Napkins, notebooks and napkins are some of the materials that were used previously to calculate and track travel expenses. However, due to advancement in technology, new ways of tracking distance, expenses as well as managing fleet has been invented. IRS is used to track and account for travel expenses as well as a tax deduction. 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. However, ShepaShare indicates that certain IRS Mileage and Expenses Tracking Requirements have to be met so that a business driver can enjoy these deductions. The first requirement is that you must be driving a business vehicle for business reasons but not for personal reasons.
For example, you need to be traveling from your business office to another, to a business meeting, conference and so on. 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.
In addition, you need to indicate the vehicles starting and ending mileage as well as costs incurred during the entire trip. Calculation of travel deductions is another thing that should be done according to ShepaShare. However, you do not have to calculate everything on your own nowadays because ShepaShare Mileage Tracking technology has come to make work easier. Due to this technology, you are able to manage your travel expenses properly, avoid unnecessary taxes and boost your earnings.
You only have to download the app and install it in your mobile devices. The app is compatible for Android and iPhone operating system and uses Uber Heat Map to calculate distance and other mileage aspects. According to ShepaShare, there are certain benefits that come with this mileage and expense tracking app.
1. Creates IRS compliant reports.
This is one of the major benefits that come with ShepaShare Mileage Tracking technology. Due to this fact, it becomes easy for a driver to come up with mileage log and 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. Establishing a connection with accounting software.
This is another benefit that comes with ShepaShare Mileage Tracking technology and apps. You do not have to calculate these deductions. Due to its compatibility with accounting software like QuickBooks the app calculates the deductions on its own. Connecting this software to Uber Heat Map makes sure no mile goes unaccounted for.