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Industry Landscape
The mileage tracking software industry is experiencing steady growth driven by increasing demand from self-employed individuals, gig economy workers, and businesses seeking automated solutions for tax compliance and expense management. Automation, ease of use, and IRS compliance are key drivers. Integration with accounting software and advanced analytics are emerging trends, indicating a move towards more comprehensive financial management tools.
Total Assets Under Management (AUM)
Number of self-employed individuals in United States
~Approximately 16.7 million (in 2023, based on BLS data) [1]
(Not explicitly mentioned in context for current year, but self-employment has seen fluctuations with a general upward trend post-pandemic. [2] CAGR)
- Includes independent contractors and gig workers.
- Driven by flexibility and diverse work opportunities.
- A significant portion requires mileage tracking for tax deductions.
Total Addressable Market
Approximately 1.5 billion
Market Growth Stage
Pace of Market Growth
Emerging Technologies
AI/Machine Learning for Predictive Analytics
AI and ML can enable more accurate and predictive mileage tracking by anticipating routes and intelligently categorizing drives, reducing user intervention.
Blockchain for Verifiable Records
Blockchain technology could provide immutable, secure, and easily verifiable mileage records, enhancing trust and compliance for tax authorities and audits.
Telematics & Connected Car Integration
Direct integration with vehicle telematics systems can provide real-time, highly accurate mileage data directly from the car, improving data fidelity and automation.
Impactful Policy Frameworks
IRS Standard Mileage Rates (Annual Update)
The Internal Revenue Service (IRS) annually updates the standard mileage rates for the use of a car, van, pickup, or panel truck for business, medical, and moving purposes.
Changes in these rates directly impact the value of tax deductions for users and require mileage tracking software to be updated annually for accurate reporting.
Gig Economy Tax Guidance (e.g., Form 1099-K regulations)
Recent IRS guidance and legislative proposals (e.g., related to the American Rescue Plan Act of 2021 and subsequent delays) have adjusted reporting thresholds for third-party payment networks (like those used in the gig economy) via Form 1099-K.
Increased scrutiny and changes to reporting thresholds for gig workers' income necessitate more rigorous and accurate mileage tracking for expense deductions to offset income.
State-Specific Tax Regulations on Expense Deductions
While federal tax laws are primary, various U.S. states have their own specific regulations regarding business expense deductions, including mileage, that can differ from federal guidelines.
MileIQ must ensure its reporting capabilities are adaptable to specific state tax requirements, especially for users operating across multiple states, to maintain full compliance.
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