Tax time is nearly over (Whew!) – Now to make improvements and adjustments for this year.
If you choose to deduct business mileage, every mile in 2018 is worth 54.5 cents. That adds up quickly as you drive around showing houses to those indecisive buyers.
Make it easy on yourself and choose an app that does the work for you. It's one less thing to remember and could mean more $ in your pocket next tax season.
Here's a roundup of some great ways to make tracking all of those deductible miles easier and more accurate:
MileIQ: It's a wildly popular app that automatically detects when you're driving and records the mileage. At the end of the day, you click in and classify the trips as business, personal, or even custom categories. You can track what your mileage is worth, and download detailed pdf reports. Bonus Feature: Automatically classifying repeat trips. Cost: There's a 40-trip free trial, and after that it's $5 per month.
Taxbot: A robust app that uses GPS to create a detailed trip log. You can also use it to track your other business expenses and even take pictures of your receipts. Bonus Feature: Trips can be matched to calendar appointments automatically. Cost: 14-day free trial, after that it's $100 per year or $10 per month.
Hurdlr: It's an app that is built specifically for real estate professionals and business owners. It tells you the potential deduction for each trip. The upgraded versions include the expense tracking features. Bonus Feature: They have a completely free version that includes mileage tracking! Cost: Free or a paid version for $5-$8 per month for upgraded versions.
Quickbooks: If you're already using Quickbooks Self Employed, make your life simple and use their included tracker app at no extra charge. Bonus Feature: It integrates beautifully if you're already using the software. Cost: Quickbooks Online Self Employed is $10 per month after, and there are usually promotions that offer 50% off for the first 3-6 months.
Wait! I haven't forgotten.
There are those of you who still prefer the old-school pen and paper. While I'm not advocating for it, I'm also not leaving you out. HERE is a free printable template to keep in your vehicle.
There are many other apps and programs to choose from that will help you with mileage tracking. The important part is to actually USE whichever method you choose, and make sure you are recording everything required by the tax man.
Happy motoring – Now get out there and show some houses!
Original Content Written By – Amanda Behm, Real Estate Digital Assistant Copyright 2018 ©