Driving, driving and driving, everyone has to drive around to be able to get things done. Even when you are sitting at home and ordering food from a restaurant, for example, for home delivery, someone else is driving for you.
Car Driving has become an essential part of our lives over many years. It has become a necessity in North America and European countries to own a car. Owning a car of course provides a lot of convenience and sometimes provides cost benefits.
There are many people that use cars for doing their business as well. With cab hailing services like Uber and Lyft, people can make some earnings with their personal vehicles. Also using services like Uber Eats where you can even deliver food and make some extra cash.
With car driving, be it for personal commute, driving to work every day or driving for cab hailing services or other business purposes, it has become essential to track miles and expenditure on cars. As miles add to the depreciation of the vehicle, it is an indirect expense. The more miles on the car and the older the car gets the value of car depreciates and it is a known fact.
Every day the value of the car essentially is going down. So, it is vital for everyone to use mileage tracker applications to keep track of the commute and calculate the expenses. This not only adds some methodical approach to manage these expenses, it also saves money in the year-end tax filings.
Itemizing commuting expenses to work can save you money. For small businesses it is even more important to track these expenses as it can be claimed to make deductions to get some returns at the end of the year.
So how do we go about tracking these expenses, I personally used to do it using spreadsheets earlier, which was good to make reports and calculate and to print these. My bank account also used to provide reports on the expenses i made towards gas stations.
These are good options, but it has a lot of manual input and involves calculating miles. Now that we are technologically so advanced and there are so many apps available for doing anything and everything, I was actually looking for apps that could actually do this. Fortunately, I found some good phone apps that are available out there, that can track your miles automatically. Some of these apps can also store the route information from point A to point B. Is isn’t this amazing?
These apps provide options to calculate mileage and expenses, and spit out reports with in the time range that you need. These reports can be used to file taxes at the end of the year as well.
Some of these apps can be even used to save receipts from gas expenses and even commuting expenses. As soon as I heard about these apps, I got one of these apps and I am so happy that I did.
My accountant says wow these are great reports it makes my life easy for completing your tax returns and I am going to advise others to do the same. I would say technology made our lives easier. The only thing is all these tech companies need to do a better job at protecting our data. Well that’s a topic for another day.