We are excited to bring you our first episode in our new video series that will cover financial topics, helpful tips for increasing your work and personal budgets and any other questions about taxes, finances, etc. We field questions each week through the app and comments on the video, so please drop us a line in the video comments section.
This week we covered 2 topics:
First, we are covering the benefits of using a mileage tracker as a freelancer, independent contractor, self-employed. Using a mileage tracking app is a no brainer especially if you drive a lot for work. One of the largest tax deductions amounts comes from mileage (every 1,000 miles is worth $540 in tax deductions). There is no more need for keeping that shoebox of receipts and paper mileage logs because apps like Everlance can do all the heavy lifting for you.
The next topic is about commuting and if you can use commuting miles as tax deductions. We are asked this question a lot and the simple answer is NO. According to the IRS: “Between home and regular or main job, Never deductible.” You can learn more about when are transportation expenses deductible here: https://www.irs.gov/publications/p463/11081l02.gif-315423875.html
Please stay tuned for next weeks episode and subscribe to our YouTube channel. Please let us know if you have any questions that you would like answered and you may see it featured in next weeks video.