FreshBooks has partnered with MileIQ, a mileage tracking app, to make it easier than ever for small business owners to track and expense their mileage.
Whether you’re self-employed or a small business owner, keeping tabs on your mileage expenses is an important expense to track for when tax time rolls around. A lot of small business owners end up missing out on those deductions because they forget, or because they don’t have the tools to keep track easily—and these short trips can add up!
In the US, the mileage rate for 2014 is 56 cents per mile. So, if you’re zooming back and forth to the office supplies store, or heading out of town to close a deal with a new client, keep track of how often the rubber is hitting the road. A 7 mile round trip may not sound like much, but if you make this trip each week it will add up to $203.84 in tax deductions each year.
But how can you do this without much effort? That’s where MileIQ and FreshBooks can help make tracking mileage painless.
Available in the US for iOS, MileIQ runs in the background of your iPhone, automatically tracking miles as you drive. It’s as easy as swiping right to classify miles for business or swiping left for personal miles. Along with mileage, you can track any parking or tolls associated with your trips.
With MileIQ’s reporting feature, you can automatically import your mileage into your FreshBooks account, which will capture it in your reports and categorize it appropriately. It’s as simple as that! At the end of the year, you’ll be all set for tax time and you’ll be able to reap the reward of all the miles you’ve travelled.
MileIQ can be used for free to track up to 40 drives per month. If you want to track unlimited drives, you can upgrade for only $5.99/month or $59.99/year.
For more information on MileIQ and how you can easily sync with your FreshBooks account, click here.