Using Your Vehicle To Earn Income: What You Should Know

Using Your Vehicle To Earn Income

The last decade has truly revealed the ways a person can make money with their vehicle. There are so many people that make supplemental income from using their cars in various ways. The past saw only delivery drivers and taxis have the ability to earn from a vehicle. Personal vehicles are an investment that can easily pay for itself and more. Leveraging this is going to take time and a targeted approach though. Doing research online can reveal that by putting a company’s sticker wrap on your car, you can earn monthly. The following are things you should know about using your vehicle to earn income.

Tax-Deductible

Tracking your miles when you are handling a side gig is going to be of paramount importance. There are apps like MileIQ that will help you track your mileage in an IRS-compliant way. You can deduct 58 cents per mile in 2022 which can really add up. If you are going to a conference to further your career, this can be included. If you are driving for Uber and take long trips, the mileage will be significant. You want to pay taxes on the money you’ve earned after you include your expenses.

Your vehicle is going to lose some of its value every year regardless of how much you drive. Tracking this is very important as putting 100,000 miles on a car will cause the car’s value to dwindle. Working with a CPA can be important if you have your expenses organized as they can help maximize tax savings.

Ask Your Employer For A Vehicle Allowance

Being asked to use your personal vehicle for business reasons is a negotiating tool. If you have not signed a contract agreeing to use your vehicle for deliveries or transporting coworkers, you need to have a meeting. Asking for a small vehicle allowance is not out of the question. Your employer could deny this but you can also refuse to drive coworkers around. The money you receive can be used to maintain your vehicle or saved to account for depreciation of your vehicle.

Uber And Lyft Can Be Profitable In Your Extra Time

Ridesharing has become a main source of income for so many individuals. Finding the right times where there is a surge with Uber can be the most profitable time. Going out to drive at night in areas where there are large crowds is a perfect example. Waiting near a professional sports stadium or venue for a concert is a tip you should consider. Not all individuals want to be out that late at night so early mornings near an airport are another option.

The truth is that you might not want strangers in your car. Luckily, there are delivery options with you just picking food up and leaving it at a person’s door. Don’t underestimate how much money you can make in your spare time through deliveries. Safety is always important though as being told to enter a home to put food on a table is a red flag.

Modify Your Vehicle To Make It More Convenient For You

Spending hours per day in your car or truck means you should prioritize comfort. If you are in and out of your truck quite a bit, you might need truck side steps. These steps can be convenient and reduce the height you need to step out of the truck. In icy conditions, this can help you avoid being injured by slipping. A phone holder is also important if you use it to follow directions on the road. A GPS can also be a great addition as at times, Google Maps is not always reliable.

Offering Moving Services On Nextdoor.com

Owning a truck can be a blessing and a curse at times. Having a truck automatically means that friends and family will ask you to help them move. A truck can be so useful for so many reasons. You can assist people with moving and all you will need are straps. Nextdoor.com is a website where people in your area ask for assistance. The job could be as simple as taking damaged items to the dump. Not all items can fit in a car as conveniently as a truck bed. Getting paid in cash is also a huge advantage as the additional cash can be used for a myriad of things.

The side hustles that are available today using your personal vehicle have become full-time jobs for some. The ability to earn supplemental income from a vehicle you have not paid off can be important.

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