Why I Drive a Tesla Model 3 for RideShare | My Secrets for Lyft and Uber

I'm not always looking to pick up passengers, it's actually for another reason, Here's why.
If you are looking to become a driver, be sure to use the sign up links below to help you get started.

Uber and Lyft sign up referral links:

Uber: https://partners.uber.com/i/d5utjue

Lyft: https://www.lyft.com/drivers/W49TZPRGPKPPYE27

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Let me first start off by saying I am not a CPA nor a tax professional. Ask a qualified designee for any tax or business related questions.

When you are a driver for either lyft, uber or even both. They have different types of rides that passengers can request through their app. One of them being Lyft Lux or Uber Select. Under these tiers the tesla model 3 qualifies as a high-end, four seat, luxury vehicle under both platforms. In order to qualify for this status you need to maintain a 4.85 or higher star rating on lyft and a 4.7 or higher star rating on uber. Losing this rating will result in the driver losing their Select or Lux status. One other note here is that new drivers must give standard lyft rides until they achieve a 4.85 rating or higher according to lyft.com

90% of the time when I am driving around in my tesla model 3, I am logging into the lyft app not because I want to pick up passengers but for another reason… a tax deduction. For 2019 the standard mileage rate from the IRS is 58 cents per business mile. Now because all rideshare employees are self-employed you can claim every single mile for when you are logged into either the uber or lyft app. Now some riders like to use a separate app to keep track of all their business miles. I however prefer to let Lyft record all my miles for me when they send over my end of year summary that includes how many rides I’ve given along with my total online miles. Total online miles includes driving around waiting to accept rides and while you are driving around passengers.

Now here is my secret

Whenever I’m running errands or just driving to and from work everyday, I’m logging into the lyft app to claim my mileage deduction. If you really don’t want to pick up many passengers and just claim a business mileage deduction like I do, you can go into the app setting on either lyft or uber and choose that you only want to pickup fares for select and lux riders.

This will lower your chances that you will get a ride request in general.. because lyft lux and uber select fares are quite expensive; less people are inclined to pay the extra amount for a high end ride. For the most part I end up only picking up business people heading to the airport and this is only during the day when I want to earn a little bit of extra money. Keep in mind this may vary at your location, the demand where I am in Raleigh is quite low for select and lux requests.

Not only can we deduct the miles recorded from rideshare but also other common operating expenses like your cell phone wireless plan, cell phone accessories like a windshield mount. Passenger treats, music streaming services, parking and tolls. Etc. All of these operating expenses can be written off as long as you maintain receipts for all of these items. I like to keep electronic versions of these rather than storing them in a folder at home. The IRS accepts both electronic and physical receipts for proof of purchase.

If you’re looking at becoming a driver for either Lyft or Uber, I’ve posted my referral link down below to help you get started. Or if you are looking at buying a tesla in the future be sure to click my referral link to receive free supercharger miles.
That’s all I have for this one, if you liked what you saw today consider subscribing and smashing that like button. until the next time guys have a good one.

Uber and Lyft sign up referral links:

Uber: https://partners.uber.com/i/d5utjue

Lyft: https://www.lyft.com/drivers/W49TZPRGPKPPYE27

Видео Why I Drive a Tesla Model 3 for RideShare | My Secrets for Lyft and Uber канала Evan Michiels