Turn Your (Dream) Car into A Money-Making Asset
All we business- and money-savvy few knows that a car is NOT an asset, unlike what the banks like to tell everyone.
Our car is a liability that keeps the expenses going each year and keeps depreciating every second.
One of my goal for financial freedom is drive my dream car for FREE.
First of all I have not acquired my dream car yet. It would have been against all the "Millionaire Next Door" principles. I have to amess my wealth first.
So what does uber have to do with my financial goal of driving my dream car for FREE?
Let use my current car as an example. I drive a 2014 Prius II. Here's my breakdown of my monthly car expenses:
Car payment $350
City & County registration $25
Auto insurance $67
Safety check $3
Remember, you don't get to write off any of these expenses on you tax return if you're AN EMPLOYEE, and does not own any business.
Now with uber, you're using your beloved vehicle to generate income as a sole proprietor, which switch you to a business entity.
Say you make $900 a month with uber, you are now $415 richer after all your usual monthly auto expenses. This is what I mean by drive for FREE.
Now apply this same principle to your dream car. You got the idea?
This is not it yet. At the end of the year, you can deduct your auto expenses (prorated for the portion you use your car for your uber business).
In order to get your tax deduction for your auto expenses, remember to keep good mileage record. This will help you determine the percentages of your car that is used for business to generate income. Say you drove a total of 14,000 miles this year, and out of that you drove 7,000 miles making money with uber. In this case, you can deduct 50% of all your auto expenses, don't forget you can deduct your car washes too.
Turn you car into a money-making machine with Uber Honolulu.
If you love meeting people, driving uber is super fun...
If driving strangers around is not your thing...consider renting your car out when you're not using it.
You list your car and keep a calendar of when it's available. Then wait for some interested party, then you meet, you check their license, insurance, etc.
For a limited time, you can earn up to a $100 bonus by listing and renting out your car as a new host. Your bonus will be 25% of your earnings for trips you approve in the first 60 days, up to $100.
Check it out at turo.com
Same as with driving Uber, you can still write off vehicle expenses, such as auto insurance, car washes, gas, maintenance, etc.
Related article: Deducting Business Expenses
This is how the US government rewards people who make an effort to make a better life for themselves.