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Sign into your account6 Ways a Mileage Tracking App Saves Agents Time and Money
September 07 2016
One of the things we often hear from customers who are skeptical of our automatic mileage tracking app is that they simply don't need it. After all, why use MileIQ when they can keep a good old fashioned mileage log with pen and paper? Another comment we hear quite often is that people who drive for work can simply use their car's odometer for mileage tracking.
At first, this sounds entirely reasonable, but once you dig in and look at the numbers, you can quickly see that a mileage tracking app like MileIQ not only can save you boatloads of money at tax time, but also puts valuable hours back in your day.
1. Saves You From an IRS Nightmare
The IRS is famously skeptical when it comes to taking a mileage deduction. That's not to say that they don't want you to take it – it's written into tax code after all—it's just that they know a lot of folks try to be, shall we say, overly generous, with it. For that reason, the IRS requires some pretty specific information to be recorded for each trip you plan to deduct—something a mileage tracking app can do automatically. If you fail to record the right information in your mileage log and are audited, not only will you lose the deduction, but you'll also receive a penalty.
So what information does the IRS require? At a minimum, you'll need to record the miles you drive, dates of each trip, the places you drove and the business purpose of the trip. Additionally, the IRS want to know the total miles you drive for both business, commuting and personal reasons. It's a lot to keep track of!
Sure, you can use a paper log to do that, but eventually that gets cumbersome and you start forgetting to record drives, or worse, guessing at the end of the year. A mileage tracking app automates this process. It runs in the background on your phone and records every single drive you take. Then you can easily classify them as business or personal—with our mileage tracking app that's as simple as swiping left or right—and have an IRS-compliant log at the end of the year.