Deducting Business Mileage
One of the most common questions we get is about how to deduct the business use of your vehicle. While there can be many variables, one thing that is almost always certain is that you need to track your mileage! Tracking mileage is tedious, but necessary.
In the past, people have used paper mileage logs or excel sheets to track their mileage. Those methods are still totally acceptable, not to mention basically free! But if you prefer to leverage technology to your advantage, we recommend you use an app called MileIQ. MileIQ is an automatic mileage tracker that takes the hassle out of keeping a mileage log.
The MileIQ app runs in the background on your iOS or Android phone and logs every drive automatically. You swipe each drive to classify it as business or personal, and MileIQ calculates the value of your deductible mileage. You can add details like parking, tolls, purpose and vehicle and have a complete, accurate mileage log practically effortlessly! Your log gets synced to the cloud, so you can get to it any time, even years down the road. You’ll be able to claim the full value of your mileage deduction with total peace of mind.
This year, MileIQ is offering our clients a 20% discount on annual unlimited-drive plans. Subscriptions are regularly priced at $5.99/mo. or $59.99/yr. (Here’s how to redeem promo codes.)
You can try MileIQ by downloading the free app for iOS or Android. To get an annual unlimited-drive plan at a 20% discount, sign in to your MileIQ web dashboard, click “Get Unlimited Drives” and use promo code YMHJI at checkout. (Note that the discount is not valid for in-app upgrades or monthly plans.)
Want more information? Take a look at this flyer.
And remember, the subscription is usually deductible too! And at 54 cents for every business mile in 2016, it'll pay for itself in just a few drives.
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