When it comes to tracking mileage, writing down mileage on the back of the blue booklet (you know the one I’m talking about), keeping up with business and personal use of the car is a complete hassle. So much, in fact, that most of us decide to take the standard deduction rather than break down the driving classifications. But thanks to MileIQ, you can get accurate personal and business miles by swiping left or right on the platform.
Left for Personal – Right for Business.
I’m not a field investigator anymore, but last year I logged 10,841 miles and saved $4,810 in business miles and expenses. That’s money the government will give back to us at the end of the year. This is my dashboard from last year:
If you’re driving a lot for your business, I’d recommend to look into MileIQ. It’s powered by Microsoft and cost $59.99 per year – you literally get the money back after the first month. If you use our code, you get 20% back, which puts it down to $48 for the year: Investigator Marketing Code
How does it work?
The premium version of the app allows you to track multiple vehicles. You give your vehicle a nickname, and when the phone detects a “drive” it begins to record the movement using the phone’s GPS system. When the vehicle comes to a complete stop – it doesn’t count traffic jams or stop lights as a stop – the app logs the drive as an “unclassified drive” and gives you the option to select if the drive was for: Personal, Medical, Moving, or Business. You’re able to further classify the drive down to: Meeting, Lunch, Supplies, Etc.
At the end of the month, you’re able to take the reports and pass them on to your CPA or Book Keeper.
According to MileIQ, the average user is able to deduct around $547/Month in business miles – which means that the app pays for itself within the first week that you buy it. It also means you pay less in taxes at the end of the year.
The actual app ($60/Year) mans you can deduct the app’s cost as well. So there is that. And last but not least, it also calculates moving expenses and miles by calculating parking and toll feels.
So, if you’re looking for an app to help you track your miles, I’d recommend to give MileIQ a shot. If want to get a 20% discount from the first year, use our code here: MileIQ Investigator Marketing