Friday Freebie: This App Keeps Track of Your Mileage Deductions So You Don't Have To
By Kelly J. Phelan, RET Content Editor
Posted by: RET Staff
The average agent drives 30,000 miles per year, according to NAR, and is therefore eligible for over $16,000 in driving-related deductions--but only if they keep detailed records of their drives. That's where a lot of agents fall down--and where today's Friday Freebie can help. Read on to learn more!
Track 40 Drives for Free with MileIQ (and get a special discount for the rest)
Ask any agent, and they'll likely admit that their car is like a second office for them. We've heard of agents driving around with everything from their laptop to a change of clothes to tiny portable printers. And it's no wonder--agents are constantly on the go, driving from showing to showing and other client appointments.
All of that driving adds up to a significant chunk of change that agents can deduct on their taxes each year, but the challenge is in keeping mileage records that comply with IRS requirements. That's where MileIQ can help.
MileIQ is a mobile app that relies on your smartphone's location capabilities to automatically track and log your drives. The app runs in the background on your phone, and automatically senses when you're driving, so you never have to worry about turning it on or off. Once a drive is completed, MileIQ prompts you to classify the trip as business or personal. Simply swipe right to classify as business, and left to classify as personal.
It sounds simple, and it is, but MileIQ offers a host of other features, like:
- Detailed information about each drive, including a mapped route, start and end times, miles driven, and potential dollar amount of the deduction
- The ability to add notes to a drive, including parking a toll fees, as well as denote a purpose (client meeting, errand, etc.)
- Name locations that you visit frequently
- Set work hours so that all drives during that time are automatically classified as business
- Set-up vehicle profiles
- A web dashboard that lets you manage and edit drives
- Detailed reports that can be exported in multiple file formats and imported into your accounting program of choice
- Mileage logs that are IRS-compliant
MileIQ is free to use for up to 40 drives every month. After that, the app requires a nominal fee to continue using. But never fear--we've negotiated a discount on that fee for our readers! For a limited time, RE Technology members can can save 20% off the cost of an annual subscription to MileIQ using the code RETECH20.