Is it worth driving for Uber or other gig economy businesses?
Thinking about driving as a gig? Here is some information you need
We hear a lot about how much you can make driving for gig companies like Uber and DoorDash but what’s the whole story? We will be covering some of the details you should consider when driving for these services.
Taxes probably won’t be taken out
You will be counted as a contractor which means you will need to set aside some of your earnings. A good rule of thumb is putting aside 24% of your income from the companies and this should cover any taxes you will have to pay.
Check with your auto insurance
Some policies may not cover you if you get in an auto accident while driving for a company. You can look over the policy or give your holder a call and they can let you know right away. Some gig companies will cover you if you are driving for them.
Wear and tear on your vehicle
Since you will be using your vehicle more, you can expect to have your vehicle serviced more like tire rotations and oil changes. You may be able to write these off as expenses when it comes to tax time. You should also keep track of all the miles you drive while on the clock.
Read more tips and tricks: Vehicle smells and what they could mean
Have you vehicle serviced at Freeman Motor Company
If you are thinking about driving for any gig company, have your vehicle ready to go by having it serviced at Freeman Motor Company. Schedule an appointment today through our website or by giving our service center a call.
Read more information: Which used 2020 models does Freeman Motor Company offer on its lot?
