Browse Category: Mileage Tracker

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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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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Everlance Teams For Construction Workers: Mileage Tracking & Expenses

Mileage Tracking For Construction Workers

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

Construction Worker Hard HatsYou’ve been running back-and-forth from the job site all day and the last thing you want to do is sit in your truck and write down your mileage for the day. 

…Every. Single. Day.

Unfortunately if you’re still using mileage log books then you have no choice. Mileage needs to be logged and the entire manual process is your responsibility. As is collecting receipts and turning in all of the paperwork on time to make sure you’re reimbursed or that you’re staying on top of your tax deductible mileage for the year.

If you’ve read our piece on mileage log books you’d know that we understand exactly how you feel – mileage logs are outdated. The good news is mileage tracking apps like Everlance can help solve this problem completely. Continue Reading

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