There are three main reasons Lyft drivers cite as benefits to driving for Lyft. These are the ability to make money on your own terms, the flexibility of being an independent contractor, and the ability to meet interesting people.
1. Make Money
The main reason people drive for Lyft is to make money. Lyft pays its drivers on a per-ride basis. They also receive tips from passengers.
2. Be an Independent Contractor
Another benefit of driving for Lyft is that you’re an independent contractor It means that you’re self-employed and can set your hours.
You’re not tied to a specific schedule, which gives you flexibility. If you need to take a day off or vacation, you can do so without asking for permission. You can also work as little or as much as you want.
Of course, there are some downsides to being an independent contractor.
For example, you’re responsible for your taxes and don’t receive any benefits from Lyft. The tax issue can get you into trouble if you’re not careful.
So, set aside enough money from your Lyft pay to cover your tax bill. The IRS encourages independent contractors to pay their taxes every quarter.
Here are the dates to pay your quarterly taxes:
- April 15
- June 15
- September 15
- January 15
Whether you use the quarterly tax system or not, you must file a tax return every April and report your Lyft earnings.
Keep track of items like gas, vehicle repairs, and cell phone bills. They can give you a nice tax deduction.
3. Meet Interesting People
You get to meet new people from all walks of life.
You might give a ride to a businessperson going to an important meeting, or you could drive a family to the airport. You might even give a ride to a famous actor, musician, or athlete.
If you’re looking for a social job where you can make some extra cash, driving for Lyft is a nice option. You can chat with your passengers and get to know them.
Just remember, you’re there to drive, not to make friends. If a passenger wants to chat, that’s great. But don’t forget that you have other passengers to pick up.
