The Entrepreneur Forum | Financial Freedom | Starting a Business | Motivation | Money | Success

App Reccommendation: MileIQ

Learn how to build wealth and win financial freedom the Fastlane way!

Say "NO" to mediocre living rife with jobs, ascetic frugality, and suffocating savings rituals— learn how to build a Fastlane business that pays both freedom and lifestyle affluence. Join more than 70,000 entrepreneurs who are making it happen.
Join for FREE Today
Get the books
Remove ads? Join Fastlane INSIDERS
(Registration removes this block)

Kak

Legendary Contributor
FASTLANE INSIDER
EPIC CONTRIBUTOR
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
Jan 23, 2011
8,008
35,388
Texas
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.
 
Don't like ads? Remove them while supporting the forum: Subscribe to Fastlane Insiders.

Duane

Silver Contributor
FASTLANE INSIDER
Read Fastlane!
Read Unscripted!
Speedway Pass
Jul 23, 2015
339
959
28
Lakeland FL
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.
 

Kak

Legendary Contributor
FASTLANE INSIDER
EPIC CONTRIBUTOR
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
Jan 23, 2011
8,008
35,388
Texas
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

Contributor
Jan 1, 2019
18
62
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.
 
Don't like ads? Remove them while supporting the forum: Subscribe to Fastlane Insiders.

MoneyDoc

Platinum Contributor
FASTLANE INSIDER
Speedway Pass
Jun 24, 2014
1,389
3,569
27
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.
 

MJ DeMarco

Administrator
Staff member
FASTLANE INSIDER
EPIC CONTRIBUTOR
Read Rat-Race Escape!
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
Jul 23, 2007
33,452
128,696
Alpine, UT
Wow, app is owned by Microsoft, didn't expect that. Just downloaded and ran thru the tutorial, super intuitive.
 
Don't like ads? Remove them while supporting the forum: Subscribe to Fastlane Insiders.

Kak

Legendary Contributor
FASTLANE INSIDER
EPIC CONTRIBUTOR
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
Jan 23, 2011
8,008
35,388
Texas
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.
 
Last edited:

Post New Topic

Please SEARCH before posting.
Please select the BEST category.

Post new topic

New Topics

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Ideas needing execution, more!

Join Fastlane Insiders.

Must Read Books...

Explore books recommended by MJ DeMarco and other members of the Fastlane entrepreneurial community.
Fastlane Bookstore
Top