If you use your car for business then you may already be getting mileage reimbursement from your employer. If you own a business or aren’t getting fully reimbursed for those miles, then you can get a tax deduction for them… that is, as long as you accurately capture, log and calculate everywhere you drive.
That’s the rub. It takes a lot of discipline and meticulous record keeping every day – and who among us really does that without some guessing, estimating and assumptions? If you are among the few that does it well then you are likely wasting a lot of precious time that could be better spent.
MileIQ is a new app for your smartphone and website that fully automates your mileage tracking and record keeping! It knows when you are driving and within 5 minutes of you getting there will ask you if the trip was for personal or business use. It has all kinds of simple ways that you can add extra information if you want to (tolls, parking, reason for trip) – but all of that is optional and you can add it later on if you don’t have time now). At any time it will provide you with IRS-compliant documentation and reports – nicely organized, detailed, accurate and professional.
The app is free and you get up to 40 trips per month included. That doesn’t go as far as you might think, so for $5.99/mo. or $59.99 per year you get unlimited trips. That may seem like a lot to some of you, but it should pay for itself very quickly in tax savings or reimbursed mileage. Read more about it online at http://mileiq.com or download it from your smartphone at the App Store or Google Play.
By the way, tell your accountant about this. There’s a special deal for them at http://try.mileiq.com/accountants/. It provides a free 3-month full subscription, and a 20% discount for all of their clients.