Ready to level up your tax game and have some fun while at it? We’ve got just the ticket for you: mileage tracking! Let’s dive in and explore how tracking your miles can save you some serious cash while adding a touch of adventure to your financial journey.
Mileage tracking, my friend, is the art of keeping a log of your travels for reimbursement or tax deductions. In the wild world of 2022, your business miles are worth a cool 58 cents per mile, a 2.5 cent increase from the previous year. So, don’t forget to keep an accurate mileage log that tracks every single one of those business miles you clock. Trust us, your employers will appreciate it too, as it helps them calculate the mileage reimbursement they owe you.
Now, let’s talk about what the IRS considers as deductible mileage. It’s like unlocking a treasure chest of savings! You can deduct miles for business-related, charity, moving, and medical purposes. The IRS understands that using your personal vehicle for business comes with a cost, and they’ve got your back with mileage reimbursement.
Picture this: your business drives can include customer visits, client meetings, jaunts between offices or workplaces, trips to temporary job sites, even those odd jobs like babysitting or grabbing supplies from the store. It’s a mileage bonanza! But hey, fair warning, your daily commute to work doesn’t make the cut. The IRS sees that as a personal choice, so sadly, it’s not deductible. But fear not, there are plenty of other mileage adventures to be had.
Now, let’s get you started on this mileage-tracking expedition. How do you track your business miles like a pro? You’ve got options, my friend. You can go old school with a handwritten log or use a snazzy mileage log template. But why not take it up a notch with a user-friendly mileage-tracking system like ExpressMileage? It’s the bee’s knees! Millions of people rely on ExpressMileage because it’s a mileage-tracking wizard. Simply fire up ExpressMileage, and let the magic begin. Say goodbye to tedious logging and hello to more time for your business endeavors. With ExpressMileage, you’ll never have to rack your brain trying to remember where you went, on what day, and for what purpose. It’s like having your own personal mileage genie granting you the largest possible deduction for your mileage. Abracadabra!
Now, let’s address the burning question: is there a maximum mileage you can claim? Well, if you’re a self-employed superstar, good news! You can write off all those business miles to your heart’s content. However, due to the 2017 tax reform bill, W2 employers can no longer join the mileage deduction party. But hey, if you qualify, there’s no need to fret about a set limit on the number of miles you can claim. As long as you have sufficient records and logs to support your claims, you’re good to go. And with ExpressMileage by your side, you can rest easy knowing that your drives are properly classified, your locations are named with pizzazz, and every mile is organized to perfection based on time and date. It’s mileage tracking made simple, fun, and oh-so-rewarding.
So, are you ready to embark on this mileage-tracking adventure? Strap in, download ExpressMileage, and let’s hit the road to tax-saving glory!