From testing, installation, maintenance, and sales, HVAC technicians take on a great deal of responsibility. Many HVAC technicians also operate as sole proprietors, which makes them fully responsible for any business debts, liabilities, or tax obligations owed to the IRS. This can be overwhelming for those who are newly self-employed and trying to establish a balanced work week. How do you find the time to maintain accounts, prospect new customers, and keep accurate records of business expenses? Fortunately, there are certain steps you can take to work smarter and not harder and reduce those incurred expenses with your annual tax deduction.
Read on to learn how HVAC technicians can earn a bigger tax deduction by implementing mileage tracking into their daily routine.
Keeping track of miles for work can feel tedious if performed manually. Not only will the pen and paper method take more time out of your busy schedule, it will require consistent discipline. In a role that wears many hats, HVAC professionals need a system that is both reliable and well organized. With that in mind, a mileage-tracking app is the best way to go. HVAC technicians can effectively log important timestamps between meetings, house calls, and scheduled repairs and services. In addition, most HVAC jobs endure long work commutes. On average, HVAC technicians log 25,000 to 30,000 miles a year, which puts major wear and tear on their vehicle. For these reasons, utilizing a mileage tracker will work to their advantage when tax season comes about.
MileIQ has remained the top-ranking source for mileage tracking for over a decade. It averages 4.6 stars on the Apple App store with over 30K reviews to date. It has earned a reputation for being the most accurate mileage tracker on the market and the most easily accessible for HVAC technicians. The best part about MileIQ is that it uses a combination of Wi-Fi, GPS and only 1.2 to 2.5 MB of data to accurately archive weekly drive times. You’ll never have to press start or stop to initiate mileage tracking as well. It’s a simple, hassle-free approach to mileage logging so you can concentrate on the task at hand. Not to mention, HVAC technicians who use MileIQ will have full access to a support center and detailed glossary of basic terms to know.
As self-employed workers, mileage reimbursement should never be ignored. To get a full understanding of your annual reimbursement, first familiarize yourself with the IRS standard mileage rates. Each year the IRS announces a set standard for mileage deduction, which all HVAC technicians can use to commute their yearly deductible. However, in order to do this, you’ll need proper documentation. For HVAC technicians, specifically those who work in the residential field, the need for accurate logging is always pertinent.
These days, the best instrument for mileage tracking for HVAC technicians is a smartphone. Whether you have an Android or iOS device, you’ll find it easy to keep track of miles driven for business, charity, or medical purposes on a daily basis. Start by downloading a mileage-tracker application and begin logging your commutes regularly to achieve the best reimbursement when tax season rolls around. You can even classify your drives so everything is organized between personal and business miles. That way, you’ll have a better gauge of what mileage can be used for tax purposes.
Want to learn more on how MileIQ can help you make the most out of your miles? Visit our Help Center for video tutorials and helpful tips from the MileIQ Customer Support Team.