Small Business Tips
The Fastest Way to Give Yourself a Raise in 2024: Accurate Mileage Tracking
How does it work?
To claim deductions from the IRS, you must use your vehicle for business purposes and report the miles driven during the calendar year. A driving log is one option – but that can get lost. You may make a mental note to record your latest trip in that spreadsheet, but then get distracted.
A digital solution that’s always with you, via your phone, is the best way not to let these dollars slip away. MileIQ users track their miles with ease. Our data shows that drivers are putting in some serious mileage: our users drove an average of over 950 miles every month, or over 11,400 miles yearly. With the 2024 IRS mileage reimbursement rates at 67 cents per mile for business-related driving, the savings can add up.
Our users see an average business value of more than $600 per month from using MileIQ. This either comes in the form of being able to deduct over $600 from their taxes, ultimately leading to more money back, or in the form of employer mileage reimbursement. Over the course of a year, this can add up to significant savings for drivers.
Not just for the self-employed
No matter if you are self-employed or employed by a business, MileIQ works the same: launch the app, enable automatic drive detection and location access, and it will record all of your drives. When you are ready to classify your drives, go into the app when it is convenient for you and organize your drives as business or personal, with additional categorizations available under personal drives for medical, charity, or moving mileage.
Taking advantage of employer reimbursement
Using MileIQ benefits not only you but also your employer as well. Instead of handing over inaccurate spreadsheets or handwritten notes, once your drives are classified, MileIQ can send your employer a mileage report with a detailed summary of each drive, satisfying your employer's reporting requirements.
These reports make it effortless to have your employer reimburse you, with details about the time of day and locations visited automatically recorded.
