As we embark on 2024, it's crucial to gear up for tax season. Everlance, the leading mileage and expense tracker, is here to transform your tax preparation experience. This year, we're excited to offer a special promotion, exclusive for tax season, that makes tracking your deductions both easy and even more profitable.

In this article, we'll dive into:

  1. What is a mileage tracker app?
  2. Am I a 1099 or W2 employee?
  3. What separates Everlance from the rest?
  4. Top 1099 tax deductions for 2024
  5. The Everlance 2024 Tax Season Deal

What is a mileage tracker app?

A mileage tracker app, like Everlance, utilizes your smartphone's GPS technology to accurately log every mile you travel for business. This means no more manual logging in notebooks or spreadsheets - the app does it all for you. It's especially beneficial for individuals who use their personal vehicles for professional reasons, such as real estate agents, rideshare drivers, delivery drivers, and other self-employed 1099 contractors who often travel to different properties.

Why Choose the Best Mileage Tracker App?

The "best mileage tracker app" isn't just about tracking miles; it's about offering a suite of features that cater to your specific needs. For instance, Everlance not only tracks your trips but also allows you to categorize them, add expenses, and generate IRS-compliant reports, making it a comprehensive tool for tax deduction purposes.

Free mileage tracker app or paid mileage tracker app?

Many mileage tracker apps, including Everlance, offer free versions with basic features. However, for more advanced functionalities like unlimited automatic trip tracking and detailed reporting, opting for a premium version is worth considering.

A crucial aspect of a mileage tracker app is its compatibility with different operating systems. Everlance is designed to work seamlessly on both Apple and Android devices, ensuring a broad range of users can benefit from its features.

Ideal for 1099 Taxes

Whether you drive for Lyft or Uber, delivery for DoorDash or Instacart, sell houses as a realtor, take care of patients as a home health nurse, or any of the other thousands of 1099 jobs out there, it's important to keep track of your business expenses for taxes. These add up, and add up quickly, and the #1 under reported deduction by self employed workers is their mileage. In 2023, every mile driven was worth 65.5 cents off your taxes. In 2024, the IRS Mileage rate has been increased to $67 cents.

Some self-employed people choose to use pen and paper to keep track of these. This is okay, but leaves a user prone to inaccuracies, reporting out of IRS compliance, and is time consuming! The best mileage tracking apps leverage GPS and IRS compliant reporting, so you just have to worry about separating work and personal. Some even help with that! 

By incorporating a mileage tracking app into your routine, you not only save time but also ensure you're accurately documenting your business miles, which can lead to substantial savings during tax season. Whether you're a gig economy worker, a real estate professional, or anyone in between, a mileage tracker app like Everlance is an invaluable asset for your financial toolkit.

1099 or W2?

When it comes to actually filing your taxes, understanding whether you are a 1099 or W2 employee is crucial for managing your financial obligations accurately. This distinction affects how you report income, what tax deductions are available to you, and your responsibility for paying taxes.

What is a 1099 Employee?

A 1099 employee, often referred to as an independent contractor or freelancer, is essentially self-employed. If you're driving for gig economy platforms like Uber, Lyft, or DoorDash, doing freelance work, or operating as a real estate agent, you're likely classified as a 1099 employee. As a 1099 worker:

  • You receive a 1099 form from each client or company you've worked for, reporting the income paid to you.
  • You're responsible for paying your own taxes, including Social Security and Medicare taxes.
  • You can take advantage of various business-related deductions, such as mileage, home office expenses, and specific tools or supplies needed for your work.

What is a W2 Employee?

In contrast, a W2 employee works directly for an employer. The employer withholds income tax, Social Security, and Medicare from your paychecks and also contributes to these taxes on your behalf. As a W2 employee:

  • You receive a W2 form from your employer, showing the total income earned and taxes withheld for the year.
  • Your employer manages tax withholdings and payments to the IRS.
  • While you may have fewer tax deductions available compared to a 1099 worker, you benefit from certain employer-provided benefits like health insurance, retirement plans, and unemployment insurance.

Identifying Your Employment Status

Your employment status hinges on factors like the nature of your work, the level of control over your work, and your relationship with your employer or clients. Key indicators include:

  • 1099 Employee: You control how and when you work, supply your own tools or equipment, and often work for multiple clients or companies.
  • W2 Employee: Your employer sets your work hours, provides necessary tools and training, and has a long-term employment arrangement with you.

What Makes Everlance the Best Mileage Tracker App?

Everlance stands out for its unique blend of features, user-friendliness, and commitment to maximizing user benefits. Here’s what sets Everlance apart from other mileage tracker apps

Automatic Mileage Tracking

Everlance uses state-of-the-art GPS technology to automatically track every trip. This means no manual start and stop; the app records all your trips seamlessly in the background.

Effortless Receipt Tracking

Beyond mileage, Everlance allows users to track all work-related expenses. From fuel receipts to meals and accommodation, Everlance makes it easy to record and categorize every expense, which is particularly beneficial for 1099 employees like realtors, DoorDash, Lyft, and Uber drivers.

Easy To Use

Simply swipe for work or personal and your job is done. Everlance boasts an intuitive interface that is both Apple and Android-friendly. This ensures a smooth, hassle-free experience for all users, regardless of their tech-savviness.

Customizable IRS-Compliant Reports

Everlance provides detailed, customizable reports that can be exported for tax preparation or reimbursement purposes. These reports are invaluable for both individuals and businesses looking to maintain precise financial records, allowing Everlance users to sleep soundly at night knowing their deductions are taken care of.

Built For All

We know self-employment comes in all shapes and sizes because we work with self-employed people of all shapes and sizes. Whether you are a freelancer, a gig economy worker, or a small business owner, Everlance caters to a wide range of needs. So whether you're a full-timer, part-timer, side hustler, or just looking for a little extra weekend cash, Everlance can help.

Dedicated Support and Resources

Everlance offers more than just an app; they provide dedicated customer support and a wealth of resources to help users understand the nuances of tax deductions and expense tracking.....in three different languages! (English, French, and Spanish)

Always Improving

While our app is sometimes referred to as the "set it and forget it" mileage tracker..or as our marketing team calls it, "put your deductions on cruise control", our business team is just the opposite. Everlance continually updates its features based on user feedback and changing tax laws, ensuring that it remains the most efficient and reliable tool in the market.

Free To Use, or Upgrade For More

With both free and premium versions, Everlance is accessible to everyone. Just want some extra cash for the weekend? Our robust free offering will do the trick for you. The premium version offers additional advanced features for those who need more extensive tracking and reporting capabilities.

Top 1099 Tax Deductions for 2024

As a 1099 employee or independent contractor, understanding and taking advantage of tax deductions is crucial for maximizing your income and minimizing your tax liability. Here are the top tax deductions for 1099 workers in 2024:

Mileage and Vehicle Expenses Deductions

If you use your vehicle for business purposes, you can deduct mileage using the standard IRS rate or actual vehicle expenses like gas, repairs, and insurance. Everlance simplifies this by accurately tracking every business mile.

Home Office Deductions

For those who use a part of their home exclusively for business, a portion of rent, utilities, and internet costs can be deducted. The key is that the space must be used regularly and exclusively for business.

Health Insurance Premium Deductions

If you're self-employed and paying for your own health insurance, you can deduct the premiums paid for medical, dental, and long-term care insurance for yourself, your spouse, and dependents.

Retirement Plan Contributions Deductions

Contributions to a self-employed retirement plan like a SEP IRA or a Solo 401(k) are deductible, offering a great way to save for retirement while reducing taxable income.

Business Supplies and Expenses Deductions

Any supplies or materials purchased for business use, from office supplies to software subscriptions, can be deducted. Keep all receipts and track these expenses diligently.

Professional Services Deductions

Fees for professional services, including legal advice, accounting, and business consulting, are deductible expenses for 1099 workers

Education and Training Deductions

Costs associated with business-related education, such as workshops, courses, and conferences, are deductible, provided they maintain or improve skills required in your current business.

Internet and Phone Expenses Deductions

A portion of your phone and internet costs can be deducted if they are essential to your business. If you have a separate phone line or internet connection for business, the entire cost is deductible

Travel Expenses Deductions

When travel is business-related, expenses like airfare, hotels, and a portion of meals can be deducted. It’s important to keep detailed records distinguishing business from personal travel.

Marketing and Advertising Costs Deductions

Any costs incurred in marketing and advertising your business, including website maintenance, online ads, and business cards, are fully deductible.

For 1099 work, Everlance is more than just a mileage tracker; it's a comprehensive tool for tracking many of these deductions, ensuring you don't miss out on any eligible expenses. Remember, accurate record-keeping and understanding the nuances of what can be deducted are key to making the most of your 1099 status in 2024.

2024 Everlance Promo Code

To kickstart your efficient deduction logging and tax filing, Everlance is offering a $24 credit towards a premium subscription. This exclusive Everlance promo is our way of contributing to your financial success in 2024.

Everlance Premium offers unlimited automatic trip and expense tracking, detailed reports, and seamless integration with your tax processes. It's an essential tool for freelancers, gig economy workers, and small business owners alike.

To redeem, use the link below and enter promo code TAXES24. This offer is good until April 15, 2024 but unlike your taxes, no extensions can be filed!

*To be eligible for the $24 credit, you must upgrade to an Everlance Premium subscription with the code provided by April 15, 2024 11:59pm PT. Limit to 1 redemption per person. Does not apply to current Premium account holders.

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