I used to drive for Uber and Lyft; both are unsustainable due to the taxes and maintenance costs. Let's say you make $5,000 per month after Uber/Lyft's cut, then you deduct gas, which is by far the most expensive expense as a rideshare driver in my opinion, and maintenance, and it all comes down to your revenue, right? Wrong. You still owe taxes as a 1099. Let's say you end up with $2,000 after expenses, deduct 30% tax from that, and that is how much you end up making per month. I tried to think about how to minimize all that, and I cannot think of a single thing unless you get an actual job and do Uber/Lyft on the side, but if you do Uber/Lyft on the side, then you are looking at maybe another few hundred a month before taxes, so maybe around 100 dollars or so after all the investment.
Even if you rent a car, you are losing money. Yes, it appears so. It's a good idea to rent so you don't deal with all the issues of ownership, but the cost is higher than owning a vehicle, and why is that? The rental company needs to make money. So if it costs you like $1,000 to maintain a car monthly, it will probably cost you $1,500 or $2,000 since they need to make money to cover the cost of ownership. If you
RIDEGURU
I used to drive for Uber and Lyft; both are unsustainable due to the taxes and maintenance costs. Let's say you make $5,000 per month after Uber/Lyft's cut, then you deduct gas, which is by far the most expensive expense as a rideshare driver in my opinion, and maintenance, and it all comes down to your revenue, right? Wrong. You still owe taxes as a 1099. Let's say you end up with $2,000 after expenses, deduct 30% tax from that, and that is how much you end up making per month. I tried to think about how to minimize all that, and I cannot think of a single thing unless you get an actual job and do Uber/Lyft on the side, but if you do Uber/Lyft on the side, then you are looking at maybe another few hundred a month before taxes, so maybe around 100 dollars or so after all the investment.
Even if you rent a car, you are losing money. Yes, it appears so. It's a good idea to rent so you don't deal with all the issues of ownership, but the cost is higher than owning a vehicle, and why is that? The rental company needs to make money. So if it costs you like $1,000 to maintain a car monthly, it will probably cost you $1,500 or $2,000 since they need to make money to cover the cost of ownership. If you