Most people don’t view there own car as a assets, but the truth is anything can be an asset if it produces you money. Such as Uber or Lyft! These are great companies and can make lots of side money using these services. Let me break down the good and the bad about these services.
Uber and Lyft:
Good: 1)There’s always people that need a ride to places for a short time. It happens daily so you will always have business.
2) Pay isn’t that bad. You can make lots of money if you put the work in yourself!
3) Tax deductions for Uber or Lyft is the actual expenses for operation the vehicle. For Example, Gas, oil, insurance, car registration, repairs, maintenance, depreciation.
Other tax deductions are Bottled waters, snacks and amenities for customers, city and airport fees, floor mats, car tool kits, first aid kits, all cleaning supplies, tire inflator and pressure gauge, portable battery jump pack, flash lights and flares.
You can also deduct your phone expenses since its a major factor for your business!
or you can just take the standard deduction that the IRS.
Turo: Turo is a amazing company that can make you lots of side money. There’s lots of benefits that I really like and choose it over Uber and Lyft.
Time: With Turo you don’t have to spend lots of you time driving around to earn money. How I do it is simple and saves me sooooo much time and money! I’ll explain.
I wait til someone rents my car on the Turo app. This takes no time and all up to the guest if they want to rent it. Once they do, I wash and clean the car one day before the trip. That takes about 2hours. Then I have a prescript message that I send to all my guest on Turo giving them instructions on picking up the vehicle at my house and instructions that I need to verify with their Drivers License and a picture of themselves. That takes like 5mins to just send the message to the guest. Then the day of the guest comes to the rental I send a message again asking for the Drivers licenses and picture of the driver driving the vehicle. Once I get that information from the guest I give them a pin to my KeyGuard that is latched on my drivers side window. This allows them to obtain the vehicle keys. This takes about 10mins. Then off they go with the rental! For only 2h 15mins I can make quite a bit for money! The longer the guest rents it the better!
Pay: The pay is all set by you the Host. I set mine for $29 a day so the longer the guest rents the better because of amount of time you put in to rent it. Lets say its for 1 week for $29 a day and give no discounts out. #29 X 7= $203
I have the 70 insurance plan that Turo offers. Basically I keep 70% and Turo keeps 30% This is to keep Turo platform operating and to cover my vehicle incase of a guest being in an accident. $203 (rented for a week) x .70 (70% is what we keep.)
$203 x .70= $142.10 is earned after Turo insurance fee.
$142.10 /2.25 (time to clean and message instructions to guest) = $63.15 per hour
$63.15 per hour isn’t bad at all and I can invest my time in other things while I have my car rented.
That the main beauty of Turo. It takes a short amount of time to put in to make the car nice and rentable. Compared to Uber or Lyft it takes your whole time dropping off people and you have to be present there the whole time.
Tax deductions for Turo is pretty much the same as Uber or Lyft, it is the actual expenses for operation the vehicle. For Example, Gas (only the miles driven to refuel), Oil, Insurance, Car Registration, Repairs, Maintenance, Depreciation.
Other tax deductions are Bottled waters, snacks and amenities for customers, city and airport fees(parking), floor mats, car tool kits, first aid kits, all cleaning supplies, tire inflator and pressure gauge, and portable battery jump pack.
You can also deduct your phone expenses since its a major factor for your business!
These are my links to make Turo a better experience! I do appreciate it if you all buy a keyGuard that I use for my Turo. It makes life easier if you can’t meet with the guest in person due to being at work or out doing errands. I do get a percentage for sells on Amazon, which helps me out for these hard Blogs that I make for everyone! In order to help me get a commission click the link add to your Amazon cart and buy. That simple! Thank yall!
If you are in Monterey, California or around the area and need a rental, check out Turo! I have this listing for a 2012 Toyota Corolla! Great condition and with a great price! Here’s my Link!
https://turo.com/us/en/car-rental/united-states/monterey-ca/toyota/corolla/897400
Amazon keyguard for Turo: https://www.amazon.com/gp/product/B01FWYKGBQ/ref=as_li_tl?ie=UTF8&camp=1789&creative=9325&creativeASIN=B01FWYKGBQ&linkCode=as2&tag=thefrugalfern-20&linkId=30f0751d36d5bff3c9f45a8730c3e9f8
The Frugal Ferns 