I GROSS $1,000 TO $1400 A WEEK DOING LYFT, AMA.

[FukYaFeelings]

Post your pay stubs

 

[MR. SNIFLES]

why do you type in all caps.....I hate people yelling

CAPITAL LETTERS AND CAPITAL GAINS UNTIL CAPITAL PUNISHMENT BREH. GTFO.

 

[macadomusic]

How do you make money in L A with all that traffic

The middle of the night thru-sun 10 pm til I get tired.

 

[MR. SNIFLES]

Post your pay stubs

 

[Brock Landers]

It's not for everybody breh but you seem like you're making the most of it and not putting all your eggs in 1 basket. Keep grinding

 

[Ethnic Vagina Finder]

 

[MR. SNIFLES]

GOT A NICE BLADE FOR THAT.

 

[DallasTxRep]

@MR. SNIFLES how many hours a week do you drive to make that amount

 

[MR. SNIFLES]

@MR. SNIFLES how many hours a week do you drive to make that amount

35-45 HOURS. IT SHOWS IN THE PICS.

 

[MR. SNIFLES]

FOR EXPENSES, I USE A COMBINATION OF QUICKBOOKS, MINT, AND MILEIQ. QUICKBOOKS HAS A NICE FEATURE NOBODY USES. YOU CAN EMAIL RECEIPTS AND INVOICES TO THEM AND THEY LOG THEM FOR YOU. SHELL, BP, AND EXXON HAVE APPS THAT EMAIL YOU GAS RECEIPTS AFTER YOU FILL UP. I JUST SET UP A RULE IN MY EMAIL THAT AUTOMATICALLY FORWARDS THOSE RECEIPTS AND THEY ARE AUTO LOGGED AND TAGGED AS BUSINESS EXPENSES. I DO THE SAME WITH ALL MY AUTO SERVICE TOO. THIS WILL SAVE YOU TONS OF TIME.

IF YOU NEED HELP SETTING THIS UP LET ME KNOW.

How to auto-forward specific emails in gmail? - Tom Jepson
THIS IS A SIMPLE GUIDE FOR GMAIL.

Use rules to automatically forward messages
OUTLOOK

 

[Slystallion]

I NET ABOUT 700 FROM LYFT. I OVER PAY FOR TAXES AND THEN WORK ON REDUCING MY LIABILITY FOR THE YEAR. I PUT 30% ASIDE AND TRY TO PUSH MY TAX LIABILITY AS CLOSE TO 15% AS I CAN. I GOT DOWN TO 15% LAST YEAR. I TOOK THE 15% LEFT OVER AND BOUGHT THE CAR I DO LYFT IN NOW. I SOLD MY OTHER CAR FOR 500 LESS THAN WHAT I PAID FOR IT. MY MAINTENANCE ALMOST PAYS ITSELF. COSTO FOR TIRES, WALMART FOR OIL CHANGES. I PAY ABOUT 2K TOTAL A YEAR FOR MAINTENANCE. I NEVER KEEP A CAR BEYOND 150K MILES.

I BROWSE CRAIGSLIST TO FIND GOOD FREE FURNITURE AND I GO PICK IT UP AND RESELL IT. I JUST COPPED A SMALL BUILDING IN DETROIT TO STORE THINGS. ANYTHING I DON'T MOVE IN A MONTH GETS DONATED TO SALVATION ARMY. THEY COME PICK IT UP AND I GET A TAX WRITE OFF.

I GOT LIKE 5 HUSTLES GOING RIGHT NOW. WORKING ON 6 AND 7.

Why don't you consider starting an S-corp so you don't get hit with self employment taxes.

Get a business account connect it to QuickBooks online self employed and in December of next year pay yourself a salary of 33 percent of your projected net income to meet your reasonable compensation on something like patriot payroll or gusto, everything else will be a distribution which doesn't have self employment or fica taxes

 

[Mr. Manhattan]

That's it :mjmoneycall:?

what do you do

 

[MR. SNIFLES]

Why don't you consider starting an S-corp so you don't get hit with self employment taxes.

Get a business account connect it to QuickBooks online self employed and in December of next year pay yourself a salary of 33 percent of your projected net income to meet your reasonable compensation on something like patriot payroll or gusto, everything else will be a distribution which doesn't have self employment or fica taxes

 

[Obreh Winfrey]

what do you do

I post on The Coli pleighboi

 

[Slystallion]

WELL I GUESS I CAN SPIT SOME GAME TOO.

FIRST THING YOU DO IS GET AN LLC AND PUT YOUR CAR IN THE NAME OF YOUR BUSINESS. IF YOU GET JAMMED UP THEY CAN'T COME AFTER YOUR PERSONAL ASSETS. GET A SECURED CARD IN YOUR BUSINESS NAME AND BUILD CREDIT WHILE YOU'RE SAVING.

DO NOT BUY A NEW CAR TO DO LYFT/UBER. DEPRECIATION WILL EAT YOU ALIVE. IT'S A FOOL'S ERRAND. BUY A 3-4 YEAR OLD CAR WITH LEASE MILES OR LESS. DON'T SPEND MORE THAN 10K ON THE CAR. YOU NEED TO BE ABLE TO CASH IT OUT OR BUY ANOTHER CAR IN 2 YEARS AT WORST CASE SCENARIO. EXPECT TO PUT 50K MILES ON THAT CAR IF YOU GO FULL TIME. SELL IT AT 150K NO MATTER WHAT. YOU CAN USUALLY SELL IT FOR CLOSE TO WHAT YOU PAID IF YOU DO IT RIGHT.

CROSSOVER SUVS ARE AWESOME. FORD FLEX SIZED VEHICLES ARE GOOD. LOW ENTRY POINT FOR SENIORS AND GOOD LEG ROOM ARE GREAT. AND FLEXES ARE CHEAP TO BUY AND FAIRLY RELIABLE. THERE ARE OTHER CARS BUT I KNOW THIS ONE. DON'T DRIVE ANYTHING THAT GETS LESS THAN 22MPG. YOU'RE WASTING YOUR TIME. AWD IS GODLY IN THE WINTER ALSO.

SOMETIMES RENTING A SMALL BUILDING IN A GOOD AREA IS GOOD FOR INSURANCE. IN DETROIT THE INSURANCE IS 3X THE PRICE IN THE BURBS. SO IT WORKS FOR ME.

FIND OTHER HUSTLES TO PAIR WITH LYFT. THERE IS A THREAD HERE FOR THE BIRD SCOOTER CHARGERS. THAT IS A GOOD WAY TO SUPPLEMENT YOUR LYFT INCOME. ANOTHER GOOD ONE IS AMAZON FLEX. FLEX IS FAR SUPERIOR TO LYFT FOR EFFICIENCY. YOU CAN MAKE UPWARDS OF 36/HR IF YOU'RE FAST AND THE FUEL USAGE AND WEAR AND TEAR ON THE CAR IS MUCH LESS. CROSSOVER SUV WINS FOR THIS TOO.

I'LL ADD MORE AS I THINK OF IT.

Instead of putting car in LLC just keep it as personal and use an accountable plan to have your LLC reimburse you...That way you aren't forced to get commercial insurance which is more expensive