How Rideshare Drivers Maximize Their Earnings

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The share economy has been booming over the past year with rideshare companies like Uber and Lyft leading the way. The rideshare titans have been locked in a price war since their inception. For passengers a price war means lowered fares, but for drivers it means lowered pay. As a result, many rideshare drivers are taking advantage of opportunities and employing clever tactics to maximize their earnings. Here’s a look at, reportedly, some of the most effective ways drivers are maximizing their earnings while working with Uber or Lyft:

  1. Tax Deductions

  • While you should always consult a qualified accountant or tax professional before making tax decisions (we are not accountants, or tax professionals), it’s important to know that expenses such as vehicle maintenance, gas, and even your phone bill may be deductible. Filing taxes properly and taking advantage of deductions you qualify for can save you hundreds, if not thousands of dollars come tax season.

  1. Hourly Guarantees

  • Did you know that both Uber and Lyft offer hourly guarantees to high performing drivers? While the times and rates change each week, opting into these programs when available is a great way to ensure that you earn at least, a pre-determined minimum amount in a given day, regardless of how many trips you take.

  1. Mapping and Scheduling