An Overview of Mileage and Expense Tracking.
Actually, mileage tracking in the past used materials like notebooks, napkins and scrap papers. However, due to advancement in technology, new ways of tracking distance, expenses as well as managing fleet has been invented. IRS is one of the most used ways to carry out these activities. It is the technology that business drivers use when it comes to travel deductions.
These deductions are however not for people who commute from their residential places to workstations. According to SherpaShare, there are certain IRS Mileage Tracking requirements that are followed in order for you to qualify for this deduction. First, you must be driving for business and official purposes in order for you to enjoy these benefits.
For instance, traveling from one office to the other, from office to a conference or business meeting, business related event or executive meetings. On the other hand, you need to keep proper mileage logs such as the day of the trip, the departure and the destination points. The other requirement is the purpose or reason for the trip.
You also have to indicate the starting and stopping vehicle mileage figures and all the costs and expenses incurred throughout the trip. Trip deductions are also part of tracking. After the invention of ShepaShare Mileage Tracking technological apps, these activities have been simplified. Due to this technology, you are able to manage your travel expenses properly, avoid unnecessary taxes and boost your earnings.
All you need to do is to download the app in your smartphone or iPhone. Due to its compatibility with iPhone and Android operating systems as well as Uber Heat Map, it is effective in calculating mileage logs. According to ShepaShare, there are certain benefits that come with this mileage and expense tracking app.
1. Creates and generates IRS reports.
The ability of the apps to create IRS reports is a benefit that business drivers treasure a lot. Due to this fact, it becomes easy for a driver to come up with mileage log and reports. Since deductions are $ 0.575 in every mile, a driver is able to come up with a rough amount of total deductions.
This helps you to make tax savings annually. However, in order for you to enjoy these deductions it is necessary that detailed report be produced. These reports will be provided by these apps.
2. Accounting due to software compatibility.
This benefit will always be enjoyed by people who use this technology. Calculating these deductions is done by the apps. Once the app is connected to accounting software such as QuickBooks, it is able to create spreadsheets, input data and calculate deductions by mile and generate a report. Incorporating Uber Heat Map ensures mileage accuracy is achieved.