• By: WorkFromHome.biz Staff
• Category: Uber/Lyft

 

10 Tips to Make More Money Driving For Uber Or Lyft

If you're looking to earn extra cash driving for Uber or Lyft, you're in the right place. There are 10 tips to increase your income from driving for these two apps.

 These tips can be applied to a variety of situations. They include: calculating your income, avoiding high-volume situations, and taking advantage of Tax deductions.

If you want to make more money driving for Uber or Lypt, you need to have a strategy in place. Both companies offer similar services, but there are some things that you should do to maximize your earnings.

1, Keep your car clean

For example, make sure that you keep your car clean and in good repair. Also, be sure to use a reliable GPS system. By following these tips, you can improve your vehicle's performance and get more rides.

2. Working during peak times

This is especially helpful for drivers in busy areas. However, it's important to note that peak times for trips vary by location and time of day. For example, demand for trips is high at night, while less people are available. By planning your route around peak hours, you can increase your earnings significantly.

3. Serve complementary water to your passengers

This simple act can make your passengers feel more comfortable and increase tipping. It also boosts your rating average, which in turn can increase your profit. In addition, it costs just $5 to serve 24 passengers with bottled water, so it's a small investment to make.

4. Check out the pricing options of both Uber and Lyft

 Both companies offer a flexible schedule. This is perfect for a side hustle or new driver. However, both companies are not perfect. While they do offer good pay, some drivers have complained about low tipping and a reduced pay structure.

In addition to the pay structure, you should also consider the bonuses offered by both companies. Lyft drivers earn more on average than Uber drivers. But it will depend on your city and other factors. For instance, Lyft drivers can earn more per ride if they work more hours.

5. Avoiding high-volume situations

When driving for Uber or Lyft, you may encounter situations where you can't make as much money as you would like. For instance, you may have to wait around in high-volume areas while other drivers drive. But the added income you receive from increased rider volume could make the wait worthwhile.

The amount of money you earn will depend on a few factors, such as the type of vehicle you drive and how many hours you drive a week. Then there are operating costs. Also, remember that Uber and Lyft take commissions. For Uber, you'll get 25% of the fare charged to your rider, which includes the time and distance traveled. For Lyft, it's 20%.

Avoiding high-volume situations can also help you earn more money.

6. Take advantage of surge pricing

 This allows you to earn more money with working lese hours. It is because more riders are willing to pay for Uber rides during these periods, especially during rush hours. But it's essential to know when to get to these areas and plan your routes so that you can take advantage of the opportunities to earn more.

7. Provide great customer service.

Ask passengers about their comfort levels, and offer a water bottle if it's hot outside. Providing the best customer service possible will help you earn more with Uber and Lyft.

8. Calculate your income and Ensure you get the bonus

The income you can expect from driving for Uber and Lyft depends on several factors, including how many rides you take, where you live, and when you drive. If you want to find out how much you can expect to make in a month, you can use an online calculator. The information will give you an estimate of your potential earnings, but remember to take your expenses into account as well.

The rates you get will vary from city to city, and they depend on the demand in your city. However, you can make a good income even in lower paying cities. When calculating your income, you need to take into account the amount of time you spend with each rider, the distance you cover, and the base fare of the city in which you're driving.

Your income will be higher during peak periods. You can see if these are busy times in your area by visiting the Uber website. If you're driving at night, you should be aware that the safety of your passengers should be your priority. That's why Uber and Lyft provide drivers with supplementary liability insurance.

Uber drivers usually average 1.5 to 2.2 trips per hour, depending on the type of vehicle you drive. If you're driving for Lyft, you'll likely be driving an SUV. Uber has three vehicle levels that allow you to make different rates, so you should know what to expect when choosing which vehicle type to drive.

As a self-employed business, you'll need to report all income to the IRS. You'll need to report your income and expenses on Schedule C. If you expect to earn more than $1,000 in a year from driving for Uber and Lyft, you'll need to pay taxes on all of it.

9. Take your tax deductions

If you are a driver for Uber or Lyft, you can write off business expenses on your taxes. These expenses can include mobile data plan fees, passenger amenities, parking fees, and tolls.

You can also deduct your actual vehicle expenses. To claim your expenses, make sure to log your on-the-job miles.

If you are using a cell phone for business purposes, use a service like MileIQ to track your mileage. Remember to keep good records of mileage and expenses to support your IRS request.

Besides mileage, you can also deduct expenses related to your car, as long as they are related to your business. Depreciation on your car is also deductible. You can also include parking fees and cell phone bills as business expenses.

You can also take advantage of special limits for tax deductions if you are married and have another job. However, you can only deduct up to 50% of your W-2 wages. After that, the deductions are gone, so be sure to get a tax professional to review your situation.

10. Be Friendly, but not too Friendly

Being a good uber or lyft driver you have to know when to be friendly and talk, but also know when to shut up. Learn how to read the room, or better yet the car and feel your passengers out. If they are looking for a friendly chat give it to them, however if they are not wanting to be bothered then learn to be quiet. 

Thats it, if you follow these steps you will for sure earn more money with uber.