As New Year's Day rolls around, it's time for you to recover and plan for 2019. One of the best things to do is to get the most out of your miles in 2019. That all starts with recording your odometer reading into MileIQ.
If you want to take the mileage deduction, you'll need detailed records of your drives. This includes recording your 2018 ending odometer reading and your 2019 starting reading (this should be the same number). You'll need this information when claiming your deduction on your Schedule C.
It's simple to add your odometer reading to MileIQ through the app. Do the following:
You can also add it through the MileIQ Dashboard. Here's how:
You can find more details on how to add your odometer reading in this support article.
Remember to track all your miles for the year. Every business mile can lead to an increased mileage deduction, which can potentially lower the amount of taxes you'll owe. You can lean on a mileage-tracking app like MileIQ to automatically track your miles in the background. You can just drive like you normally would and MileIQ will create a mileage log for you.