[Ducky]

Don't forget to use 57.5¢ per mile when trying to figure out if this is worth it. Be sure to use dead miles.

If you have a VERY economical car (e.g, Honda Civic), you can go as low as 47¢. Gasoline is NOT your most expensive input.

You may be positive cash flow, but when you run the wheels off your car, the so-called profit will not replace it.

I track all miles for the day, times 57.5¢ and simply compare that to the "earnings". I send this information to [email protected] since they "claim" they are monitoring earnings.

Yes, be a pest. It can't hurt.

 

[Lando74]

Don't forget to use 57.5¢ per mile when trying to figure out if this is worth it. Be sure to use dead miles.

If you have a VERY economical car (e.g, Honda Civic), you can go as low as 47¢. Gasoline is NOT your most expensive input.

You may be positive cash flow, but when you run the wheels off your car, the so-called profit will not replace it.

I track all miles for the day, times 57.5¢ and simply compare that to the "earnings". I send this information to [email protected] since they "claim" they are monitoring earnings.

Yes, be a pest. It can't hurt.

I've been driving since September, was activated first week. I've netted $32k, and the first 3 months were slow as it was new to most people here. My car cost $31k, so basically it has paid for itself.

Also, people put too much emphasis on the IRS number. It's a deduction you take to reduce your taxable income. It's one number the IRS came up with for everyone to use, whether you're driving an older Prius or a brand new Ferrari. It's designed to be a standard deduction to make taxes easier than itemization. Everyone's true cost of driving will vary wildly. People here tend to think it "costs" them 57.5¢ a mile to drive. It may actually cost them 20¢ or 80¢. Ideally, you would net 57.5¢/mile and keep your earnings tax free.

If you have a car with decent mileage, gas prices are low, fares are long and dead miles are few you'll be just fine and make money doing something fun. If you can't handle the occasional jerk, don't scrutinize which fares you accept, roam the city looking for an Uber ping and can't save a few bucks for repairs and taxes then you should probably find another job.

Not directed at Ducky, just in general.

 

[Jeff Mathias]

Today I added up my YTD gross and then looked at miles driven and out of pocket costs. We are paid .80 cents/mile on trips and we can deduct .58 cents per mile including dead miles, which are plentiful for me anyway. It looks like I will report a loss for 2015 when I take the standard deduction and also deduct my out of pocket expenses like an ipad, device mounts etc. I have other self employment income so I will try to think of the Uber loss as an economic benefit in a slight reduction in other taxes paid.

 

[LAuberX]

If your UberX car costs anywhere near .47 or the IR$ figure of .575 per mile to operate just quit.

Uber pays shit, but real figures of vehicle expenses are nowhere near that high.

 

[Ducky]

Not sure how well this will display, but according to AAA the IRS allowance is actually low, especially for SUV's.

This is 2014. Yeah, gas prices are lower, but that's just a small portion of your total cost. Also, this is a nationwide average. LAuberX is in LA and I guarantee your costs are a LOT higher than Iowa.

Do some research before you convince yourself that you're making any money.

http://newsroom.aaa.com/tag/driving-cost-per-mile/

 

[Skinny1]

Some people commute 100 miles round trip to work a job. I kind of use that logic in my light driving I do. I know though its an expense.