions. Although this handbook is not intended to take you through every step of the process, it will cover common questions about entering Uber related income and expenses for tax preparation using TurboTax Home & Business.

If you do need help at any point in your tax preperation experience, simply click the help button in TurboTax to get access to our TurboTax support community.

Let’s take a look at what you should gather before starting your return in TurboTax.


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Getting Started

To complete your income tax return, you’ll need to gather information about your income, expenses, and mileage as an Uber Partner, as well as some other basic tax information such as:

; Your Annual Tax Summary from Uber

; Receipts, bills and statements for all tax deductible expenses

; Your vehicle mileage

; Your Social Insurance Number

; Any other tax documents and slips related to other employment (if applicable)

Don't worry if you don't have everything yet, you can still get started. We'll ask you easy-to-answer questions in plain English and fill in all the right tax forms for you and you only pay when you’re ready to file.

TurboTax Tips

Your Special Offer

As an Uber Partner, you can save 20% on TurboTax Home & Business. To create an account, or sign-in to an existing TurboTax account, please visit www.turbotax.ca/uber.

Once you’ve created or signed in to your TurboTax Home & Business account, you’re ready to start with your return. You can prepare your tax return for free and only pay when you’re ready to file. You won’t need a voucher code either, as the discount is automatically applied for you. We’ll ask you simple questions about your life and put all that information in the right tax forms. Simply answer the questions and follow the on-screen prompts.

Let’s get started.


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Preparing your Tax Return

Step 1: Create your Personal Profile

First, you will need to enter in your personal information to create your personal profile. This includes basic information such as:

; Name

; Birthday

; Marital Status

; Residency

; Contact Information

� ; Dependants

; Language Preference with the CRA

Step 2: Create your Tax Profile

Once your personal information has been entered, you can start with your tax profile. This is where you tell us all about your sources of income, expenses, investments and other items that may be applicable to your unique tax situation. Remember, if you had other employment income or items which may have impacted your taxes beyond Uber Partner income, you will need to file all of that together.

For the income generated as an Uber Partner, make sure you answer “Yes” to the question “Did you have self-employment income or expenses?”

2a. Completing your Tax Profile

You’ll also have to select “I have business expenses to claim that are related to earning self-employment income.”

Step 3: Enter Your Income Information

Follow the on-screen prompts and enter any tax slips that are relevant to your tax situation. For example, if you had a source of employment income you may have a T4, etc.

If you had other income, made contributions to an RRSP, or have other registers slips, TurboTax can help you can get a jumpstart on your taxes by automatically importing your slips directly into your TurboTax return from the CRA. Check out www.turbotax.ca/auto-fill for more information.

TurboTax Tips

Next you’ll need to identify the type of self-employment income that applies to you.

For Uber income, select “Other type of business”. Then select “Continue”.

Continue through the Tax Profile by continuing to answer questions from our easy step interview that are unique to your tax situation. Then click “Continue”.

3a. Identifying the Type of Self-Employment

Now it’s time to start entering your Uber Partner Income information under the self-employment income section.

Completing your Tax Profile (continued)


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Step 4: Completing Form T2125

Next you will need to complete the T2125 Business Identification, Business Statement. Follow the on-screen prompts through this section and complete the information that is applicable to your unique tax situation. Here are some TurboTax Tips for Uber Partners:

; Use your own name in the Business Name field

; Use “Uber Driver” in the Product or Service field

; Use your home address in the Business Address Field

4a. Business Statement: Basic Information

4b. Business Statement: Business Address


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Now it’s time to enter your Uber Income, found on your Annual Tax Summary from Uber. This will be entered into the “Sales, Commissions, or fees” field.

Complete all other fields on this form that are applicable to your unique tax situation. Then click “Continue”.

Now it’s time to enter your Uber Income, found on your Annual Tax Summary from Uber. This will be entered into the “Sales, Commissions, or fees” field.

Complete all other fields on this form that are applicable to your unique tax situation. Then click “Continue”.

; Use Industry Code: 485990

4c. Business Statement: Industry Code

4d. Business Income

Click “Add a vehicle for business use”.


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As an Uber Partner, claiming vehicle expenses is very important. Click “Yes” and continue to follow the on-screen prompts.

As an Uber Partner, claiming vehicle expenses is very important. Click “Yes” and continue to follow the on-screen prompts.

4e. Vehicle Expenses: Claiming Vehicle Expenses

4f. Vehicle Expenses: Adding Your Vehicle for Business Use

Now it’s time to enter the information for your vehicle. Here are some TurboTax Tips:

; Description of vehicle might be “2014 Honda Civic” as an example.

; Total kilometers driven in the taxation year equals the total kilometers driven overall.

; Kilometers driven to earn you income can be found on your Annual Tax Summary from Uber

; Enter the total costs for fuel and oil changes, car insurance, maintenance and repairs, and the cost for your license sticker on your license plate. ; Business parking fees include parking and toll road fees.

; If you are paying back a loan used to purchase your vehicle, find out from the finance company how much interest was paid in the tax year.

; If you are leasing your vehicle, use the lease documents to answer the lease questions.


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If this is not the first year you are driving for Uber, you may already have claimed depreciation for the vehicle being used. Please refer to the 2015 tax return for the UCC (Undepreciated Capital Cost) value at the end of 2015 - this will be the UCC at the beginning of the year.

If you purchased the vehicle in 2016, and/or began driving for Uber in 2016, you will leave the Opening UCC value blank. If you already owned the vehicle, then you should determine the value of the vehicle at the time you started driving for Uber, and enter that as the purchase cost.

4g. Vehicle Expenses: Entering your Vehicle Information

There are various ways you can determine the value such as looking up the ‘book value’. • If you purchased the vehicle in 2016 and its cost was $30,000 or less, then use Class 10. • If the cost was greater than $30,000, then use class 10.1 and enter a maximum of $30,000 plus applicable sales taxes (using $30,000 as the cost of the vehicle). • If this is your first year driving for Uber, leave the “UCC at the beginning of the year” part blank.

At this point, if you used a second vehicle while driving for Uber, you can click “Add a vehicle for business use” and enter the expenses for you second vehicle, including purchase and/or sale details as necessary.


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Otherwise, just click on “Done with Vehicles” and review your Motor Vehicle Expenses Summary.

Click “Continue” and follow the on-screen prompts to continue answering the TurboTax questions that are applicable to your unique tax situation.

4h. Vehicle Expenses: Summary

4i. Business Expenses: Claiming Business Expenses

If you were required to pay a fee to Uber in the tax year, enter it in the first box, otherwise click “Continue”.

This is where you will enter the office expenses used for your business, such as cost of bookkeeping software, file folders, and so on.

You can use the “Other Supplies” section to enter costs related to any incidentals you provided to your customers such snacks or drinks.


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4j. Business Expenses: Licenses, Business Taxes or Dues

4k. Business Expenses: Office Expenses and Other Supplies

For “Professional Advice and Service”, you can enter the cost of completing your business tax return for the previous year. If this is your first year in business, you should save your TurboTax receipt for the next year.

If you used a cell phone for your business, you can enter the business portion of the cost here.

Once you’re done, click “Continue”.

If you use a credit card exclusively for your business (for gas purchases, etc.), then enter the credit card fees here.


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4l. Business Expenses: Banking Charges, Professional Advice and Service

4m. Business Expenses: Telephone and Utilities


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Step 5: Reviewing the Bottom Line

Now you’ll be presented with a statement of your business income. You can review the bottom line, and if you’re satisfied, click “Continue” to move forward to the Business Summary page.

If you’re happy with what you see, click “Done With Businesses” to complete this section.

Click “Continue” to move forward to the Business Summary page.

5a. Statement of Business Income

5b. Business Summary

Unless you have registered, just leave the answer as “No” and click “Continue”.

Congratulations!You have successfully completed your self-employment income and expenses related as an Uber

Partner! TurboTax Home & Business will continue to guide you through the rest of your Canadian

income tax return. Simply follow the on-screen prompts and complete the relevant information that is

applicable to you unique tax situation.


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5c. Employment Insurance Contributions

www.turbotax.ca/uber

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1. If you get a larger refund or smaller tax due from another tax preparation method, we’ll refund the TurboTax purchase price. Claims must be submitted within sixty (60) days of your TurboTax filing date, no later than 5/31/17 (TurboTax Home & Business and TurboTax 20 no later than 7/15/17). Audit Defence and fee-based support services are excluded. This guarantee cannot be combined with the TurboTax Satisfaction (Easy) Guarantee.

2. If you pay a penalty or interest because of a TurboTax calculation error, we will reimburse the penalty and interest. Does not include calculation errors due to errors in CRA tables.

3. If not 100% satisfied, return within 60 days to Intuit Canada with a dated receipt for a full refund. Excludes return postage.

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