Tracking business mileage is essential for small business owners who use their personal vehicles for business purposes. This is because it can be one of the most significant tax deductions for your business, depending on where you live and your business structure. However, tracking your drives individually for personal and business use while using the same vehicle can be a challenge. In this video, I recommend using an app like MileIQ to make this process simple and efficient.
MileIQ is an app owned by Microsoft that automatically tracks your drives and allows you to swipe left or right depending on whether the drive was for business or personal use. This app is an excellent choice for small business owners who use a personal vehicle for both business and personal use. There are alternatives to MileIQ available as well, which you can check out on the App Store or by simply googling "MileIQ alternatives."
It's important to note that using an application like MileIQ will likely require additional documentation for tax purposes. So, it's crucial to keep track of all your appointments and calendar events to ensure that you have all your bases covered. You also want to consult your tax advisor or CPA to ensure that you're following all the proper guidelines in your area before using an application like MileIQ.
In conclusion, tracking your business mileage is an essential task for small business owners, and using an app like MileIQ can make it much easier. However, make sure to keep track of all your appointments and events and consult with a tax professional to ensure that you're following all the proper guidelines in your area.
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