MileIQ: How to Maximize Your Tax Deductions With This Mileage Tracking App

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However, many apps available nowadays can assist you in keeping track of your miles. MileIQ is one of our preferred mileage-tracking applications.

In this post, we’ll explain the app’s features, how it functions, and how you can start using it to log your miles right now.

Read on as we throw more light on this.

Table of Contents

What Is MileIQ?

You may automatically log your business drives with the help of the mileage monitoring app MileIQ.

MileIQ, which Microsoft has owned since 2015, is one of the most well-liked and functional apps.

You can rely on it to give you an accurate picture of your rideshare driving because it is renowned for its accuracy, even as it tracks your drives automatically in the background.

With the help of this platform, you can maintain an accurate log of all the miles you log while working as a rideshare driver, which you can use to file tax deductions and create a spending plan.

Benefits of Using MileIQ

Here are three ways the mileage tracking app can benefit you.

No Missed Deductions

You won’t forget to record a mile in your mileage log thanks to MileIQ’s intelligent drive-detection technology.

You won’t have to worry later about manual entries because every drive will be automatically logged.

All you have to do is classify your drives; MileIQ will take care of the rest.

Based on the current standard mileage rate set by the Internal Revenue Service, you’ll be able to subtract every last penny from your taxable income thanks to the automatic mileage detection (57.5 cents per mile for 2021).

Better Record-Keeping

MileIQ makes sure you comply with the IRS’s record-keeping regulations with the least effort on your part by providing thorough, accurate mileage reports.

Knowing that you have digital evidence to support your mileage deductions can give you confidence even if you are chosen for an IRS audit.

Additionally, you won’t ever unintentionally include personal miles with professional miles because you can quickly categorize your miles driven.

Minimal Battery Usage

MileIQ employs its technologies in addition to your iPhone or Android’s GPS to track where you are and when you’re in transit, one of the things that set it apart from other mileage trackers.

This implies that the program will consume almost minimal power until you start driving, in contrast to other apps that must continuously operate in the background to determine whether you are stationary or not.

The platform won’t fast deplete your phone’s battery once you’re on the road.

As a result, you won’t need to constantly recharge your smartphone while driving, which could help you increase the battery life of your automobile.

SEE ALSO: What is Amazon Woot?

Getting Started on the MileIQ App

Here’s what you need to know before signing up.

The MileIQ app is easy to download, but you must confirm that your smartphone is compatible with the platform.

A mobile device running iOS 10.0 or Android 5.0 is required to use MileIQ.

You may easily download the platform by hitting “Install” on the Google Play listing (for Android users) or “Get” on the App Store listing, as long as your smartphone has a compatible operating system (for iPhone users)

If you want to view reports on a larger screen, MileIQ can also be used on your tablet or laptop. However, you’ll still need the smartphone app to track your miles.

Pricing Plans

Here’s a quick breakdown of your options:

Basic

Each MileIQ user has access to monthly mileage tracking for up to 40 trips.

For rideshare drivers who only drive for extra money during their free time, this may be an option.

Unlimited

You can choose a premium subscription that can track every journey you take for $5.99 per month or $59.99 per year (around $4.99 per month).

The annual package is appropriate for rideshare drivers that operate their vehicles regularly or full-time.

Teams

On MileIQ, Microsoft can assist you in setting up a Team plan.

Rideshare drivers don’t need this; however, businesses that own Uber Fleets may find it helpful.

Are MileIQ Subscriptions Tax Deductible?

Yes. You should be eligible to deduct your monthly or yearly payments for MileIQ because it is a business tool directly tied to your work area (ridesharing).

Before you subtract the cost from your taxable income, we advise you to validate this with a tax expert.

Conclusion

This article has demonstrated the power of MileIQ in tracking your business miles and maximizing your tax deductions.

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