Boosting your income through a side business gives you increased security and career flexibility.
But, keeping track of expenses and filing a Schedule C is a pain. However, if you don't you could be facing tax penalties.
But there's good news. There is an app which you can use to track revenue, expenses, and even deductible mileage.
In this article, we take a deep dive into Everlance, how it helps you track mileage, prepare your taxes and if it is a good choice for your business.
Everlance is a mileage and expense tracking app that helps self-employed professionals, freelancers and small businesses monitor mileage deductions.
Some of its notable features include:
Everlance helps freelancers, gig workers and small businesses track their mileage, business expenses and revenues. You can categorize and deduct work-related mileage, and also photographed receipts.
Everlance also simplifies the paperwork burden for you by generating tax prep reports, which makes it easy to fill out a Schedule C for your taxes.
Everlance uses GPS to track miles automatically, saving you time every day and saving money come tax season.
Everlance does a lot more than just track mileage. Lets look at features that are available on the app.
Using GPS, Everlance's trip tracker logs your driving distance.
With a fast swipe, you can classify your trips as business or pleasure. If the app notices a pattern based on your trip history (in terms of destination, day and time), it would automatically categorize them thereafter without waiting for your input.
This feature is ideal for Uber and Lyft drivers, as well as freelancers, small business owners, and others who drive for business purposes.
If you drive for work in longer shifts, or during certain hours, you can activate long session tracking to automatically track your drives as one long trip, simplifying your mileage logs. Just go to settings in the Everlance app, tap on “Auto-Track Style” and select 'Long Session'.
Keeping track of expenses and storing receipts is a burden for the majority of sole proprietors.
Everlance resolves this issue by enabling you to photograph receipts and classify expenses from your mobile device. Everlance stores data in the cloud, and you have constant access to your photos.
Unfortunately, credit card statements cannot be imported into Everlance, which would be a useful feature for some enterprises. The expense recorder is sufficiently robust for sole proprietors, but not for more complex businesses.
Everlance’s revenue feature was designed with freelancers and small business people in mind.
You can record payments you receive from clients and customers. However, this has to be done manually.
The real power of Everlance comes from the tax reporting it does.
The reports give you a .csv file with your:
Because of the records, it's easy to fill out a Schedule C when paying taxes. You can filter .csv results in Excel, or you can pay for Premium and do it in the app. Premium users can also get their reports in PDF format.
Premium customers have exclusive access to Customer Service Representatives.
You can communicate with representatives directly within the app. This function was utilized a few times when I wished to delete expenses or perform other less apparent tasks. Reps responded to my chatboxes within a minute or two with responses that addressed my inquiries.
Everlance has 3 tiers of accounts.
These are free, premium, and premium plus. Let's look at the different product offerings for each account type.
Everlance has some upsides and downsides when using the app.
This section looks at what is in store in the app so that you can make an informed decision.
Everlance is an excellent option if you need a single app to monitor your mileage and expenses.
Whether you are a sole proprietor, a modest business, or a large organization managing multiple drivers, you can locate the appropriate package.
The provider offers a comprehensive free plan that includes many premium features, such as automated tracking and unlimited receipt uploads. If you are a sole proprietor or an independent contractor who needs to monitor mileage for tax purposes, the free plan may suffice.
If you have a large number of employees who commute for work, it is worthwhile to upgrade to Premium.
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