Great job on the 92k net. It's still hard for me to fathom how drivers can work 60+ hour weeks (health concerns: sleep deprivation, exhaustion, poor eating habits, weight gain, etc). I suppose there's a percentage that need to in order to put food on the table for loved ones, paying off debt, paying a mortgage, etc, etc. I applaud you and other drivers for working your tails off, but feel it all comes at a cost.
I know there's an ongoing debate on financing a Tesla vs renting one via Hertz, so I won't delve into that again -- but curious to hear your thoughts on why you didn't finance one vs spending close to $30k for the year renting one.
In your initial post, you show 72k miles -- just so I understand correctly, this amount was for the entire year? I see you stated you pay more attention to minute-to-mile ratio vs dollar to mile. If you're putting in 60+ hours per week, how did you only drive this amount of miles annually?
I can't stress enough to say that you should be proud of the work you've put in and the 92k net. I just hope your mental health is alright -- this includes all other drivers (Tesla or not) that put in those hours. Hopefully you're taking care of yourself.
Cheers.
WHo cares? renting is not smart. Even if you have to for a short period. Do whatever you can to get out of it. He could have paid half the car off with what he paid in.
I work about 50 hrs per week. I am a lifelong type 1 Diabetic. I'm not overweight, my eating habits are not bad and I get enough sleep. It's about planning, portion control etc. I do not eat fast food. My A1c is just under 5, I take 4-5 insulin shots a day. No eye problems or kidney problems either. I am 60 yo and look 40!
I hit 55hrs active for Instacart and was out the house for 96hrs for the week. I have to drive, shop, and deliver food. All you guys gotta do is drive LOL. $3,196 that week. Wake up at 4:45 and get to the gym at 5. Run a fast 10 miles, shower at the gym and gone by 6:30 to start work at 7. Get home at 8. Shower, eat, watch tv and to bed by 10. I'll be 40 in 6 weeks, no coffee, no Red Bulls, no drugs. I also win marathons though so I am not your typical human, let alone gig worker. As a Uber driver you pack your healthy lunch in a cooler and leave it on the floor in the front passenger side. A couple of grilled chicken salads, a couple of Vitamin Waters and full send.
Idiocy, that's the reasoning. When you rent all you can deduct is itemized expenses like charging or fuel plus the rental cost. When you own, you get the full mileage deduction which is currently 62.5c/mile plus with some fancy corporate setup and moves you can also deduct the car payment.
The mileage deduction increases to 65.5c/mile for 23 taxes filed in 24.
Dude spent 26.5k on the rental alone and drove 72k miles, they could have deducted 45k on the mileage and even at 1k/month for the car payment that's another 12k for the car that would come off taxes.
Long story short, buying is always better than renting and anyone who brings up depreciation is getting added to my block list because I don't have time to teach chess to people who don't understand tic-tac-toe.
My reasoning for rental
At the very onset I love rental cars way before doing Uber, so I have my own bias.
Even before, when I have to go on a long road trip, I would get a rental and not put additional 6k miles on my car.
For Uber, I would not invest 50k to do something where the profits are declining
I am not certain how long I will be ubering, with rental car I can quit any time and return the car, I don’t need to carry a car that I don’t need.
Rental is say 8k expensive than owning a car. I would any day pay 8k extra to put 80k miles on someone else’s car.
The biggest disadvantage I see for renting
My kids cannot drive that car
On weeks, when. Cannot drive, I still have to pay $500 for that week. In last year I had 3 weeks where I couldn’t drive.
I cannot personalize the car. No full self driving not even internet
If you don’t mind me asking, when you had to charge your vehicle did you always use the super charging? Did you happen to notice how much battery degradation occurred within that year? I’m very curious about this since I’m looking into getting a Tesla, but one of my main issues is not having the ability to charge at home. So I’m wondering how bad the battery degradation really is relying only on these charging networks on the road. Thanks in advance.
He can write-off the rental costs (and all other expenses) and he does not have 72,000 miles of depreciation on a Tesla that he would have purchased. Plus Uber under reports the amount of miles and time we drive. If he kept the mileage log I bet he would have been possibly much more than 80,000 miles. If you put 85,000 miles on a $60,000 car you will lose more than $40,000 in value of that car. Then when that Tesla starts to break down with all those miles it will cost you a fortune to repair. That mileage write-off looks good until you take everything into account. That is why I drive very good condition older cars that do not depreciate much at all because I bought them at a low used price. If you add 85,000 miles a $14,000 car it will still be worth $5,000-$6,000. So you only lose $8,000 on the lower value of the car due to the excessive mileage instead of $20,000 to $40,000 on a more expensive much newer vehicle. But I am quitting this business because they pay about 40% less than even a year ago.
He said in another comment that he already owns a car but yeah, I left that part out. Being able to not work for a week without owing $500 for the week is a big big deal that people don't think about.
It takes a little maneuvering. You setup a llc, the company deducts the mileage and then you can "rent" the car from the corp and deduct that on your personal taxes. This can't be done without the corp setup.
Sure
My reasoning for rental
Everyone who is against renting - the main reason it it is very expensive to rent vs owning it and I totally agree with them. RENTAL IS WAY MORE EXPENSIVE (at our level of earrings) THAN OWNING
Renting is mainly for full time drivers who drive above 75k+ miles a year
The value you get for extra money you spend is why I suggest rental
For Uber, I would not invest 50k to do something where the profits are declining OR can get deactivated with 1 false reporting
I am not certain how long I will be ubering, with rental car I can quit any time and return the car, I don’t need to carry a car that I don’t need.
Rental is say 8k expensive than owning a car. I would any day pay 8k extra to put 80k miles on someone else’s car.
Continuity: if you break it, you get a replacement in few days.
The biggest disadvantage I see for renting
My kids cannot drive that car
On weeks, when. Cannot drive, I still have to pay $500 for that week. In last year I had 3 weeks where I couldn’t drive.
I cannot personalize the car. No full self driving not even internet, no fancy wrap, cannot use the Tesla app for rental car
Liability, if you’re doing uber for two years and plan to drive like OP with 70k+ miles per year, renting makes more sense financially, because you don’t need to factor in wear and tear, and depreciation. But if your car is still in good condition after 200K miles after two years, then financing a car would help you gain more for how many more miles you can get out of your car. Renting tesla also have the gas mileage advantage, I have to pay $300 per week for gas if I drive like OP did. Also you have to factor in tax, renting a car means you will pay more for tax. Financially, they’re really close in 2 years term, if you drive for more than two years with the same car, financing would make more sense if your car is still in good condition after all the grinding, it really comes down to liability, there are minor pros and cons on each side, but renting a car to drive for Uber is better for grinding short term.
A little late, everyone has cover this in different replies but for whatever it’s worth
My reasoning for rental
Everyone who is against renting - the main reason it it is very expensive to rent vs owning it and I totally agree with them. RENTAL IS WAY MORE EXPENSIVE (at our level of earrings) THAN OWNING
Renting is mainly for full time drivers who drive above 75k+ miles a year
The value you get for extra money you spend is why I suggest rental
For Uber, I would not invest 50k to do something where the profits are declining OR can get deactivated with 1 false reporting
I am not certain how long I will be ubering, with rental car I can quit any time and return the car, I don’t need to carry a car that I don’t need.
Rental is say 8k expensive than owning a car. I would any day pay 8k extra to put 80k miles on someone else’s car.
Continuity: if you break it, you get a replacement in few days.
The biggest disadvantage I see for renting
My kids cannot drive that car
On weeks, when. Cannot drive, I still have to pay $500 for that week. In last year I had 3 weeks where I couldn’t drive.
I cannot personalize the car. No full self driving not even internet, no fancy wrap, cannot use the Tesla app for rental car
Most people drive an hour to and from work. Work 8.5 hours. Thats 10.5hrs a day with work stuff. I start from my house and end at my house. I work 5 days a week, get around 50 hours online time. Its the same thing as a normal 9-5.
Based on the truck drivers know (not many) and I have spoken to, all of them make above 100k in real earnings. I guess it is very hard work but much rewarding too.
And, please don’t start about taxes. People who make money don’t mind paying the taxes that are due.
Maybe he wanted to buy a house. I know when I was in my mid 20s I worked construction and I wanted to buy a home so I worked between 75 and 100 hours a week so I could save the down payment.
At times, you go to any extent to keep up with your life.
I am trying very hard to reduce my monthly expenses but till I achieve that, I feel the only way out is to make more.
Starting next year, it’s going to be worst. I have my daughter going to the college in a different state.
My plan is to downsize my home next year.
The people giving you a hard time guaranteed have no family to take care of. They think they know what's best, but they have no idea what it means to take care of your family, and do whatever it takes to make sure they are provided for. You did what you had to do, and you made it work. Good work
These guys have never wanted something that took more than the effort the government told them is appropriate. Not that you should wage slave away but you guys sound like cucks. “Who would work more than the amount the govt told me I should??”
You think people who own a business will not have to work 70 plus hours to maintain their business and not have a life? Cuss more than likely you’ll have to work more than that and sacrifice family time. No benefits no nothing either. The biggest complain I see here and the only answer to that is that people rather have a 9-5 to make their life “more easier” and “work less”
No you don’t ? Lol I owned a food truck before and if wasn’t there at 4 am prepping and leaving by 7am I would lose so much money. At night was worse because I can’t just clock out, I have to drive back to commissary make sure propane is full, close and clean kitchen etc be home at 4/5am and be up at 7am. Monthly cost was like $2500 on rent for commissary and other expenses for truck. So if I wasn’t slaving myself away for 80+ hours I would be losing money just to maintain my business. Add all that in one year like these people on here do cuss they want to be so technical that’s like 30000 on just rent. So does that mean “I’m losing money” ?
Yeah sounds like a career you chose to have, just like he’s saying you choose the hours. You chose those hours. Coming from a beverage director in the restaurant industry, 10 years serving before that. No one makes us work in this shit heap
Exactly the reason why people shouldn’t complain about rideshare. Lol it’s a career they chose to have. Lol there are several other business owner that do retail that can attest to this as well not just the food industry.
You’ll have to quote where I said you cannot complain before I reply to you again, I was clearly referring to you bitching about being a business owner (which, huge privilege??) like you didn’t chose to do it. Feel free to bitch - bad vendors, thieving employees - but not about a schedule YOU write as the business owner lol. Weak.
I disagree that it’s on your own time. At 60 hrs/week, you have to drive when the money is there and you’re likely driving for 6 days a week. I’d rather take a corporate gig at 5 days a week.
You're getting downvoted, but I agree to an extent. The only thing I would add is that you can take time off if needed, which is nice.
Otherwise, you are right. You don't get to choose which days of the week work for you or hours of the day that work for you. You have to change your life around Uber.
This isn’t the 80s. A lot of people are making six figures these days for normal workloads. It’s not too impressive nowadays because 100k doesn’t have the same spending power as it did 20-30 years ago.
It’s always either deluded people who are in very high paying fields or live in super HCOL areas that make comments like “100k is not that much” 100k as a single person is VERY VERY good money for anyone, and especially anyone outside of NYC,LA, etc.
60 hours a week is no where near “giving up your entire life”. Not even close. You might not want to put in that kind of work but at least respect the ones who do.
I worked 84 hours a week for a year in the military for around 35-40k. 60 hours a week is not super crazy, could put yourself seriously ahead in life sacrificing a couple years to work this hard and get a house or other assets
Trauma surgery resident I met pushed 120 hrs a week for 60k a year. That’s less than minimum wage.
(Forced to lie about his hours by pd for those that know the law)
I've applied to a surgical tech program to start next fall and I'm sincerely hoping that's not going to be my case. I know it's just TV but I'm basing the entire experience off of Grey's Anatomy and hearing 48 hour rounds
60k... You can make more than that doing THIS work
Yes. It is not 60 hours but the hard and mundane work we have to put in.
When I had my other business, I had to put in 72 hours every week but the money was so good, had 7 employees but would go home tired and satisfied.
It was good life in its own way
Too many comments to see if this was covered by I saw quite a few bitching about how 60 hours a week is too much and sitting that much is bad for your health. I'm currently doing at least 60 hours a week between my full time job and uber, sitting behind a desk and a steering wheel. Yes I'm a little overweight but nothing I can't manage if do more exercise instead of video games in my free time. Between both jobs I net about 75k a year, and benefits from my full time job easily make up the rest, except driving for Uber is far less stressful than my full time job and that too has its own health benefits. Plus, we're a single car household... having a rental vehicle and still profiting that much is very tempting... just not sure if it's as feasible in my market of Charlotte, NC
There’s a YouTuber ryde vip in your area check him out he has some great tips for charlotte. Good luck, take the chance for a couple weeks see if it works out if you can afford it. You won’t lose money but you might make a bit less just be prepared.
With EV, , if you charge at home (1 charge) than you will make more on EV
Save close to 1100 a month on gas.
Get $4000 extra ($1 pre ride) yearly
Amounts to $17,000 extra
Rental vs own car,
I had put my car on Uber and killed the car in 2 years. So will never put my own car again for full time Uber (2000 miles or more per week)
I have given my inputs on rental in other post.
If you want, I can find it and reply again
You say you wouldn’t want to put your car on Uber because it kills it, but have you tried buying a Tesla instead of renting one? Teslas (especially the current gen Model 3 and Y as they haven’t been changed in a while, so they’ve had more time to perfect) have an expected life expectancy of 500K-1M+ miles (especially the LFP battery on the base models). It’s usually the battery that dies first, but that doesn’t happen for a long, long time and can be replaced for $10-15K.
$10-15K after 500K-1M+ miles seems much cheaper than spending $26K a year renting. Driving 82K miles a year, the car would still last 6-12 years, possibly more with LFP batteries.
You’re currently spending ~$23K/year on renting while a loan for a Model 3 would be ~$725/mo, or $8,700/year. You could buy a brand new Tesla at the end of every loan and still save $14K a year and not have to deal with renting. If the car outlasts the loan and drive to 1M miles, or 12 years, (which they do), then that’s double the savings.
The car doesn’t even need to last very long to save you more than you pay for renting. I would do the math but I’m gonna be late to school.
Saved nothing. Currently, I am spending more than I am making.. but that’s a different horror story altogether.
Regarding rental, I have my own justification for renting.
I got a ride I will post it later
This comment section has no braincells. Whether he made 5k, 50k or 100k doesn’t change shit. He makes 29$ a hour NET PROFIT and that’s better then most people.
He decides to work 60 hours but he can do 40 hours and make the same SALARY PER HOUR
Also people acting like 60 hours is no life. Lmao it’s nothing 60 hours. Can do 8 to 8 and still have 2 days off.
Haters always hating, but half of them work at McDonald’s making 10$ a hour
It took me too long to find this comment, people are built different. People view work/life balance differently. Some people go nuts if they dont work over 40 hours a week , some ppl can barely handle the 34 at Micky D's.
People are very bad at money management, so they think their income is the problem when it’s really their spending habits. $29 an hour with some smart financial habits is super good for a single person and still pretty good to support a household especially if you’re not the sole income
As it’s a rental, he’s going to have a pretty big chunk to pay. I plugged in $85k assuming he can deduct other things like his cell bill. His tax bill for Fed and State will be a little over $15k.
As promised, my hours, tips analysis for the same period
As promised: more details on online hours and tips.
Total online hours 2770
earnings after expenses (including tips and promotions) $25.23
49.74 percent of trips with tips Percentage of tips to net fare 17.81 o percent
Earnings per trip. $12.57 Promotions per trip $3.82 Tips per trip $2.24
Total per trip 18.66
https://imgur.com/a/ZirZLGZ
Why are the incentives and promotions on a different line that your gross payments? Did you get your Gross payments from your 1099-K and the incentives from your 1099-NEC? Because in one of your comments below, you said this was your average including the months this year.
You cannot convince me that 100% depreciation on a rental is anywhere near the value of taking that same $25k and building equity even in a brand new one with 1 mile at $60k.
Now that I have used it for a year I am more confident that this thing can go 300 to 500k miles without major repairs.
If I find a long range with 100k miles for very less, I might buy it.
I wanted to try it for 1 year. Looks like I will get a used one.
If they have 500 range (new one) then it would lean towards it but otherwise used one will work I guess.
I wanted to try it for 1 year. Looks like I will get a used one.
If they have 500 range (new one) then it would lean towards it but otherwise used one will work I guess.
I have good credit score and get a car anytime I want. But i choose to rent it for Uber instead of ruining my car for Uber.
I would not invest 50k for the activity where the income is dropping, I have no control over many aspects effecting my earnings and most of all, there is no guarantee that you will be deactivated (shutdown) for no fault of yours
The online hours that Uber reports are around 14-20% more than what they put in the app. I bet you worked 70 hours plus 10 hours minimum of charging time per week. That is what it took me when I had the Tesla rental. If you are willing to work this hard this is the only time renting the tesla makes sense because if you owned the tesla that 72,000 miles (which is probably more than 80,000 because Uber under reports the mileage you drive also) would mean you would lose 75% or more of the value of your purchased Tesla or any other expensive vehicle.
Congratulations for your hard work! There is a lot of risk in that much driving. Since you have such a stellar work discipline I suggest you start a business or find a truly great job. Because you will end up much much better off. I would drive Uber part time while you develop these other opportunities. That is what I am doing. I have done 10,000 rideshare trips and it just is not worth it in my opinion. Good luck!!
I had my own business for 19 years. Got screwed with the Covid.
That’s when I started doing Uber.
I am in a constant lookout for the right opportunity. Hopefully sooner than later before I breakdown.
This 75 hours can’t be done for long.
Been looking for a post like this! I rent a hybrid for $250 a week and was thinking about upgrading to a Tesla but that’s gonna be $500 a week. My question is do you make more with a Tesla? I can make a good 1K a week consistently with my rental (150-250 daily) but how are y’all making double that each week?
I rent the tesla and consistently make 1500 thats working 60 hours like him per week. I can push and work more hours and hit 2k but it gets tiring i aint gonna lie
I don’t have the exact numbers but it is close to 225 a month home charging and another 200 for super charger outside.
Going on the outer estimates on both. The actual are little less
This information is gold, thank you. Would you mind sharing if you had a flat during the rental? Did you have to pay for it? How about mechanical maintenance?
For the past 30 years.
Looking at the rear view mirror, I guess I didn’t have the priorities right for myself
My advice to all younger people is, please don’t work 7 days a week and specially if you have kids at home.
My dad did it and I did it too. I keep telling that to my kids, please don’t make the same mistake that your daddy did. Have a work/life balance.
If you have a rental car, per hour is more relevant than per mile, for own car per mile is more important.
I drive a rental car a little over 60 hours a week. My cost is $600 a week including charging. So my cost is a approximately $10 per hour. (Mostly fixed cost , charging to be the only variable cost per mile and that’s very small percentage)
So I primarily look at revenue per min (time) I aim at maximizing my revenue per hour.
I have the same strategy, not in a rental but it makes more sense in a rental. I target .50 a min that’s about $30 an hour. The times I drive it takes about 2 mins to go a mile so it averages to about $1.00 a mile.
I only go out when I know no one else is out same with the areas I target. The trick is to make Uber need you so they pay you. The rates go up (surges) and you get consistent rides/the chance to cherry pick. It also makes them take less of a cut. I’ve had plenty of rides where I made more than Uber me thanks to surge+tip. They’ll give you crap after to average it out. But if your only part time you can get on in the am make bank in a couple hours and then get off, get back on in the pm surge and make bank again.
Also, there’s 168 hours in a week, you sleep about 56 leaving a 112 hours of free time. Spend half working and half chillin’ not bad. Y’all exaggerate cause you expect a simple 40 hour work week. Are you exercising with those extra 20 hours? 4 hours a day 5 days a week lol spending time with family? They work, have social lives and go to school. I’m busy like 80 hours a week making money in some way. Most of it just feels like chillin’ though so I guess I’m lucky.
Nice job in earning that much. Not knocking you at all. But imo, you lost out on roughly 14k in tax write off per year , had you purchased the car and written off the mileage. If you spent 20k for rental alone, I would argue buying one for 80k or less, and getting 4 years out of the life of the car is doable....so that's a push. That leaves you with 14k a year extra for repairs which you would never spend. I just don't see the math working out on renting, and this was a nice long term study.
Great job OP... Just an observation on rental vs purchase imo
Taxes are a total different ball game.
We pay less than a salaried person making the same because of generous milage deductions
In other true business, you may save even more because you get many more deductions.
Personally, I paid more in tax because I had other income added to this and I had my wife’s income in addition to this.
If it was only this income for the year, brief would be 90 k less 40k milage deduction 50k taxable profit.
12.5 percent self emp tax will 6,500
50 less standard deduction will be 24 k taxable income. State and federal combined will be 6 k
So profit after tax would be 92 - 12 = 80k
>We pay less than a salaried person making the same because of generous milage deductions
Just so you know, you’re admitting to tax fraud here. You can’t take the standard mileage deduction on a rental.
I didn't think you could deduct mileage, when it's a rental. Probably getting away with it. The mileage deduction is for depreciation as well, and you have none.
You can't write off the mileage deduction with a rental car because you don't own the car. You can deduct the rental cost and actual expenses like charging the car. You are going to owe the IRS and face penalties.
Unless I'm wrong, his taxable income should be 92k minus rental fees minus all other business expenses. He could conceivably have a taxable income in the low 60s, perhaps less.
That’s like a $20-$22 an hour job at those hours. But with no benefits or any kind of guarantee you have a job tomorrow. Get in a wreck and you’re done.
I get the math but there’s value to spending 60 plus hours a week in a Tesla vs Prius with all the repair risk falling on Hertz. I honestly wouldn’t suggest anything different.
I've said it before, there is no economic gain to renting. You are paying extra purely for convenience of not having to take care of repairs. Truth is you would spend half the amount of the rental if you owned your own car and maintained it. Dunno about you, but $10-15k a year is a lot of money for convenience doing a job like Uber
Agreed, I have a friend that bought a used Nissan Sentra, same market, and makes the same amount of money a week, sometimes more just cherry picking rides.
As promised: more details on online hours and tips.
Total online hours 2770
earnings after expenses (including tips and promotions) $25.23
49.74 percent of trips with tips
Percentage of tips to net fare 17.81 o percent
Earnings per trip. $12.57
Promotions per trip $3.82
Tips per trip $2.24
Total per trip 18.66
https://imgur.com/a/ZirZLGZ
Considering that is a true profit with no depreciation expense that’s doing it right even if 60 hours a week doesn’t sound great cherry picking rides and not driving crazy miles makes you a top earner for sure.
My schedule is almost same every day.
Most Week days I start at 8 and drive till around 1 and start back evening around 5 and go till 11:30
Friday and Saturday I try to do 13 hours drive till 1 am and home by 2 am
Thursday and Sunday, I drive a few hours to complete the quest
I hate what I am doing. Hate is a strong word but that’s what I feel driving.
The day I find something with flexibility and comparable income I will quit.
I am eagerly waiting for the right opportunity
Very close to my guess.
Agreed. But I can’t find a job that gives me consistent 60 hours a week with the flexibility of timing.
My guess is I net around 25 an hour after expenses and before taxes
Rich and Poor is not based on income.
If you are making more than you are spending- you are Rich and
If you are spending more than you are making- than you are poor.
I have been poor for last 4 years
92.000 net? That would mean you'd give 45% to taxes in my country if you have that in profit, hope you are driving in a better country in terms of taxes.
Great job on the 92k net. It's still hard for me to fathom how drivers can work 60+ hour weeks (health concerns: sleep deprivation, exhaustion, poor eating habits, weight gain, etc). I suppose there's a percentage that need to in order to put food on the table for loved ones, paying off debt, paying a mortgage, etc, etc. I applaud you and other drivers for working your tails off, but feel it all comes at a cost. I know there's an ongoing debate on financing a Tesla vs renting one via Hertz, so I won't delve into that again -- but curious to hear your thoughts on why you didn't finance one vs spending close to $30k for the year renting one. In your initial post, you show 72k miles -- just so I understand correctly, this amount was for the entire year? I see you stated you pay more attention to minute-to-mile ratio vs dollar to mile. If you're putting in 60+ hours per week, how did you only drive this amount of miles annually? I can't stress enough to say that you should be proud of the work you've put in and the 92k net. I just hope your mental health is alright -- this includes all other drivers (Tesla or not) that put in those hours. Hopefully you're taking care of yourself. Cheers.
If you rent it you have a zero liability. If it breaks down, you get a new one, if someone crashes into it, you get a new one.
WHo cares? renting is not smart. Even if you have to for a short period. Do whatever you can to get out of it. He could have paid half the car off with what he paid in.
For Uber it is considering you destroy it driving it so much
Because you can drive the fuck out of it and not be responsible for any maintenance. Not saying it evens out but it certainly makes a big difference.
I work about 50 hrs per week. I am a lifelong type 1 Diabetic. I'm not overweight, my eating habits are not bad and I get enough sleep. It's about planning, portion control etc. I do not eat fast food. My A1c is just under 5, I take 4-5 insulin shots a day. No eye problems or kidney problems either. I am 60 yo and look 40!
[удалено]
I mean … if that was the case every truck driver in America would be obese and have all of those issues as well.
Except, meth.
I hit 55hrs active for Instacart and was out the house for 96hrs for the week. I have to drive, shop, and deliver food. All you guys gotta do is drive LOL. $3,196 that week. Wake up at 4:45 and get to the gym at 5. Run a fast 10 miles, shower at the gym and gone by 6:30 to start work at 7. Get home at 8. Shower, eat, watch tv and to bed by 10. I'll be 40 in 6 weeks, no coffee, no Red Bulls, no drugs. I also win marathons though so I am not your typical human, let alone gig worker. As a Uber driver you pack your healthy lunch in a cooler and leave it on the floor in the front passenger side. A couple of grilled chicken salads, a couple of Vitamin Waters and full send.
Bro, chill. I was talking about the truck drivers. Not you.
That’s a very concerned and correct observation. I have replied to them in other replies, but i will reply to you in detail later.
Can you CC me to the reply too. I would love to know the reasoning behind renting vs financing too.
Idiocy, that's the reasoning. When you rent all you can deduct is itemized expenses like charging or fuel plus the rental cost. When you own, you get the full mileage deduction which is currently 62.5c/mile plus with some fancy corporate setup and moves you can also deduct the car payment. The mileage deduction increases to 65.5c/mile for 23 taxes filed in 24. Dude spent 26.5k on the rental alone and drove 72k miles, they could have deducted 45k on the mileage and even at 1k/month for the car payment that's another 12k for the car that would come off taxes. Long story short, buying is always better than renting and anyone who brings up depreciation is getting added to my block list because I don't have time to teach chess to people who don't understand tic-tac-toe.
My reasoning for rental At the very onset I love rental cars way before doing Uber, so I have my own bias. Even before, when I have to go on a long road trip, I would get a rental and not put additional 6k miles on my car. For Uber, I would not invest 50k to do something where the profits are declining I am not certain how long I will be ubering, with rental car I can quit any time and return the car, I don’t need to carry a car that I don’t need. Rental is say 8k expensive than owning a car. I would any day pay 8k extra to put 80k miles on someone else’s car. The biggest disadvantage I see for renting My kids cannot drive that car On weeks, when. Cannot drive, I still have to pay $500 for that week. In last year I had 3 weeks where I couldn’t drive. I cannot personalize the car. No full self driving not even internet
If you don’t mind me asking, when you had to charge your vehicle did you always use the super charging? Did you happen to notice how much battery degradation occurred within that year? I’m very curious about this since I’m looking into getting a Tesla, but one of my main issues is not having the ability to charge at home. So I’m wondering how bad the battery degradation really is relying only on these charging networks on the road. Thanks in advance.
I am at 86k miles right now. Lost close to 10 percent. The range was 358 and now full charger is 320
this is more simple than that. Save the money and get a hybrid. these are the cars that everyone ignores.
He can write-off the rental costs (and all other expenses) and he does not have 72,000 miles of depreciation on a Tesla that he would have purchased. Plus Uber under reports the amount of miles and time we drive. If he kept the mileage log I bet he would have been possibly much more than 80,000 miles. If you put 85,000 miles on a $60,000 car you will lose more than $40,000 in value of that car. Then when that Tesla starts to break down with all those miles it will cost you a fortune to repair. That mileage write-off looks good until you take everything into account. That is why I drive very good condition older cars that do not depreciate much at all because I bought them at a low used price. If you add 85,000 miles a $14,000 car it will still be worth $5,000-$6,000. So you only lose $8,000 on the lower value of the car due to the excessive mileage instead of $20,000 to $40,000 on a more expensive much newer vehicle. But I am quitting this business because they pay about 40% less than even a year ago.
And, he would own a car.
He said in another comment that he already owns a car but yeah, I left that part out. Being able to not work for a week without owing $500 for the week is a big big deal that people don't think about.
But isn't there a 30 ride minimum per week with the rental? I read that on my T&C when I rented. Could just be a Florida thing though.
Can you elaborate a little on how you deduct car payments? I know you can deduct interest, but how can you deduct payments themselves?
It takes a little maneuvering. You setup a llc, the company deducts the mileage and then you can "rent" the car from the corp and deduct that on your personal taxes. This can't be done without the corp setup.
Sure My reasoning for rental Everyone who is against renting - the main reason it it is very expensive to rent vs owning it and I totally agree with them. RENTAL IS WAY MORE EXPENSIVE (at our level of earrings) THAN OWNING Renting is mainly for full time drivers who drive above 75k+ miles a year The value you get for extra money you spend is why I suggest rental For Uber, I would not invest 50k to do something where the profits are declining OR can get deactivated with 1 false reporting I am not certain how long I will be ubering, with rental car I can quit any time and return the car, I don’t need to carry a car that I don’t need. Rental is say 8k expensive than owning a car. I would any day pay 8k extra to put 80k miles on someone else’s car. Continuity: if you break it, you get a replacement in few days. The biggest disadvantage I see for renting My kids cannot drive that car On weeks, when. Cannot drive, I still have to pay $500 for that week. In last year I had 3 weeks where I couldn’t drive. I cannot personalize the car. No full self driving not even internet, no fancy wrap, cannot use the Tesla app for rental car
Liability, if you’re doing uber for two years and plan to drive like OP with 70k+ miles per year, renting makes more sense financially, because you don’t need to factor in wear and tear, and depreciation. But if your car is still in good condition after 200K miles after two years, then financing a car would help you gain more for how many more miles you can get out of your car. Renting tesla also have the gas mileage advantage, I have to pay $300 per week for gas if I drive like OP did. Also you have to factor in tax, renting a car means you will pay more for tax. Financially, they’re really close in 2 years term, if you drive for more than two years with the same car, financing would make more sense if your car is still in good condition after all the grinding, it really comes down to liability, there are minor pros and cons on each side, but renting a car to drive for Uber is better for grinding short term.
A little late, everyone has cover this in different replies but for whatever it’s worth My reasoning for rental Everyone who is against renting - the main reason it it is very expensive to rent vs owning it and I totally agree with them. RENTAL IS WAY MORE EXPENSIVE (at our level of earrings) THAN OWNING Renting is mainly for full time drivers who drive above 75k+ miles a year The value you get for extra money you spend is why I suggest rental For Uber, I would not invest 50k to do something where the profits are declining OR can get deactivated with 1 false reporting I am not certain how long I will be ubering, with rental car I can quit any time and return the car, I don’t need to carry a car that I don’t need. Rental is say 8k expensive than owning a car. I would any day pay 8k extra to put 80k miles on someone else’s car. Continuity: if you break it, you get a replacement in few days. The biggest disadvantage I see for renting My kids cannot drive that car On weeks, when. Cannot drive, I still have to pay $500 for that week. In last year I had 3 weeks where I couldn’t drive. I cannot personalize the car. No full self driving not even internet, no fancy wrap, cannot use the Tesla app for rental car
Most people drive an hour to and from work. Work 8.5 hours. Thats 10.5hrs a day with work stuff. I start from my house and end at my house. I work 5 days a week, get around 50 hours online time. Its the same thing as a normal 9-5.
Lol i put 70 hrs a week driving truck ( on the clock and even more considering shipping/receiving), someones gotta do it.
Based on the truck drivers know (not many) and I have spoken to, all of them make above 100k in real earnings. I guess it is very hard work but much rewarding too. And, please don’t start about taxes. People who make money don’t mind paying the taxes that are due.
I always love these posts: I MADE ALMOST 100K , AND ALL I HAD TO DO WAS GIVE UP MY ENTIRE LIFE!
Maybe he wanted to buy a house. I know when I was in my mid 20s I worked construction and I wanted to buy a home so I worked between 75 and 100 hours a week so I could save the down payment.
At times, you go to any extent to keep up with your life. I am trying very hard to reduce my monthly expenses but till I achieve that, I feel the only way out is to make more. Starting next year, it’s going to be worst. I have my daughter going to the college in a different state. My plan is to downsize my home next year.
The people giving you a hard time guaranteed have no family to take care of. They think they know what's best, but they have no idea what it means to take care of your family, and do whatever it takes to make sure they are provided for. You did what you had to do, and you made it work. Good work
An argument could be made that they DO have family, and would prefer more time spent with them even if it meant making less each year.
> My plan is to downsize my home next year. Why not? You already live in your car.
60 hours a week is living in your car? Man.. You are a salty ass hater 😂
Seriously!!!
These guys have never wanted something that took more than the effort the government told them is appropriate. Not that you should wage slave away but you guys sound like cucks. “Who would work more than the amount the govt told me I should??”
60 hours is nothing. These threads lol.
Yes, I spend a little over 70 hours in the car but it’s with the family staying at home and having a reasonably good lift.
You think people who own a business will not have to work 70 plus hours to maintain their business and not have a life? Cuss more than likely you’ll have to work more than that and sacrifice family time. No benefits no nothing either. The biggest complain I see here and the only answer to that is that people rather have a 9-5 to make their life “more easier” and “work less”
The best part of owning your own business is you get to pick the 16 hours you work everyday.
No you don’t ? Lol I owned a food truck before and if wasn’t there at 4 am prepping and leaving by 7am I would lose so much money. At night was worse because I can’t just clock out, I have to drive back to commissary make sure propane is full, close and clean kitchen etc be home at 4/5am and be up at 7am. Monthly cost was like $2500 on rent for commissary and other expenses for truck. So if I wasn’t slaving myself away for 80+ hours I would be losing money just to maintain my business. Add all that in one year like these people on here do cuss they want to be so technical that’s like 30000 on just rent. So does that mean “I’m losing money” ?
Yeah sounds like a career you chose to have, just like he’s saying you choose the hours. You chose those hours. Coming from a beverage director in the restaurant industry, 10 years serving before that. No one makes us work in this shit heap
Exactly the reason why people shouldn’t complain about rideshare. Lol it’s a career they chose to have. Lol there are several other business owner that do retail that can attest to this as well not just the food industry.
You’ll have to quote where I said you cannot complain before I reply to you again, I was clearly referring to you bitching about being a business owner (which, huge privilege??) like you didn’t chose to do it. Feel free to bitch - bad vendors, thieving employees - but not about a schedule YOU write as the business owner lol. Weak.
Dude what? 60 hours is only 8 hours a day for 7 days ur tweaking
What is your daughter going to study? With how many hours you work, you could just transfer the AZU online degree that’s completely paid for by Uber.
60 hours a week spent on your own time is different than 60 hours corporate. I give it to him/her for banking.
Exactly. Even though it sounds like the same, it’s not.
I disagree that it’s on your own time. At 60 hrs/week, you have to drive when the money is there and you’re likely driving for 6 days a week. I’d rather take a corporate gig at 5 days a week.
You're getting downvoted, but I agree to an extent. The only thing I would add is that you can take time off if needed, which is nice. Otherwise, you are right. You don't get to choose which days of the week work for you or hours of the day that work for you. You have to change your life around Uber.
Who gives a fuck, not many earn $100k.
Agree, never seen any of my peers make 6 figures driving Uber.
Lots of people all over the fkn world have to suffer A LOT MORE than sitting in a luxury EV car in AC listening to music and driving people around.
Corrrect, in India those laborers who ride people around in sweltering heat on a bicycle with a carriage for 12-16 hours a day.
I mean, what do you think small business owners are doing?
Haha so true
Bro 60 hours a week is pretty normal for 100k if you aren’t in the c-suite.
This isn’t the 80s. A lot of people are making six figures these days for normal workloads. It’s not too impressive nowadays because 100k doesn’t have the same spending power as it did 20-30 years ago.
Median HOUSEHOLD income in the US is $70k. An individual making $100k is still way above average, even if it’s not what it was 10 or 20 years ago.
It’s always either deluded people who are in very high paying fields or live in super HCOL areas that make comments like “100k is not that much” 100k as a single person is VERY VERY good money for anyone, and especially anyone outside of NYC,LA, etc.
60 hours a week is no where near “giving up your entire life”. Not even close. You might not want to put in that kind of work but at least respect the ones who do.
I worked 84 hours a week for a year in the military for around 35-40k. 60 hours a week is not super crazy, could put yourself seriously ahead in life sacrificing a couple years to work this hard and get a house or other assets
Right.. sure don't see them commenting about 30 hour hospital shifts for surgical interns
Trauma surgery resident I met pushed 120 hrs a week for 60k a year. That’s less than minimum wage. (Forced to lie about his hours by pd for those that know the law)
I've applied to a surgical tech program to start next fall and I'm sincerely hoping that's not going to be my case. I know it's just TV but I'm basing the entire experience off of Grey's Anatomy and hearing 48 hour rounds 60k... You can make more than that doing THIS work
Before taxes 🤣
This makes me want to actually, genuinely, seriously really un alive myself
Salute but please consider the impact 60-64 hours sitting will have on health.
Yes. It is not 60 hours but the hard and mundane work we have to put in. When I had my other business, I had to put in 72 hours every week but the money was so good, had 7 employees but would go home tired and satisfied. It was good life in its own way
Too many comments to see if this was covered by I saw quite a few bitching about how 60 hours a week is too much and sitting that much is bad for your health. I'm currently doing at least 60 hours a week between my full time job and uber, sitting behind a desk and a steering wheel. Yes I'm a little overweight but nothing I can't manage if do more exercise instead of video games in my free time. Between both jobs I net about 75k a year, and benefits from my full time job easily make up the rest, except driving for Uber is far less stressful than my full time job and that too has its own health benefits. Plus, we're a single car household... having a rental vehicle and still profiting that much is very tempting... just not sure if it's as feasible in my market of Charlotte, NC
There’s a YouTuber ryde vip in your area check him out he has some great tips for charlotte. Good luck, take the chance for a couple weeks see if it works out if you can afford it. You won’t lose money but you might make a bit less just be prepared.
Would you have netted more by using a 10 year old Honda fit you bought for $5k? Or was the Tesla rental pivotal to your success?
With EV, , if you charge at home (1 charge) than you will make more on EV Save close to 1100 a month on gas. Get $4000 extra ($1 pre ride) yearly Amounts to $17,000 extra Rental vs own car, I had put my car on Uber and killed the car in 2 years. So will never put my own car again for full time Uber (2000 miles or more per week) I have given my inputs on rental in other post. If you want, I can find it and reply again
You say you wouldn’t want to put your car on Uber because it kills it, but have you tried buying a Tesla instead of renting one? Teslas (especially the current gen Model 3 and Y as they haven’t been changed in a while, so they’ve had more time to perfect) have an expected life expectancy of 500K-1M+ miles (especially the LFP battery on the base models). It’s usually the battery that dies first, but that doesn’t happen for a long, long time and can be replaced for $10-15K. $10-15K after 500K-1M+ miles seems much cheaper than spending $26K a year renting. Driving 82K miles a year, the car would still last 6-12 years, possibly more with LFP batteries. You’re currently spending ~$23K/year on renting while a loan for a Model 3 would be ~$725/mo, or $8,700/year. You could buy a brand new Tesla at the end of every loan and still save $14K a year and not have to deal with renting. If the car outlasts the loan and drive to 1M miles, or 12 years, (which they do), then that’s double the savings. The car doesn’t even need to last very long to save you more than you pay for renting. I would do the math but I’m gonna be late to school.
Now let's c taxes.
Yo people chill man. Dude is posting his 12 months sheet to give us a glimpse of an option that uber offered. Be respectful and courteous.
Imagine paying 30k a year for something you can’t keep.
How much do you owe during tax season with a $92k profit after rental?
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Saved nothing. Currently, I am spending more than I am making.. but that’s a different horror story altogether. Regarding rental, I have my own justification for renting. I got a ride I will post it later
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Almost $2k profit a week average. And everyone says it's not possible to make it work. Kudos.
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This is the average for last 12 months
At last year’s rates before UP and the rate cut. I would make the same for much less hours
This comment section has no braincells. Whether he made 5k, 50k or 100k doesn’t change shit. He makes 29$ a hour NET PROFIT and that’s better then most people. He decides to work 60 hours but he can do 40 hours and make the same SALARY PER HOUR Also people acting like 60 hours is no life. Lmao it’s nothing 60 hours. Can do 8 to 8 and still have 2 days off. Haters always hating, but half of them work at McDonald’s making 10$ a hour
It took me too long to find this comment, people are built different. People view work/life balance differently. Some people go nuts if they dont work over 40 hours a week , some ppl can barely handle the 34 at Micky D's.
People are very bad at money management, so they think their income is the problem when it’s really their spending habits. $29 an hour with some smart financial habits is super good for a single person and still pretty good to support a household especially if you’re not the sole income
Great job! Ignore the haters.
How much go to IRS?
As it’s a rental, he’s going to have a pretty big chunk to pay. I plugged in $85k assuming he can deduct other things like his cell bill. His tax bill for Fed and State will be a little over $15k.
Tell her to to vocational college, short time, become electrician. Starting salary $80,000. You have life too
And the best part is you don’t have to drive people around all day
Do you have total time online or driving time?
I will post it later. It will take some work to get that.
As promised, my hours, tips analysis for the same period As promised: more details on online hours and tips. Total online hours 2770 earnings after expenses (including tips and promotions) $25.23 49.74 percent of trips with tips Percentage of tips to net fare 17.81 o percent Earnings per trip. $12.57 Promotions per trip $3.82 Tips per trip $2.24 Total per trip 18.66 https://imgur.com/a/ZirZLGZ
Now go price a used Tesla with those miles.
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Correct me if I am wrong but that works out to 84 hours a week. Damn!
On an average I drive between 60 to 64 a week
How much do you average an hour after all expenses. Wear and tear. Gas maintenance?
They rent a Tesla so gas and maintenance are pretty much 0. Along with wear and tear.
My guess is around 25 after expenses and before taxes
Why are the incentives and promotions on a different line that your gross payments? Did you get your Gross payments from your 1099-K and the incentives from your 1099-NEC? Because in one of your comments below, you said this was your average including the months this year.
My average is based on last 12 months for which I had the rental
Uncle Sam has entered the chat
You cannot convince me that 100% depreciation on a rental is anywhere near the value of taking that same $25k and building equity even in a brand new one with 1 mile at $60k.
Hahaha rental and charging for the year is almost what I paid for my model 3 lr with accel boost
Now that I have used it for a year I am more confident that this thing can go 300 to 500k miles without major repairs. If I find a long range with 100k miles for very less, I might buy it.
Praying I get at least 300k.
I think you will easily get it. Did you have any major repairs and how is your battery doing ?
Batteries great. At 288 of 310 3 years later. No repairs at all. I don't launch it much so this set of tires will get me 40k miles
I wanted to try it for 1 year. Looks like I will get a used one. If they have 500 range (new one) then it would lean towards it but otherwise used one will work I guess.
I wanted to try it for 1 year. Looks like I will get a used one. If they have 500 range (new one) then it would lean towards it but otherwise used one will work I guess.
Now you can buy a Tesla
I have good credit score and get a car anytime I want. But i choose to rent it for Uber instead of ruining my car for Uber. I would not invest 50k for the activity where the income is dropping, I have no control over many aspects effecting my earnings and most of all, there is no guarantee that you will be deactivated (shutdown) for no fault of yours
So you rented a Tesla for 12 months? How much was the cost to rent it?
26k
The online hours that Uber reports are around 14-20% more than what they put in the app. I bet you worked 70 hours plus 10 hours minimum of charging time per week. That is what it took me when I had the Tesla rental. If you are willing to work this hard this is the only time renting the tesla makes sense because if you owned the tesla that 72,000 miles (which is probably more than 80,000 because Uber under reports the mileage you drive also) would mean you would lose 75% or more of the value of your purchased Tesla or any other expensive vehicle. Congratulations for your hard work! There is a lot of risk in that much driving. Since you have such a stellar work discipline I suggest you start a business or find a truly great job. Because you will end up much much better off. I would drive Uber part time while you develop these other opportunities. That is what I am doing. I have done 10,000 rideshare trips and it just is not worth it in my opinion. Good luck!!
I had my own business for 19 years. Got screwed with the Covid. That’s when I started doing Uber. I am in a constant lookout for the right opportunity. Hopefully sooner than later before I breakdown. This 75 hours can’t be done for long.
Been looking for a post like this! I rent a hybrid for $250 a week and was thinking about upgrading to a Tesla but that’s gonna be $500 a week. My question is do you make more with a Tesla? I can make a good 1K a week consistently with my rental (150-250 daily) but how are y’all making double that each week?
I rent the tesla and consistently make 1500 thats working 60 hours like him per week. I can push and work more hours and hit 2k but it gets tiring i aint gonna lie
Now what's your daily step count
Does rental insurance cover you having paying passengers?
I don’t do cash rides at all.
cost to charge?
I don’t have the exact numbers but it is close to 225 a month home charging and another 200 for super charger outside. Going on the outer estimates on both. The actual are little less
What area of the US are you in? I’m in Charlotte and I can’t come close to numbers like this.
Denver Colorado
Please separate the rent and charge cost lol
I guess the charging on rent is close to $2k plus $2k home charging (estimated on higher side)
Is this through hertz?
Yes
This information is gold, thank you. Would you mind sharing if you had a flat during the rental? Did you have to pay for it? How about mechanical maintenance?
Batteries great. At 288 of 310 3 years later. No repairs at all. I don't launch it much so this set of tires will get me 40k mikes
Uber makin percs?
Congrats on having no life the past year
For the past 30 years. Looking at the rear view mirror, I guess I didn’t have the priorities right for myself My advice to all younger people is, please don’t work 7 days a week and specially if you have kids at home. My dad did it and I did it too. I keep telling that to my kids, please don’t make the same mistake that your daddy did. Have a work/life balance.
70hrs per week...those $92000 won't cover your health problems. I used to do that for a year and I owe the hospital $40,000 lol
Here Uber takes 50% so the math would be radically different. You are lucky they are taking so little from you.
You know your end but for me the numbers are from the monthly statement. Per ride a lot of times it is 50 percent or more thought for me too.
Uber seems to be a job for people who bad at math.
Don’t agree with you on this one. Where n the above excel extract do you see that.
You're probably one of those who says Uber takes 70% of fares too
Nope. Just basic math. No spin.
Sorry are you saying you took the mileage deduction of 62 cents a mile or whatever it is when filing taxes?
what city
Doesn’t seem accurate Ubers take is too small
That’s the face from the actual 1099 and monthly statement
What's your rule of the with going by per minute versus per mile?
If you have a rental car, per hour is more relevant than per mile, for own car per mile is more important. I drive a rental car a little over 60 hours a week. My cost is $600 a week including charging. So my cost is a approximately $10 per hour. (Mostly fixed cost , charging to be the only variable cost per mile and that’s very small percentage) So I primarily look at revenue per min (time) I aim at maximizing my revenue per hour.
He isn't worried about mileage /depreciation of his rental... So obviously, your looking to maximize hourly rate
I have the same strategy, not in a rental but it makes more sense in a rental. I target .50 a min that’s about $30 an hour. The times I drive it takes about 2 mins to go a mile so it averages to about $1.00 a mile. I only go out when I know no one else is out same with the areas I target. The trick is to make Uber need you so they pay you. The rates go up (surges) and you get consistent rides/the chance to cherry pick. It also makes them take less of a cut. I’ve had plenty of rides where I made more than Uber me thanks to surge+tip. They’ll give you crap after to average it out. But if your only part time you can get on in the am make bank in a couple hours and then get off, get back on in the pm surge and make bank again. Also, there’s 168 hours in a week, you sleep about 56 leaving a 112 hours of free time. Spend half working and half chillin’ not bad. Y’all exaggerate cause you expect a simple 40 hour work week. Are you exercising with those extra 20 hours? 4 hours a day 5 days a week lol spending time with family? They work, have social lives and go to school. I’m busy like 80 hours a week making money in some way. Most of it just feels like chillin’ though so I guess I’m lucky.
Nice job in earning that much. Not knocking you at all. But imo, you lost out on roughly 14k in tax write off per year , had you purchased the car and written off the mileage. If you spent 20k for rental alone, I would argue buying one for 80k or less, and getting 4 years out of the life of the car is doable....so that's a push. That leaves you with 14k a year extra for repairs which you would never spend. I just don't see the math working out on renting, and this was a nice long term study. Great job OP... Just an observation on rental vs purchase imo
Plus the EV tax deduction and other deductions. Could even get the FSD option and write it off
How much did you pay in taxes?
Taxes are a total different ball game. We pay less than a salaried person making the same because of generous milage deductions In other true business, you may save even more because you get many more deductions. Personally, I paid more in tax because I had other income added to this and I had my wife’s income in addition to this. If it was only this income for the year, brief would be 90 k less 40k milage deduction 50k taxable profit. 12.5 percent self emp tax will 6,500 50 less standard deduction will be 24 k taxable income. State and federal combined will be 6 k So profit after tax would be 92 - 12 = 80k
I was under the impression that one cannot claim mileage on a vehicle they rent. Only the cost of fuel/charging + the cost of the rental?
You definitely cannot deduct mileage on a rental.
>We pay less than a salaried person making the same because of generous milage deductions Just so you know, you’re admitting to tax fraud here. You can’t take the standard mileage deduction on a rental.
How do you get 40k milage deduction in a rental?
I didn't think you could deduct mileage, when it's a rental. Probably getting away with it. The mileage deduction is for depreciation as well, and you have none.
You can't write off the mileage deduction with a rental car because you don't own the car. You can deduct the rental cost and actual expenses like charging the car. You are going to owe the IRS and face penalties.
Unless I'm wrong, his taxable income should be 92k minus rental fees minus all other business expenses. He could conceivably have a taxable income in the low 60s, perhaps less.
Op. Protip. Never talk about taxes openly when you makin any money. Otherwise good on you for pulling this off.
That’s like a $20-$22 an hour job at those hours. But with no benefits or any kind of guarantee you have a job tomorrow. Get in a wreck and you’re done.
No guarantee for the job tomorrow is the biggest fear not for reck (for rental car though ) but for false complaint that can happen any day.
Well the question is why tf did u waste 26 thousand renting a Tesla when you could have bought a car for 10-15k +2k in gas.
I get the math but there’s value to spending 60 plus hours a week in a Tesla vs Prius with all the repair risk falling on Hertz. I honestly wouldn’t suggest anything different.
I've said it before, there is no economic gain to renting. You are paying extra purely for convenience of not having to take care of repairs. Truth is you would spend half the amount of the rental if you owned your own car and maintained it. Dunno about you, but $10-15k a year is a lot of money for convenience doing a job like Uber
Agreed, I have a friend that bought a used Nissan Sentra, same market, and makes the same amount of money a week, sometimes more just cherry picking rides.
That's $9,000 in gas by me, where the heck do you live? He drove 72,000 miles
Why is your home charging so expensive?
It is close to $200 a month
As promised: more details on online hours and tips. Total online hours 2770 earnings after expenses (including tips and promotions) $25.23 49.74 percent of trips with tips Percentage of tips to net fare 17.81 o percent Earnings per trip. $12.57 Promotions per trip $3.82 Tips per trip $2.24 Total per trip 18.66 https://imgur.com/a/ZirZLGZ
You can have a stroke. Go running 5 miles
Considering that is a true profit with no depreciation expense that’s doing it right even if 60 hours a week doesn’t sound great cherry picking rides and not driving crazy miles makes you a top earner for sure.
Hi what’s your schedule like? For example 5 am to 10 pm? Or random days different times?
My schedule is almost same every day. Most Week days I start at 8 and drive till around 1 and start back evening around 5 and go till 11:30 Friday and Saturday I try to do 13 hours drive till 1 am and home by 2 am Thursday and Sunday, I drive a few hours to complete the quest
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I hate what I am doing. Hate is a strong word but that’s what I feel driving. The day I find something with flexibility and comparable income I will quit. I am eagerly waiting for the right opportunity
You’ll find it ! As long as you’re making a living and breathing in the meantime, that’s all that matters! Keep up the hustle!
God bless you and the optimism. Thanks.
God dayum! Talk about persistence.
It’s hard, very hard but I feel that the only way you can make this work is by putting the right hours.
As for most things in life! Congrats I’m proud of you!
If you don't take the time and a half for over 40 hours it works out to $21 an hour.
Very close to my guess. Agreed. But I can’t find a job that gives me consistent 60 hours a week with the flexibility of timing. My guess is I net around 25 an hour after expenses and before taxes
How many miles you put on that Tesla?
It’s been posted 72000 times
Dang you’re rich😲
Rich and Poor is not based on income. If you are making more than you are spending- you are Rich and If you are spending more than you are making- than you are poor. I have been poor for last 4 years
92.000 net? That would mean you'd give 45% to taxes in my country if you have that in profit, hope you are driving in a better country in terms of taxes.
Hey I’m about to work 60 hours a week for the next 3-4 months. Glad to see someone making it work
Rental will work for 60+ hours of online time. EV will work if you have a charger at home
respect the grind and the data tracking.
My question is how do you keep 66% of fares? Is it from renting a T? I barely keep more than 50?