Business owners do not want to pay more in taxes than they are required to pay; however many do not understand how to track or document expenses to take full advantage of legal deductions.
Tracking cash expenses and mileage can be difficult for Schedule C clients, since doing this properly requires documentation and accumulation of information throughout the year. Clients can estimate these expenses, but that makes them vulnerable to errors and possible tax penalties if they are audited.
Business owners can use their smartphone to download the QuickBooks® Self-Employed app to manage cash expenses and mileage. This app has many features for the person on the go; two features that I find especially useful are Mileage Tracking and Snap & Store.
Using Mileage Tracking, the user can identify if the trip was business or personal. either on the smartphone or on a computer, but this identification is not required immediately. Classifying trips on the smartphone is done by a “swipe” to the right for personal trips or a swipe to the left for business trips.