Let’s face it, tax season isn’t usually fun for most of us. But for those of us who are self-employed – realtors, insurance agents, entrepreneurs, business owners, affiliate marketers, full time investors, fill in the ____ – there’s so much to keep track of all year it can be overwhelming.
Not only do you need to make sure you’re putting aside enough money for taxes in April, but you also need to make sure you can keep track of as many deductions as possible (and keep more of your money). Even if you have a great CPA taking care of the loads of paperwork, it’s a lot to keep up with.
Some of you may still be saving receipts, or calculating your mileage every single time you drive for work. It’s AWESOME getting tax write offs, but gosh can they be tedious.
I need to introduce you to an app called Stride Tax.
What Is Stride Tax?
Stride Tax is a free app. And my friends, it makes keeping track of tax deductions so easy!!
If you drive a lot for your business, whether you’re going on appointments, driving to job sites, or even driving for Uber or Amazon Flex, you know that keeping track of your miles is super important. You are eligible to have $0.54 taken off of your taxes for every single mile that you drive!
Stride Tax makes this absurdly easy. You just turn on the app when you start driving, and it automatically keeps track of your miles, calculating the exact deduction in real time. And then when you stop driving, turn it off – I don’t think walking is deductible yet, but you never know!
You can also simply enter expenses like your phone bill, internet bill, and if you happen to work from home (hello to my fellow affiliate marketers and Shopify entrepreneurs!) you can deduct all of your household bills like electricity, water, and rent/mortgage relative to the space of your office area. Yup, your house and car can be huge write offs!
Keeping track of each one of these write offs is extremely easy with Stride. Just type your monthly expenses and bills into Stride, and it will store it, and calculate the exact deduction for you.
Here’s a screenshot of mine. I was new to self-employment, so I didn’t qualify for a huge deduction in 2017, but it still helped me out:
Stride Tax kept a whole list of every one of my deductible expenses, and the money I could take off of my taxes.
Obviously, the majority of my deductions as an insurance agent were related to miles that I was driving to appointments. Working on an online business, a lot of the expenses you can enter are related to your laptop, your internet bill, the cost of your website, hosting, and advertising.
You can add ALL of that!
If you ever forget to log any expenses into Stride, you can just go back later when you remember and add the expense, or calculate it in. And you can use it to always know exactly how much you’ll owe. No surprises!
Tax Season Help
So when it comes time for tax season, you might be dropping off your tax info for your accountant to handle, or you’re saving money by doing it yourself (not as bad as it sounds, and using Free Tax USA through Ebates you can do it for DIRT cheap).
When it comes time to submit or use your tax info, you can get your entire tax report from Stride Tax with the click of a button!
Stride sends your tax report straight to your email, for you to use or forward to your accountant. Piece of cake.
Don’t Get Buried In Paperwork
Sometimes this is how we feel in tax season, especially when self-employed. It feels like we’re getting buried with details, or just trying to keep track of way too much stuff.
I would highly recommend you take advantage of the free Stride Tax app as a tool. You’ll be doing yourself a huge favor towards staying organized.