Mileage tracking is your secret weapon
If you ask any rideshare or delivery drivers for their number 1 tip to new drivers, you will likely hear very different things: some will talk about the driver rating, the best and most reliable car to drive or maybe the best areas in your city to earn more.
Most drivers will probably not think about it right away but all will agree that being organized is one of the best ways to generate a higher income, lower your expenses and provide a bigger net pay for you. And that’s what you want right?
One easy way to get organized from your first day as a driver is to track your mileage. When comes tax season, your bank account will thank you. Trust us!
Ok, I understand Mileage tracking is important but... what is it exactly?
As a self-employed individual driving for business, you can deduct business-related expenses. These business expenses allow you to lower your taxable income and then pay less taxes. As a rideshare driver, the mileage deduction is typically the biggest deduction you will get.
Why should I care?
You should care for 2 important reasons:
- You will save thousands of dollars! An average full-time rideshare driver puts about 1,000 miles per week so can lower his taxable income by $545 a week (at the standard mileage rate of $.545 for 2018 provided by the IRS). This means over $27,000 for the whole year. $27,000 you would have paid taxes on but now, thanks to the mileage deduction, you don't need to! You are welcome.
- It is very, very easy! All you need is an app that tracks your trips for you. No need for pen and paper anymore: there are apps that automatically detect when you are on the move so you don't have even have to think about it.
How to do it?
There are many apps out there but at House of gigs, we like Everlance a lot. That's why we have partnered with them. There is a lot to like about Everlance: their app is very easy to use, always on so you don't lose miles and their tracking is very accurate. "Everlance Premium users record an average of $6,500 in tax deductions each year, so we’re super excited to help House of gigs users get 3 months of Everlance Premium for free.” says Alex Marlantes, CEO of Everlance. So no excuses!
How do I start tracking right now?
Simple. From the House of gigs app, click on the "Services" tab, select "Everlance", click on "Subscribe" and then follow the steps to start saving!
If you have any questions, please feel free to contact us at [email protected]. We are here to help you and support you every step of the way!