When it comes to your business mileage, the IRS allows you to benefit a deduction from your payables if the vehicle is used for your business purposes. The total deductions that you may get vary from time to time so it is important that you keep yourself updated with the rules and regulations. One surefire way to keep yourself informed if there would be changes is to have the MileGo mileage tracker app on your device.
But for now, let us give you an overview of the latest allowable business mileage deduction that you can enjoy given that you have a reliable mileage tracker app at your disposal.
Enjoy Deductions by having a Principal Place for your Business
If you are an independent contractor or businessman, you can set the place from which you work most of the time as your principal place of business. This place would serve as the basis whenever you are calculating your traveled mileage. Even if you work from your home or your backyard, you can declare that as your official business area.
Moreover, the IRS considers commuting as a personal trip. So if you won’t have a principal place of your business, you can’t expect to get deductions from the mileage you spent traveling from your home to your place of work.
Categorize your Trips
If you are meeting most of your clients or customers outside your place of business, then you can take advantage of the mileage earned when you meet them. It can be a restaurant or a coffee shop somewhere in town. When you have a MileGo app on the go, you won’t have a problem categorizing your trip as the app has a built in system that would do the job for you. Moreover, you could also enjoy IRS deductions from your day-to-day trips that are related to your business operations. One good example is when you go to the bank to deposit your earnings, or when you get your supplies from the market or even when you simply send your mail to the post office.
Keep Track of your business trips as they happen.
Well, it’s good to know that having an expense tracker app whenever you are out there and carrying out your tasks can make your life a lot easier. Even if you use your car both for business and personal use, the MileGo tracker app can easily keep a record of your business mileage and transactions as they happen in real time.
The mileage tracking app not only keeps a record of your business mileage, it also provides you with a more accurate calculation. It’s such a tedious and challenging task to remember all of them, don’t you think so? By keeping detailed records, you can easily make your way out of the IRS with all the deductions that you deserved.
There are a lot of ways you can minimize your expenses whenever the payment season comes. Just make sure that you have a reliable mileage tracker app that you can rely on to every time. Choose no other than MileGo!
You can get more details from the following sources:
Google Play Store: