Tax deductions, we all need them, right? For many of us, miles driven for business are deductible on our tax returns. According to the IRS, beginning on Jan. 1, 2016, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be 54 cents per mile for business miles driven, down from 57.5 cents for 2015. 19 cents per mile driven for medical or moving purposes, down from 23 cents for 2015.
An easier way to document miles is right here on our smartphone. I recently learned about this helpful app from The Rayna Corporation’s Lori Gonzalez (thank you). Lori seems to have a shortcut for just about any business task. It’s good to know people like her. The application, MILEIQ, downloadable from Google Play or The APP Store, has automatic drive detection; making it easy to capture every mile I drive – yes, automatically. Every drive can have a purpose; “a swipe is all it takes.” I will mark them as business, personal, medical, charity or any custom category I wish to label. I can log any additional details that will be needed for reporting mileage expenses to any specific job or simply mark for two categories: business and pleasure. Deducting mileage for my art business will be easy to prove. Since the IRS requires you keep a log when you are taking the deduction, there will be a lot less effort in documenting from now on.
Anything that makes life easier, and every dollar counts, right?
Originally published at http://hersavvy.com/