Automatic Mileage Tracker – Tracking Mileage for your Taxes
Everyone knows we have to submit taxes. Every year we focus on receipts, and every year my CPA asks me what my mileage was for the year. Really, how am I supposed to track that? Well, in the old days we had to keep a log. This, is an extreme pain. However, with the luxuries of today’s technologies, we can use apps. The phone app I use the automatic mileage tracker mileIQ, and honestly I love it. I’ve started using it religiously. Well, I really don’t have to do much. Every time I get in the car, this app knows and tracks the mileage. It is absolutely AMAZING as to how quickly the miles add up. I typically review it at the end of the day. And, if I frequently visit certain locations, it can automatically log it. So, the more I use it, the less I have to use it.
Oh, and why do we track miles? For every mile we travel, we can write off an amount of money. For the year 2015, it is 57.5 cents per mile for business and 23 cents per mile for medical or moving purposes, and 14 cents per mile driven for charitable organizations.
So, this doesn’t sound like a lot, but it adds up sooo fast. And, I hate trying to track miles. I can’t even remember how many miles my car had at the beginning of the year. So, I can’t estimate. So, I have the mileage tracking done automatically. Anyway, here is an easy example, let’s say you have a meeting every Friday 10 miles down the road.
- 52 weeks in a year
- 20 miles a week
- 57.5 cents per mile
- 52*20*.575 = $598 !!!!
Where else can you get such an easy deduction? Anyway, I highly recommend for accuracy, protection from an audit, and a huge tax benefit, track your mileage.
Below is the latest IRS regulations