An Overview of Mileage and Expense Tracking.
Actually, mileage tracking in the past used materials like notebooks, napkins and scrap papers. However, technology has made it possible to manage a fleet, track expenses and distance in more effective and accurate manner through the use of advanced methods. 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.
However, if you are commuting to and from home to workstation, you are definitely not qualified for mileage deductions. 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, deductions will be offered for distance covered when traveling from your workplace to another office, to an executive or business meeting or a business conference. However, you are required to keep proper mileage details and log such as distance covered, start and end points as well as date traveled. You also have to indicate the reason for traveling or the purpose of the trip.
Other important details include starting and stopping vehicle dashboard mileage count and trip expenses. Calculation of travel deductions is another thing that should be done according to ShepaShare. After the invention of ShepaShare Mileage Tracking technological apps, these activities have been simplified. This technology has helped drivers to manage and avoid travel expenses, unnecessary taxes and boost their earnings.
The only requirement is for you to have the app downloaded on your phone. Due to its compatibility with iPhone and Android operating systems as well as Uber Heat Map, it is effective in calculating mileage logs. The apps are beneficial in the following ways.
1. Creation of IRS compliant reports.
Creation and generation of compliant IRS reports is a major benefit enjoyed by business drivers. Therefore, you will not have to suffer in order for you to create these mileage reports. This helps a driver to get a rough value of deductions after deducting around half a dollar deduction per mile.
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. The apps and ShepaShare technology provides such reports.
2. Accounting due to software compatibility.
This is another benefit that comes with ShepaShare Mileage Tracking technology and apps. You do not have to calculate these deductions. 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.