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. IRS technology helps commercial and business drivers calculate and track 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. The first requirement is that you must be driving a business vehicle for business reasons but not for personal reasons.
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 reason for the travel has to be indicated also.
In addition, you need to indicate the vehicles starting and ending mileage as well as costs incurred during the entire trip. Trip deductions are also part of tracking. After the invention of ShepaShare Mileage Tracking technological apps, these activities have been simplified. This app helps drivers to properly manage travel expenses, boost their earnings and reduce unnecessary taxes.
The only requirement is for you to have the app downloaded on your phone. The app is UBer Heat Map, Android, and iPhone compatible making it effective when it comes to the collection of 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. Therefore, you will not have to suffer in order for you to create these mileage reports. According to ShepaShare, a driver is supposed to make a deduction of about zero point five seven five on every mile covered.
This translates into a lot of money that is be saved in form of taxes per year. However, you cannot be able to get the deductions unless you provide a detailed report. The apps and ShepaShare technology provides such reports.
2. Connecting with relevant accounting software.
This is another benefit that comes with ShepaShare Mileage Tracking technology and apps. The apps calculate the deductions on your behalf. Due to its compatibility with accounting software like QuickBooks the app calculates the deductions on its own. Incorporating Uber Heat Map ensures mileage accuracy is achieved.