Tools to help you earn more when driving for Uber, Lyft and other apps.
Let’s explore how to minimize the tax burden that rideshare drivers often face. A great way to lower your tax bill is to get every deduction and credit that you are legally entitled to as a small business owner. There are many deductions and credits that drivers are often unaware of.
Cargo is a way for Uber & Lyft drivers to earn passive income while doing rideshare. Cargo advertises that drivers can make up to $300 extra per month with the box but this all obviously depends on how much you drive.
Those who work as rideshare drivers — from Uber to Lyft to local rideshare companies — know that while their
There is nothing worse when doing Uber or Lyft than having a passenger that is unruly, rude, or downright dangerous. A dashcam is simply a must-have for anyone doing rideshare, be it for your protection or theirs. Some passengers don’t like being recorded and may choose to cancel the ride, but most are
The freedom of self-employment is seductive, but the reality may not be as sexy. For those self-employed individuals like rideshare drivers or freelancers earning their income through the gig economy, health insurance can be a dirty word, right along with self-employment taxes.
Whether you create a business, like an LLC or an S-Corp, for your rideshare business, or you are just doing it under your own name, you can reap the benefits of cash back and mileage rewards cards for these expenses and get up to 5% back on all of your purchases. This adds up!
Uber allows you to claim a bonus if you submit the request within a short period of time after you begin driving. Yes, you can claim the bonus after you’ve already started driving. You must follow some very specific steps and provide them with a qualifying code. We’re going to spell it out.
As an Uber or Lyft driver, you spend a lot of time in your car. Eventually, the miles you have driven will start to add up and you may begin to experience mechanical issues more often than before. The best way to prevent larger issues is to keep up on your maintenance schedule.
If you are driving significant hours, want to make it your main source of income, or want to make it one of many services you provide as part of a full-blown business enterprise, then you may want to formalize your business by creating an LLC or S-Corp to reduce personal and tax liabilities.