One of my favorite things to share with people is what technology, particularly fintech (financial technology) that I feel would benefit them. I work mostly with freelancers, startups and small business owners. Taking a deduction for the use of your vehicle can have a big impact on your tax liability. It does not matter whether you are an employee, employer or business owner, keeping track of your mileage is essential to good business practice.
Regardless of your industry or size, below are a few of my favorite apps that can save you the big bucks come tax season (and spare your accountant’s sanity) and keep you organized so you can focus on your business.
If you are…
- Driving to meet clients
- Commuting outside your regular commute to and from work (and not being reimbursed)
- Drive for Uber or Lyft
- DRIVE AT ALL
May I suggest keeping track of your mileage? I know I phrased that as a question, but it is a strong recommendation.
MileIQ is my favorite. It is completely free to start and use. I am a heavy user, so I take advantage of the $5.99 per month upgrade version. You can try it out by clicking here. MileIQ allows you to track your mileage and classify drives with a single swipe (personal or business). You can use it with both Android and iPhone. Your drives can be stored on the cloud and this app is IRS compliant. You can easily export your drives for your tax preparer. What’s great about MileIQ is that the tracking is automatic. Meaning I do not have to remember to turn it on when driving and a simple swipe lets me classify each drive when I’m ready.
SherpaShare is the most popular solution (that I know of in my circles in Florida) for Ride Share drivers, such as Uber of Lyft. There are many features designed exclusively for this type of mileage tracking. You can learn more by clicking here.
TripLog is the happy medium for both businesses and individuals. It has it’s own interface for Ride Share drivers as well. What’s appealing to me about TripLog is the ease of reimbursement for both a business owner and the individual. It doesn’t hurt that it integrates with Quickbooks either. You can learn more by clicking here.