Mileage and Expense Tracking For Small Business

Small Business Mileage & Expense Tracking

Mileage & Expense Tracking For Small Businesses

Mileage and Expense Tracking For Small BusinessRight now over 400,000 freelancers, employees, self-employed individuals & small businesses in America use Everlance every day to automatically track their business mileage and expenses.

The average Everlance user sees over $6,500 in yearly deductions, and small businesses, especially those with high expenses and frequent vehicle travel see many times more than that.

Before we jump right into the “why’s” and “how’s”, we’d like to say that of all of the customer segments listed above, mileage & expense tracking for small business is one of the most important tax tools in your arsenal.

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Freelancers: How To Track Mileage & Expenses

How Freelancers Use Everlance To Track Mileage, Expenses & Revenue

Why do hundreds of thousands of freelancers use Everlance every day to track their business mileage, expenses & revenue?

Here are 3 great reasons.

1.) The average user finds over $6,500 in tax deductions.

2.) Everlance tracks your mileage, stores receipts and automatically uploads your expense transactions to create a detailed snapshot of your potential deductions.

3.) Because it works easily, automatically and with very little input.

With Everlance you get more than just mileage tracking, you get a complete solution: Mileage, Expenses & Revenue.

Why just track mileage when you may have other expenses that go along with a business trip, such as fuel, hotel, food & parking? And if you’re a freelancer that collects money for gigs – why not include revenue as well? So that’s exactly what we did!

Without further ado, let’s dive into how Everlance works by seeing how freelancers use our product to save money every year.
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IRS Mileage Log Requirements

IRS Mileage Log Requirements

Last updated on July 12th, 2018 at 10:26 pm

In order to properly track mileage for tax purposes, the IRS has a short, but strict set of rules that every person must adhere to if they’re going to claim mileage-based deductions on their tax return.

IRS mileage log requirements are as follows…

  • A record of your mileage: Yes, of course, it would be kind of odd to make a mileage deduction request without stating the actual mileage you drove, but nevertheless it needs to be mentioned. Every mileage log needs to have the actual number of miles driven that you’re planning to deduct using the IRS standard mileage deduction rate.
  • The date of your business trips/rides: This is where many people run into issues, especially if they’re using the old paper mileage logbook instead of an automatic mileage tracker like Everlance. Each ride or full trip needs to have dates and mileage attached as a complete record. Just as important is the fact that it must be a business trip as you cannot deduct personal mileage.
  • Location & Purpose: This is essentially what is referred to as destination & classification. You’re required to add the location of the trip, to determine if it’s business related or not and then, of course, classify it as either business or personal.

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Self-Employment Statistics

2018 Self-Employment Statistics In The US

Last updated on July 12th, 2018 at 10:27 pm

According to recent federal self-employment statistics nearly 27 million Americans will leave their full-time jobs from 2017-2020, bringing the total number of self-employed individuals to 42,000,000 in the U.S. alone.

Why is this statistic so amazing?

Well, for starters, it means that of an American workforce of just over 126 million full-time workers, a whopping 33% can be considered self-employed. Whether they drive for Uber or Lyft, sell real estate, go into law, or tax preparation – they’re self-employed and in business for themselves.

That’s a lot of people striking out on their own!

So, why do they do it? What compels someone to leave the comfort of their 9-5 to hang up a shingle of their very own and go into business for themselves? Continue Reading

Everlance + TaxAct: Bridging the gap between Freelancers and Tax Pros

Last updated on June 5th, 2018 at 09:00 pm

As the 2018 tax season concludes, we’re excited to report on the progress of a successful partnership with TaxAct Pro Advance we launched for the year.

Filing annual taxes is a painful enough process for ordinary workers, but the process is even more painful for freelancers. Generally speaking, taxes for independent workers (1099) are far more complicated than those of an employee (W2), and keeping track of all of the possible business deductions can seem like a daunting task.

Due to these additional complexities freelancers can really benefit from working with a tax professional. To make it easier for freelancers to work with tax professionals, we launched a partnership with TaxAct, which has been a great partner both to our users and to us as a company.

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