Any Uber drivers want to chime in?
However, this is highly misleading simply because I was able to deduct fixed "business expenses" that I would have spent anyways to own a car. Insurance, parking, licensing, registration, and finance interest, were all things that I would have spent anyways in the exact same amounts even if I only drove the car for personal use.
In addition, cars are considered to depreciate 30% every year by the CRA (Canadian IRS). This is obviously nonsense; cars depreciate based on kms driven and I did not drive nearly enough kms to reach 30%. So this is not a real expense either, but one I can deduct nonetheless.
So, really, I was subsidizing my expensive car ownership tax-free. The real rate after adjusting for those fake "expenses" was around minimum wage which is fair considering it's a better job than flipping burgers.
I bought the car because I like driving and I like having a car, and I would have bought it anyways.
My expenses were $400 a week, including car depreciation. I was leasing the car from Uber which is ridiculously expensive unless you do 60+ hours.
If you live with 8 other people and pay $500 month in rent, then you can make good money.
In cities that aren't SF or NYC it isn't worth it. In LA, it's 30% less income than in SF!
I'm not calculating depreciation, but that's dumb, since I used the car I had (for about 4 years prior), and continued using it about 2 years after.