Most people don’t realize this, but most full time Uber drivers will put 1,000 miles per week or more on their car. That’s a lot of miles, but it can add up to a huge deduction at tax time. You may have heard us cover this topic before. That’s because it’s super important. If you’re only going to track one thing besides your money it really ought to be your millage.
Today, Jonathan is going to review Stride Tax, an app for tracking mileage and other expenses. Check out the video to see his review, and read the transcript below if you want to read his review.
Having a good mileage record will allow you to make better decisions at tax time, whether you decide to take the standard millage deduction or use the actual expenses method. Mileage logs also allow you to calculate your real earnings after expenses. One popular tool for mileage tracking is an app called Stride Drive. It’s not out for Android yet so you’ll only find it on the IOS app store, but the good news is it’s 100% free.
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How Stride Tax works
The Stride app runs in the background to track to business miles you put on your vehicle. Here’s how it works. When you’re ready to start working, open up the Stride app first and hit the green start button. During your shift the app will run in the background using your GPS to track all the miles you drive. You can also watch the app if you want to see your deduction grow in real time.
When you’re done working go back into the Stride app and hit the stop button. All the miles you drive while working are tax deductible including the miles from home to your starting point, and the miles going back home when you’re done. This can make a big difference if you’ve got a long commute between you and the driving hot spots. Stride even allows you to track other ride share expenses. The handy tips that appear when clicking on each category for the first time explain why it’s tax deductible. Which is really helpful if you don’t have that much practice with the tax process as a ride share driver.
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Stride helps you carefully record all expenses you incur while you drive
You’ll be able to enter the amount, the date of the transaction, and any notes you may need. For instance if you have lunch with a colleague to talk shop that meal is tax deductible, but the IRS rules state that you can only deduct 50% of the expense. Here you can see that Stride automatically calculates this for you. None the less you should still hang on to any receipts that you plan on deducting just in case.
Under the reports tab you can see your miles driven, view summaries of your other expenses, and even export the data to a filing friendly document containing all of your millage and deductions. Under ‘My Stride’ you’ll even be able to tax payment. Under ‘Link my bank account’ you’ll have the option to categorize transactions as they come in. The app will occasionally remind you to categorize transactions it suspects might be deductible. So you’ll never miss a thing. This feature is hard to come by in most other millage tracking apps, especially free ones.
Being able to log and categorize all you’re business transactions right there in the app can really help maximize you’re tax savings. Overall the Stride app is a great resource for ride share drivers everywhere. With a ton of helpful features that will allow you to stay in control of both your millage reports and your taxes. Best of all it’s free. As of early August 2016 the Stride Drive app is only for iPhone, but rumor has it that it will becoming to Android in the future.
Stride is currently free
Remember to check out our blog for more great tips on ride share driving, insurance, taxes, and more. Or subscribe to this YouTube channel to see all of our latest videos. Thanks for watching and drive safe.
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