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If you own your own business or use your car for work, you already know the struggle of tracking miles. I know what is required by the IRS but they just don’t understand that most humans aren’t that organized (it’s really all part of their plan).
Car mileage and expenses is big enough tax deduction that you SHOULD be tracking and claiming any miles on your taxes, but the requirement to keep a detailed log is more than most of us can handle. I have kids to buckle, fights to settle and lots of other things along those lines when we get in the car. I don’t have the time or brain cells to remember to haul out a log book and enter odometer readings!
Enter the amazing Mile IQ app. I’ve been using it for most of December now and I love how easy it is. Easy as in, you don’t have to do anything! The app notices when you are driving and automatically records your trip.
How It Works
Every few days you can open up the app and just swipe right if the drive was for business or left if it was personal. This takes maybe 1 minute, but it’s kinda fun. Swiping right and claiming business makes the savings rack up in the corner. You’ll get a little addicted and be tempted to drive around the neighborhood just to see more savings (don’t do that).
The app is technically free for the first 40 drives a month, so if you don’t use your car a ton for work you could be set and never pay. If you need more than 40 drives it’s $5.99 a month or $59 a year. Click through this link though and you’ll get 20% off.
I use my car a ton for work, so I hit my 40 free drives in just two weeks (remember each leg of the trip counts as a drive). In those two weeks the miles it’s tracked for me will save $240 off my taxes. Multiply that by 26 and that will be around $6,240 a year! Claiming that on my taxes sounds pretty sweet, and not having the guilt of not keeping a proper log book sounds even better.
Remember to claim milage on taxes you must technically keep a log book, so Mile IQ is that. You can download a monthly or yearly report to keep a paper copy of your travels in case you are audited.
I encourage you to at least try out the free version and see if you also love the “never have to think about it” greatness of this app. If you are a small business owner remember the purchase of the app is also a tax write off…
(I’m not a CPA, just a girl who wants to pay less in taxes. Please consult the your personal CPA with any questions on what is deductible for you).
The link in this post is my personal referral link. If you love the app as much as I do you can share you link with friends and get savings back.