It often seems like there's no shortage of work when it comes to tracking one's business expenses, and vehicle mileage is probably one of the biggest headaches of all. Questions like, "How many times did I drive to the office supply store?" aren't much fun when you're also running your business and getting your other expenses in order at tax time. On top of that, mileage expense is commonly examined by the IRS and, under audit, business owners are expected to provide the date of every business trip driven in a given year along with its distance and purpose! This is a ton of work, and most small business owners need to devote their precious time elsewhere.
Enter MileIQ; this app operates in the background on your smartphone and automatically tracks any trip you take in your car. Users can then access the app at their leisure, scroll through trips taken and swipe left or right to categorize them as business or personal and make note of their purpose. While MileIQ doesn't take all the work out of recording your deductible mileage, it does business owners the favor of tracking automatically, providing a simple way to identify and describe your trips, and, most importantly, protecting you in the event of an audit.
Check out www.mileiq.com to learn more, or search for MileIQ in your smartphone's app store. We feel like this app can be a really useful tool for our clients and will help streamline your tax prep.