Napkins, notebooks and napkins are some of the materials that were used previously to calculate and track travel expenses. However, new ways and methods in which distance and expenses are tracked not forgetting fleet management due to advancement in technology. IRS is one of the most used ways to carry out these activities. This system is commonly used by business drivers to track down mileage 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 other requirement is the purpose or reason for 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. However, this has been made simple due to the invention of ShepaShare Mileage Tracking app. Due to this technology, you are able to manage your travel expenses properly, avoid unnecessary taxes and boost your 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. This technology has the following benefits when used by drivers.
1. Creates IRS compliant reports.
This is one of the major benefits that come with ShepaShare Mileage Tracking technology. Apps that are able to calculate mileage log will help you when it comes to calculation and creation of travel reports. According to ShepaShare, a driver is supposed to make a deduction of about zero point five seven five on every mile covered.
This helps you to make tax savings annually. However, you cannot be able to get the deductions unless you provide a detailed report. These apps help in creating the report in order for you to get the deductions.
2. Connecting with relevant accounting software.
This benefit will always be enjoyed by people who use this technology. Calculating these deductions is done by the apps. Connecting these apps with accounting packages such as QuickBooks does all the work meant for you. Connecting this software to Uber Heat Map makes sure no mile goes unaccounted for.