[Champ]

I jus want to see how people are doing full-time and part-time. I don't believe the math is the same if you do it part time.

Like for me I'm part time. I went last weekend two days and feel it brought me in extra money. The way I caculate my loses is every time I spend something on the car I'll write it down and subtract that from my income that week. Like last week I spent $30 on gas and $50 on a detail. So in reality I made. $524 that week.

This coming weekend I'll do the same I'm probably going to end up getting new tires so I'll start my self off at negative $166. There $366 but I'm applying the $200 uber gave me for the puke to that.

That math seems a lot simpler to me than the math I've seen. But does it workout for you full time do you feel like you have to work to many hours to make ends meet. If your part time same question do you feel you spend to much money for the 2-3 days you do this and not get enough back or are you ok with your general income from part time.

 

[GeneralUber]

I am doing UberX part time for a few hours each day over the weekend. So far it has been good. One of these days I'm going spend a whole weekend doing it and hopefully bring in more.

 

[UbernaryJames]

I think I'm doing alright as a part-time driver. I've been driving for three months and I put in about 20 hours a week, mostly on Fridays and Saturdays. I have a full-time job with benefits and a solid income. Thus Uber, gives me flexibility to take on some additional projects with my home. Also, I itemize my taxes; so, I believe the IRS business deductions help to make Uber more profitable. I guess I'll know after I've been doing it for awhile. Does anyone know how long the average Uber partner remains a partner?

 

[R44KDEN]

Does anyone know how long the average Uber partner remains a partner?

Thats the million dollar question. Apparently, according to various sources, around 5% of drivers who sign up end up going a full year. Theres a big spike in drop offs after a month, then another one at 3 months. No one from Uber will publicly release those numbers.

 

[StarzykCPA]

...Also, I itemize my taxes; so, I believe the IRS business deductions help to make Uber more profitable. I guess I'll know after I've been doing it for awhile. Does anyone know how long the average Uber partner remains a partner?

Yeah make sure you take every deduction you are entitled to. Every little bit helps.

Just to clarify for others, you don't need to itemize in order to take these deductions. They are reported on separate schedules.

 

[DrivinMeCrazy]

After speaking with my accountant I'm going to track my mileage and take the standard $0.565/mile deduction. Much easier than keeping every single receipt and tracking personal mileage. Also going to incorporate as an LLC, purchase a not-so-expensive SUV w/ 3rd row for XL. Now, just waiting for the insurance companies to offer commercial/personal hybrid policies in MN so I can start.

 

[StarzykCPA]

9 times out of 10, the standard mileage deduction will be higher than your actual expenses anyways - so that's good advice. If you can, you should track business mileage between your fares too, since this isn't reported by Uber (such as mileage between drop-off and pick-ups, or driving to your camping spot). You can also deduct any tolls, parking fees, and personal property tax you pay on the car even if you are using the mileage deduction.

 

[Another Uber Driver]

Part time both UberX and Uber Taxi.

From what I can gather, it has appeared that UberX is allright as a part time job. If you are trying to make a few extra dollars to defray the costs of car ownership, it is allright. If you are trying to earn some money to pay your bar bills, to pay for a baseball game, to take the wife/GF out or something such as that, it is allright. If you get hit with an unexpected bill, UberX might help you to pay it off.

If you lost a job and are looking for some cashflow to keep your head above water for thirty or sixty days, it might work. You might get away with ninety days, but that is the maximum and even that is pushing it.

If you are going to try to pay the rent and electric on UberX for any long term, it ain't gonna' happen; not in most markets, at least.

 

[UbernaryJames]

I

9 times out of 10, the standard mileage deduction will be higher than your actual expenses anyways - so that's good advice. If you can, you should track business mileage between your fares too, since this isn't reported by Uber (such as mileage between drop-off and pick-ups, or driving to your camping spot). You can also deduct any tolls, parking fees, and personal property tax you pay on the car even if you are using the mileage deduction.

I believe you can deduct the interest on a loan on a vehicle you use for business purposes, can't you?

 

[StarzykCPA]

Yes, but only for the actual expense method - not when you are using the standard mileage deduction