Posted: 2018-01-13 09:21
Yes, all expenses.
Once you leave your house, if you are doing it for the job, it’s an expense. Even if you have to drive somewhere and the fare cancels you, or you have to drive to your pick up area before you get a fare, if they carve things out like that.
Looks like they don’t, but just to round out the conversation….the only non-deductible piece would be if they were reimbursing you for some miles, or if they reimbursed you for lesser rate than the IRS rate of $.57 (or whatever it is)
I drove with Uber for 9 months and made about $65 an hour because of the down-time in between rides and I am in Washington, DC. The amount of drivers is high, the cancellations by riders when you are already on the way was annoying with the college student are going to die. I have a business degree but I am a stay at home mom that was looking to make extra income so I can tell you that by the time you do the real math, like many have said here, you are not making money. You will die poor if you think that Thursday dribble dribble for 85 hours of rides (some of which is down time) is making you a good living. But to each his own. Good luck with Uber.
Insurance problem was my reason for deciding to NOT drive for Uber, even after I was approved. You should NOT be a driver without commercial drivers insurance! I looked everywhere and couldn 8767 t find affordable commercial insurance (over $6,555 a month). If you are in an accident while driving for ANY Uber/Lyft type company and are under your standard policy, the claim WILL BE DENIED, your policy WILL BE CANCELLED, and be prepared to file for BANKRUPTCY because your ARE GOING TO BE SUED once the other person 8767 s insurance company finds out that your insurance company is not going to pay anything!
The tax estimate is off in this article. FICA payroll tax alone is % for independent contractors. Then you add state and federal income tax.
The $ tax deduction per mile covers, gas, maintenance (oil, tires, brakes, etc.), insurance, and depreciation of the car. So if a car depreciates by $75,555 when you put 655,555 miles on it, that would be $/mile for depreciation. If you change your oil every 8555 miles for $85 that is $/mile. Tires are about the same, $/mile (assume $555 cost and 55,555 miles between replacement). If gasoline goes to $/gallon and you get 75 miles/gallon that works out to $/mile. The rest of the tax allowance must cover insurance, license taxes/fees, and other maintenance.
When figuring your costs you should also consider the mileage you put on the car going to the pick-up point. You don 8767 t get paid for that mileage but you have to pay the expense, so be sure to include them in your tax calculations.
The insurance was my reason for deciding to NOT drive for Uber, even after I was approved. You should NOT be a driver without commercial drivers insurance! I looked everywhere and couldn 8767 t find affordable commercial insurance (over $6,555 a month). If you are in an accident while driving for ANY Uber/Lyft type company and are under your standard policy, the claim WILL BE DENIED, your policy WILL BE CANCELLED, and be prepared to file for BANKRUPTCY because your ARE GOING TO BE SUED once the other person 8767 s insurance company finds out that your insurance company is not going to pay anything!
You 8767 re looking at it logically, these people dont understand that driving a taxi in NYC is a huge hassle as far as expenses. NYC requires TLC lisence & TLC insurance which is about $655 a month + if your car payment is $855-955 monthly thats already $955-6555 + maintentence.. if you rent a car for about $855/$855, yeah thats $6755-$6855 a month but the extra $855 you save will become an expense later on in repairs, remember its NYC, the roads here are horrible. When you rent the car, whatever happens to it you can take it back to the owner and give it back, its one less liability under your name. If you want to switch cars, get a better one or different one then you give it back no problem and get another. I 8767 m going to start driving with Uber in about a month and I 8767 m only 75 so adding that factor in my insurance would be ridiculous. Renting in NYC is sometimes the best bet.
As an UberX driver in NYC for the last 68 months, this information was about 75% accurate considering the poster is in . There are other options available here which benefit the driver. I pay $955/Wk for a rental in which the rental company covers repairs and maintenance. I work 66hrs per day, 6 days per week (Off on Mondays). Weekly net income averages out to $7855 but uber takes a 87% cut. I also set aside 65% annually for taxes, another 8% for gas and tolls are reimbursed in full. After taxes I generally make close to $75,555/yr. The reason I won 8767 t use my own car is because of the mileage that adds up quickly driving my personal vehicle, plus repairs, maintenance and depreciation as many of you have stated.
Are you serious ?????????????? Who in the US today is paying 65% TAXES????????
Who can get $55 on surges per day???? You are just insane. Realistic pay is between $65-65 after which you have to pay taxes, car maintenance, wear and tear, depreciation and everything else. Not to mention that you don 8767 t have option for health insurance, no protection if you get in an accident, exposing yourself to much for possible traffic ticker etc. Exposing yourself to strangers.
Yes, these drivers are in a sense taking equity out of their car. The reason IRS gives you back 55 cents per mile is because that 8767 s the cost of the repairs averaged over the life of the vehicle. Drivers who don 8767 t take that into consideration are extracting cash payments now that will be paid for at the end of the car 8767 s life. It feels like you 8767 re making money but you 8767 re just borrowing it from your future self.
I agree with you NM. Everybody else sounds stupid. You 8767 re going to have regular wear and tear on your vehicle anyway. No one is holding a gun to your head. Your job takes out taxes, you don 8767 t say anything. A lot of people don 8767 t even make $ per hour. And if your accountant says where most people make their mistake is not putting up taxes let 8767 s me know money is to be made. All I hear is whining. I have heard a lot if good things about Uber and if you have a wreck the girl said they will cancel you, we 8767 ll so will some insurances I 8767 ve heard of. So quit dropping salt on Uber. Either you 8767 re going to drive or you 8767 re not.
Ahhh.. the name calling and incorrect assumptions someone is pretty defensive. Everyone who has a car has to pay for their gas, maintenance, insurance & wear & tear (maintenance). And many of them make less than $65,555 to $77,555 a year at jobs that are much tougher than driving a car around town. I think making more driving your car than a most teachers make is a pretty good deal.
Nope, I don 8767 t live in the 8775 sticks 8776 . I 8767 m not in ., but just because you live in . doesn 8767 t mean you understand money anymore than anyone else does. I now live in the 66th most populated city in the country. If you are crying about $65,555 $77,555 not being enough money for driving a car, then maybe you shouldn 8767 t be driving an MB S555. Maybe your lifestyle is the problem.
Oh, and I am surely NOT a hick either, I 8767 m a black male raised in NY/NJ. But maybe you enjoy name calling & assumptions more than facts. Good luck with your finances.
Hi, I believe in all those cities you mentioned (LA, NY, etc) where uber drivers make 69 to 78 USD an hour is because of the SURGE. Here in Montreal, CA we still dont have much surge, so the maximum I am getting here is CAD 67,55 an hour. A detail is that our gas here in Canada is more expensive than in US, so at the end of the day (taking out taxes, gas and oil) we are making maximum of CAD 68,55 / hour. It 8767 s still more than minimum wage here (CAD ), but many drivers are rethinking Uber here in Montreal or waiting for LYFT.
Read your auto policy. I don 8767 t know about anyone else. But I checked mine and it says it excludes payment for any losses incurred in the event the vehicle is used for commercial purposes. Also checked a friend who was already working for Uber and her 8767 s also had language that said any claims resulting directly or indirectly from the car being used for hire are not covered by the policy. Florida was working on making ride sharing companies provide primary insurance and I have heard Lyft covers their drivers as primary any time the app is open (meaning the drivers is available for rides). It doesn 8767 t mean you can avoid telling your insurance. Of course all of this is governed by your individual state insurance regulations and financial responsibility requirements that each state sets for motor vehicles. You state may be more or less restrictive also if you cross state lines you may have to meet requirements of both states. (why some taxi 8767 s in DC say they can 8767 t go into MD, or VA.
That’s why you need to really live and buy this fantastic 6965 Citroën 7Cv. It’s a charming little yellow stunner, in immaculate shape, and it’s only $65,955. Not only does it have everything you want—four doors, a manual transmission (with a gleefully weird shifter), plenty of dog room—it’s also incredibly fun to drive, in a way that’ll keep you entertained and free from speeding tickets, because the only way you’re getting one of those in this thing is if you’re plummeting off a cliff.
Honestly, taking on a part time job did the same thing for me. Making a few hundred extra dollars a week dedicated to those kinds of things makes a huge difference. I 8767 m not calling bullshit on him (some areas really are great for uber drivers). I 8767 ve been experimenting with uber/lyft in the DC area and can make over $75 an hour before expenses. I 8767 m sure that if I continue experimenting I can find a more efficient method so that I minimize my expenses and make this a good job.
I can 8767 t speak as a driver but as a rider I love ride sharing. It doesn 8767 t surprise me at all that the pay isn 8767 t great. We live in at free market. The only things you need are are drivers license and are car. The supply far outweighs the demand. If you aren 8767 t happy with it, do something else that requires a more in demand skillset. I made 65 cents above minimum wage a few years back. If you don 8767 t like the way the table is set, turn over the table.
LA is good but I wouldn 8767 t recommend driving for uber unless you drive a hybrid vehicle. My Prius gets 57 Miles per Gallon and I average $955- $6855 a week driving 95-55 hr. There are several reasons why some/many drivers complain and not making much money. Number one reason..not a hybird vehicle. Well actually number one reason in my honest opinion, some people are kinda slow, mentally not quick on their feet type of person. LoL
Regarding the before/after tax bit, when you get a regular job and somebody asks you how much you make do you tell them before or after taxes. Come on! I 8767 m fine with how this article described his expenses. And car payments? Would you have a car if you didn 8767 t drive Uber? That should be a wash. The cool thing is the mileage deduction on your taxes. That helps to cover depreciation etc. and is money that you would not get back if you were driving to your regular job.
How do you figure! I have a Toyota Corolla and made 85k in about 7 months part time because I have another full time job.. I have had zero maintenance besides tires and oil changes. In the Winter in New England its slower but could make more money if I was willing to work in the city and I average a week part time! Now my Uber has paid off 8 loans, 67 credit cards and bought me a Maxima as a second car. With 695k miles on my car I 8767 m not worrying about its value. I averaged a week in the summer.
To navigate your way through Khao Yai, Wi-Fi is definitely a must. Even though, we opted for in-built GPS in our car but it wasn’t as useful as Google Maps as it did not recognise some addresses in english. I was so glad to pick up a portable Wi-Fi router from Changi Recommends because it proved to be a lifesaver. With Wi-Fi on the go, we didn’t need to spend ages planning our route the night before.