Being a full-time freelancer is difficult for many reasons – providing for your benefits being one of them. Many self-employed workers struggle with expenses that companies usually offer – sick days, vacation, retirement, health insurance, and so on. Additionally, you incur all of the work-related costs: computers, software, clothing, travel, and more. Given, there are deductions for some, but coping with finance-related stress causes corporate workers to lose 12.4 days of productivity due to presenteeism (present, but too stressed to work) and 3.5 days to absence each year.
One can only imagine how much freelancers need to fret over finances.
Show me the money
Companies such as Everlance hope to ease this burden by making it easier for freelancers to deduct travel expenses from taxes. The company’s app uses your phone’s GPS to determine when you’re driving and calculate car trip mileage. You can label which trips are business-related to generate tax-ready reports. Plenty of side gig apps such as Uber, Lyft, TaskRabbit, Wag, GrubHub, and Postmates all require a lot of driving.
CEO Alex Marlantes got the idea after receiving a 1099 tax form for a summer-long Uber gig. Marlantes and co-founder Gabriel Garza were surprised that they couldn’t find any suitable solutions to help freelancers with money problems.
“We were extremely confident that we were on to something here,” said Garza. “It was evident that there was a clear problem without any solutions available [for freelancers].”
Freelancers can save $540 in taxes for every 1,000 miles they travel. According to the their site, the average user deducts $6,500 each year. That’s a ton of moula.
Everlance already has over 300,00 million registered users and records over one million miles & expenses every day — it’s available for both iOS and Android (free version tracks up to 20 trips per month and premium has a $5 monthly cost).
With one-third of Americans doing freelance work and 67% of millennials saying that money affects their productivity at work, this was certainly a problem just asking for a solution. I’ll be pretty curious to see how the roadmap continues to evolve especially with commanding a user base of that scale.
Kind of makes you look forward to driving, doesn’t it?*
*sorry for all you public transportation folks. Maybe the next app will be EverTransit…