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App Reccommendation: MileIQ

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Kak

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Just wanted to drop this on everyone. I decided that I should finally track my miles in 2020. The going rate is about 55 cents per mile worth of write off.

As someone that drives 30k mile per year, 20k of which for business... This is pretty game changing. I should have been doing this for years.

The app is pretty cool and briefs you once per day to ask you to classify trips you took. Swipe right for business or left for personal.

In the 24 hours since it has been active on my phone, and I haven't gone very far, I have been able to accrue 43 miles for $25 worth of writeoff... As you can imagine with my relatively modest used cars, that will add up to a pretty nice write off. Even the S will cost less than that per mile while I own it.

Screenshot_20200116-131636_MileIQ.jpg

I know it is important to note that I am not depreciating the cars on straight line or with a bonus 6k GVWR thing. I am also not directly expensing and tracking mileage at the same time. Just mileage. Mileage is a bigger write off for me.

Anyway... If you aren't tracking miles... This is a killer way to get it done.
 

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Duane

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Mileage write offs is very nice, but just a side note.. If your business has more than 4 vehicles being driven, you can't write off mileage as you're considered a fleet.
 
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Kak

Kak

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Mileage write offs is very nice, but just a side note.. If your business has more than 4 vehicles being driven, you can't write off mileage as you're considered a fleet.
I saw that. I run 3. Thankfully, if I got some other vehicles for business, the would be 6000# GVWR equipment depreciation schedule stuff.
 

TLO

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Used the app in 2019. It learns your routes and you can auto classify so it gets easier and easier to use. I highly highly recommend this product for anyone who travels for business. Definitely worth the 39 bucks I think it cost. Produces reports easy also and can share easily via email. Again, a great app.
 

broswoodwork

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I'm going to bump this one back to the top.

I've only been using it for 3 days, and it's already peeled $125 off 2020's taxes. Most of which I would have completely missed.

Thanks @Kak .
 

MoneyDoc

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Thanks for this @Kak

My accountant told me to buy a logbook to track my mileage today and I just saw this thread. Guess he's still old school... or maybe I need a new accountant.
 
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MJ DeMarco

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Wow, app is owned by Microsoft, didn't expect that. Just downloaded and ran thru the tutorial, super intuitive.
 
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Kak

Kak

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Wow, app is owned by Microsoft, didn't expect that. Just downloaded and ran thru the tutorial, super intuitive.
I have to say... Microsoft has been impressing me with almost Apple level, super intuitive, software lately.

Have y'all seen Teams yet? It is almost everything I've hoped for in a simplistic management/communication software. I am strongly considering making the jump from doing everything with Skype and email.

One note is definitely my go to over my old faithful Evernote.

Hell even the brand new Edge browser is pretty slick.
 
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