Beginning on Jan. 1, 2017, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:
- 53.5 cents per mile for business miles driven, down from 54 cents for 2016
- 17 cents per mile driven for medical or moving purposes, down from 19 cents for 2016
- 14 cents per mile driven in service of charitable organizations
One of the first things the IRS likes to throw out in an audit are deductions for miles if you have not kept accurate records recorded when the trips occurred. Creating a log retroactively doesn’t cut it with them.
For those of you who drive for business, there are two great ways to track your miles using your smart phone.
QuickBooks Self-Employed Tracks Miles
For those solo entrepreneurs out there, you should really consider getting started on QuickBooks Self-employed. For less than $10 a month, you can track your income and expenses, keep on eye on your estimated tax payments and best of all, use the included mileage tracker. Swipe one way for business trips and the other for personal ones. That way you will have a complete mileage log at the end of the year.
I can offer QuickBooks Self-Employed, at a 60% savings. That’s $4 instead of $10 a month.
To get this offer, just follow these two simple steps:
1. Visit this link to start
2. Go through the sign-up page and fill in your information.
After you sign up, add me as your accountant:
1. in QuickBooks Self-Employed, click the gear icon in the upper right corner
2. Click Accountant, enter my email, and then click Send invite.
MileIQ for Everyone Else
For those of you using QuickBooks Online or even if you aren’t, you can use MileIQ which works very much the same way. For a 20% discount on MileIQ, use discount code: AGRE181A when you buy an unlimited plan.
To get MileIQ click here.
Instructions to use the promo code here.
These services can drain your phone, so plug it in while you are in the car. For more information on who need to track their miles, read this article from Intuit.