You may notice that things have changed a bit on MileIQ.com and within the app. Don’t worry, you’re still getting the world’s best automatic mileage logging to help you get the largest deduction yet. Now, it’s just in a prettier package.
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If you use your personal car for your own business, you can take a mileage deduction to save on your taxes. But what if you drive your own car for your W2 job? Your employer can reimburse you and that often comes through a car allowance or a mileage reimbursement.
We often talk about tracking your mileage and expenses for tax purposes. But, what are you supposed to do with it? Let’s go over the basics on reporting business mileage on your tax return.
We’re happy to spotlight the amazing work MileIQ users do every day. This week, we’re excited to speak with Lisa Jeffries, founder of Raleighwood Media. See why there’s no typical day for this go-getter and how automatic mileage tracking comes in handy for her and her events-planning company.
The IRS says that to deduct your mileage as a business expense on your tax return you must keep a record of your business trips during the year and the total miles your drive. This is often used for the mileage deduction for business use of a personal car. But, what happens if you use your business car only for work purposes? Do you still need a mileage log?
A write-off, or a tax deduction, can be quite useful for taxpayers of all kinds. It’s particularly handy for those who are self-employed, including small business owners. How does a write-off work? Let’s go over what it is, as well as some tips on how to lower your taxable income.
The mileage deduction is a great way to save on your tax bill. But there are some misconceptions about this valuable deduction. Let’s go over some facts and myths about the mileage deduction.
Myth: You Need An Odometer Reading for Every Trip
For Mileage Monday, we’re happy to spotlight the amazing work MileIQ users do every day. If you’d like to recommend someone, please let us know on Twitter @MileIQ. This week, we’re excited to speak with Ralph Ercolano, owner and operator of Surrogate Son, a senior advising service. See how taking care of seniors can lead to a lot of miles on the road.
We often talk about tracking your mileage and expenses for tax purposes. But, what are you supposed to do with it? Let’s go over the basics on reporting business mileage on your tax return.
Employees who travel out-of-town for business typically have their expenses reimbursed by their employer. If properly documented, such reimbursements are tax-free to the employee.
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