Can a taxi driver make alot of money?
Asked by H_Blum
I want to know if being a taxi driver can be a lucritive earnings maker. Is there alot of cash only transactions, that are untaxed? My husband wants to give up a $75,000 a year job to pursue this. He thinks he can make over 100K!

Best Answer:
If you own the cab and don't pay rent then you are already ahead.It depends on where you are. If you are in a big city and you know how to drive, then yes. You can make some serious cash. You must choose what is best for you: airport runs during the day, business crowd, or the night scene. If you own your cab you can rent it out for the second shift. If your husband works 300 days a year and makes $400/day = $120,000/year(lots of hours) + $ if he rents it for a second shift. My uncle made a great living doing that. YOU MUST KNOW THE CITY!! and be able to stay out of traffic.

No, my dad is a taxi driver in NYC and they make about 60 grand annually and thats pushing it sweetheart! I have got to say though if it's truly what your husband wants to do let him, its a fun job! But not lucrative...
Answered by jeffmatches

with the rising cost of gas and competion from older established drives, its very hard to make a living let alone enough to leave a good job
Answered by proalertman

First, cash-only transactions are NOT untaxed. They are just easier to hide from the IRS, but if the IRS finds out, he could be in big trouble. I'm not a driver, so I can't speak authoritatively, but the $60k figure doesn't sound unreasonable, from what I've been told. On the other hand, I'm sure you could make a lot more or a lot less, depending on your location, license fees, and competition. Think about this like you would going in to any other business venture. You need to evaluate the opportunity, and think about costs and project income. This may be difficult to do with the limited information you have now. Is there any possibility that he could start doing it part-time first? This would give him a chance to get a clearer picture of how much he could make during some hours before he gives up the more secure income. Many people who start their own businesses start part-time until they are sure how much the new venture will bring in. I'd say that would be the safest approach. Best of luck to you.
Answered by scottFL007

Yes, he can make alot. But there aren't any benefits. You should take that into account. Most shifts are usually 12 hours. Pros: Sit on your butt all day. (not very phisical) Most people are friendly, entertaining. If you are a people person, you will probably get bigger tips. Cons: TRAFFIC. Every now and then you will get a runner, obnoxious drunk, rude person..., If you obsess over things like rude people pissing you off then you might not like it. If you are the 'forgive and forget' type then it won't bother you as much. You can email me if you have any questions.
Answered by cranford72