Harry here. You guys know that I talk about working smarter, not harder a lot, and today’s post is a perfect example of that. Most drivers get into rideshare driving as a casual way to make some extra money, but they could be leaving a ton of money on the table if they’re not tracking their rideshare expenses.
Today, RSG contributor Christian Perea tackles the question of how much it really costs to be a rideshare driver. There’s a lot of great info in this post. It is probably the most detailed post on rideshare expenses that I have seen so far.
There’s always been a lot of debate over what it actually costs to be a rideshare driver. Many of us get into this game with an idea or guess of what it will cost to operate only to find out that we spend more in some areas and less in others.
As a driver, it’s easy to look at the top line income numbers and see how much we’re making, but it’s a whole different story when you start including your rideshare expenses. The best business owners (and yes, as a driver you are technically now a business owner) are looking at their expenses just as often as their income.
You may have noticed that we partnered with Intuit’s QuickBooks Self-Employed team over the last few months, so we figured we would use their product to take a look and gather insights into what drivers are spending the most money on and how you can turn those rideshare expenses into deductions come tax time.
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I created a model based off a combination of my actual expenses, experience, and what other drivers typically spend money on. My goal is to provide a step by step guide on the actual expenses a driver has since that will also lead to the biggest deductions you can take come tax time while helping you calculate your profitability. [Read more…]