Mileage tracking was once a headache for real estate agents who needed to log business miles for tax purposes. Thankfully, GPS and software advancements have made it possible to record business mileage without the use of pen and paper. Instead, the MileIQ app uses a combination of GPS, wifi, and mobile data to accurately record work miles as you drive. So far, MileIQ has helped qualifying taxpayers earn over 10 billion in reimbursements, and a majority of those drivers are self-employed real estate agents, brokers, and leasing agents.
Real estate agents love MileIQ for the following reasons:
To fully understand how this cloud-based technology came to be a favorite among industry leaders, here’s a brief look at how the MileIQ app enhances the lives of real estate agents and other qualifying taxpayers in the field.
The MileIQ app has over 1 million active users worldwide. And currently, a large portion of those drivers are self-employed realtors. While MileIQ can benefit your tax filing as a whole, let’s review the top reasons why brokers and real estate agents love MileIQ:
As savvy business professionals, sales agents are always looking for ways to save on yearly tax returns. Luckily, the MileIQ app was designed to fit within all types of budgets. The app is completely free to download and allows first-time users to get up to 40 free drives to test out the automatic tracking experience. With the option to pay upfront for the annual plan or just $5.99 per month, real estate agents can enjoy unlimited mileage tracking throughout the year without costing a pretty penny.
Real estate agents rely on their smartphones to make business calls, map out open houses, and schedule listing appointments on a regular basis. Because smartphones are essential to performing the job, battery optimization is a must. One thing realtors and brokers love about the MileIQ app is that it works in the background of your phone without draining your power levels. While monitoring your GPS location, MileIQ accurately records your daily drives and prompts you to classify each drive as personal or business when you find the time.
When it comes time to sit down with a tax professional, you’ll be glad to have MileIQ records on hand. As a real estate agent, you’ll likely qualify for major tax deductions such as the home office deduction, travel expenses, and mileage deduction. In order to claim business miles, in particular, an accountant will ask to see proof of your business trips. That’s where MileIQ becomes useful! Your accountant can easily access monthly reports to calculate your deduction using the IRS standard mileage rate.
The MileIQ app allows real estate agents to work smarter, not harder thanks to automatic mileage tracking. Professionals in the field can save time by classifying their drives as business or personal at any point during the day. Rather than resetting the odometer every time you get in the car or making notes of each business drive, realtors can count on MileIQ to keep contemporaneous records of their miles. You can even add notes or additional details regarding a specific trip.
Compared to manual logging, MileIQ proves to be a simple yet powerful way to track miles for tax reimbursements. Not only can you avoid tax mistakes and inaccurate reporting, the MileIQ app guarantees the biggest savings on your tax return. In fact, real estate agents love that you can deduct the actual cost of the MileIQ application on your taxes by using the Schedule C form. Considering that real estate agents spend significant time on the road, deducting business miles is a great way to cut down on yearly expenses and maximize your savings.
Automatic mileage tracking is well-received by real estate agents for a number of reasons. However, the thing that drivers rave about most is the simplicity of our mileage tracking software. After you sign up, the MileIQ app will begin to record your drives, which means the days of worrying about odometer readings are over. Just drive as you normally would to meet with a homeowner and let the app do the work for you!