Browse Category: IRS

2019 IRS Standard Mileage Rate

2019 IRS Standard Mileage Rate

2019 IRS Standard Mileage RateMost recently the IRS released the IRS 2018 Standard Mileage Rate and in preparation for the 2019 IRS mileage rates, we’re creating this page in advance to keep you updated on mileage rate changes as they happen.

So, why do we update this page every year? Isn’t the standard mileage rate a fixed rate? Unfortunately, the mileage rate is not set value. The amount-per-mile fluctuates on a yearly basis by a penny or two, up or down.

For instance, in 2017 the rate was $0.535 per mile. In 2018 it’s $0.545 per mile. In 2019? Well, we don’t quite know yet (though, we’d guess it might rise a penny to $0.555) but when we do we’ll post it here as soon as the numbers are released.

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Mileage and Expense Tracking For Small Business

Small Business Mileage & Expense Tracking

Last updated on August 2nd, 2018 at 06:01 pm

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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Unreimbursed Employee Mileage Tax Law Changes

New Tax Law Could Impact Employee Mileage Reimbursement Policies

Last updated on July 12th, 2018 at 10:29 pm

Tax Cuts & Jobs ActWith the new Tax Cuts & Jobs Act in effect for 2018 employees will no longer be allowed to deduct unreimbursed employee business expenses.

So, what does this mean and how does it impact employees going forward? We’ll explain.

Outside of minimum wage laws, there is no federal law requiring employers to reimburse employees that use their personal vehicle for business purposes, though most employers have opted to reimburse for these expenses.

If in the past, as a W2 employee, you may have been required to travel offsite to attend an event such as a sales meeting or a convention. If you had opted to use your own vehicle to travel to-and-from the event, you could reasonably expect that your employer would reimburse your mileage if a reimbursement policy was in place at your company, or worst case, you could write off the expense at years end at the current IRS standard mileage rate of $0.545 per mile.

As of 2018 these unreimbursed expenses are no longer possible. Continue Reading

Business Mileage & Expense Tracking

Tracking Your Business Mileage & Expenses With Everlance

Track Business Miles and ExpensesOver 400,000 people use Everlance every day to automatically track their business mileage and expenses, but why do they use Everlance instead of our competitors? And which Everlance product do they use? Everlance Premium or Everlance Teams?

The answer to the first question is simple.

The average Everlance user finds over $6,500 in deductions and our product outperforms all other trackers on the market, including MileIQ & Quickbooks Self-Employed. Hands down we have the best product in this entire segment.

The second answer is a bit more complex, because the Everlance product you choose is based more on your team size and the need to manage a team in one place than it is about features or cost.

Before we dive into the features, or the exact reasons why business owners are choosing Everlance to track their mileage and expenses, let’s take a look at why mileage tracking is so important for both individuals and large businesses. Continue Reading

The Best Tax Software Coupons

Tax Hacks: 2018 Tax Preparation Software Deals, Coupons, Codes & Discounts

Last updated on July 12th, 2018 at 10:31 pm

IRS tax returns are due in only a few days and this means that it’s crunch time! If you haven’t done your taxes this year, don’t despair, the last week before taxes are due is often the best time to save money on tax software.

We’ve rounded up all of the deals going on right now in 2018 from the major tax software companies such as TurboTax, TaxAct, H&R Block & more. Continue Reading