I drive some beat up old cars. In fact, not long ago, one of my daughters quickly found my car in a crowded parking lot. I asked her how she did it. She replied, “It was easy, Dad. I just looked for the rough among the diamonds.” Heh.
The odometer on my car does not work. For about 150,000 miles it did its job. Then, without warning, it retired.
Not a big deal, I suppose. But, now I can’t deduct miles for tax purposes. Don’t get me wrong. I find the IRS encouraging. They constantly remind me that I have what it takes. Still, I would like to deduct those miles from my taxable income.
With a dead odometer, I couldn’t do it. Until recently. A friend of mine told me about Mile IQ.
Mile IQ is an app for smartphones. As you drive, it tracks your miles. At the end of the day, you can easily mark drives as personal drives, or business drives. It immediately tells you how much you will save by deducting those miles from your taxable income. Mile IQ will even generate a report for you. You will be able to wave this report around if the troops of Midian ever come around asking whether of not you have been threshing grain in the winepress.
If you drive for business at all, check out Mile IQ.
Dwane Thomas’ Tip of the Week, February 4, 2017