About to hit the road? If you’re doing it for business purposes, don’t forget to keep track of how many miles you travel: It’ll save you a chunk of money at tax time. Here’s a look at some handy tools for tracking your business mileage in 2018 and why you should be doing this, according to Certified Public Accountant Stephen Varanko.
If you’re like many business owners, you’re so focused on your immediate business activities that money-saving mileage tracking often takes a backseat. But thanks to the built-in global positioning system in today’s phones, a leading mileage-tracking app can easily detect when you’re on the road, save your mileage information, and classify your drive for future reference. Then, your app can produce for you an Internal Revenue Service–friendly report so that you receive all of the mileage credit to which you’re entitled.
You can’t beat that.
One of today’s leading mileage tracking apps is Mileage Expense Log (iOS). This app enables you to automatically track your trips. Some believe that this app is a bit less user-friendly compared with other similar apps. However, once you have mastered the interface, the app works well. It can even sync your trip data to Dropbox or iCloud, and it is even compatible with the Apple Watch. Keep in mind, though, that your options for exporting data are limited to CSV and HTML.
Another popular mileage tracking app is MileIQ (iOS, Android). It is among the best mileage trackers with its intuitive, slick interface. Some users say it’s similar to Tinder but for trips. The app maintains a tally of your business mileage as well as how much each of your business-related trips are worth. Many users find the app to be organized and fast, and they also like its robust options for exporting data. It additionally offers integration with such tools as FreshBooks and Concur. The more you take advantage of these mileage tracking tools, the more money you’ll literally save down the road.