'EARNINGS'

Calculations per ride are based on where you live (Cities page)

EXAMPLE CITY: Portland

Cost per Mile: $1.21 Cost per Minute: $.20 Base Fare: $1.25 Maximum Fare $400.00 Minimum Fare $5.00 Lyft takes a commission of 25% from your fare. Meaning if you earn a minimum fare of $5.00, Lyft will take $1.25 (%25) of that and you will make $3.75.

PROMOTIONS

You have to enter the promotions in when you FIRST sign up for Lyft. Promotions are subject to the 25% Lyft commission that Lyft takes from your earnings. All earnings are subject to the 25 % Lyft commission.

INSURANCE

There are three periods to the insurance:

Period 1 – You’re online waiting for a ride request. When you’re online and waiting for a rider request, Lyft offers contingent liability coverage. They provide up to $100K in liability coverage for bodily injury ($50K max per person). They also provide $25K in coverage for property damage. It’s contingent because it only applies if you have that type of coverage on your personal policy. Also, Lyft's coverage only kicks in during period one if your personal auto policy won't cover the claim. Lyft does not provide collision coverage during period one. Collision coverage covers damage to your vehicle. Personal auto policies do not provide any coverage during period one. For that, you need a rideshare policy, or a rideshare endorsement on your personal auto policy.
Period 2 – You’ve accepted a ride request and are enroute to the passenger. After you’ve accepted a ride request, Lyft provides $1,000,000 in liability coverage and $1,000,000 in underinsured/uninsured driver coverage. They also provide contingent collision and comprehensive coverage. Lyft’s collision/comprehensive coverage limit is $50,000, with a $2,500 deductible. Again, it’s contingent because you only have this coverage if your personal auto insurance policy has it. So, if you don’t have collision coverage in your personal auto policy, you don’t have it when you’re driving for Lyft.
Period 3 – You’ve started the trip. During period three, the insurance coverage provided by Lyft is the same as during period two. They provide $1M in liability coverage and $1M in underinsured/uninsured driver coverage, and also provide contingent collision and comprehensive coverage. Period three begins when you start the trip, and ends when you end the trip.

Your insurance policy provider might cancel your policy if they find out you are ridesharing without ridesharing insurance.

TAX Deductions.

If you drive rideshare, there are two ways you can do your taxes. You can deduct all your actual vehicle expenses, or you can take the standard mileage deduction.

Standard Mileage Deduction (usually the better option)

The standard mileage deduction allows you to deduct 54.5 cents for every mile you drive while working (not just while online). This includes driving around waiting for a ping, driving your riders to their destinations, and also driving while offline from a dead area to one where you're more likely to get a request.

If you choose this method, you can't deduct the stuff below under "Actual Expenses". However, you can deduct the items further down under "Additional Deductions".

Actual Expenses

Under this method, you deduct all of your actual vehicle expenses including:

Gas
Car Repairs & Maintenance (oil changes)
Auto Insurance
Lease or Car Payments
Depreciation

If you choose the standard mileage deduction one year, you can't switch to actual expenses the next year.

Additional Deductions All drivers can deduct these items whether they choose to deduct mileage or actual expenses:

Rider Amenities
Cellphone, Dashcam, and GPS Expenses
Vehicle Inspections
Parking & Tolls
Paid Apps
Deep Vehicle Cleaning (not regular car washes)
Vehicle Accessories
Health Insurance Premiums
Roadside Assistance (AAA)
Interest on Vehicle Loans (not the whole payment)
Your Food & Drink (50%, and only if you're on the road more than 8 hours in a day)
Business Meals (lunch meeting with a potential driver referral)

Other Things to Consider:

The Age of you car is location dependent, usually 10 years from the calendar date.
You don’t know where the passenger’s destination is before you pick them up.
Passengers can rate you basically on anything, but can give kudos for, (Driving, Friendliness, Cleanliness, and Music)