July 9, 2023
“Wham, bam, thank you Uncle Sam!” That’s what you’ll be saying when you delve into the world of mileage for work. If you’re a small business owner, an entrepreneur, a gig worker, or a freelancer, listen up, because we’re about to hit the proverbial gas pedal on some essential mileage information that can put money back in your pocket.
Let’s shift gears and jump right into our first point: how to calculate work mileage. No need to blow a gasket, folks. It’s a lot easier than figuring out why your teenager thinks washing dishes is a form of cruel and unusual punishment.
Calculating Work Mileage
Picture this: you’ve got a trusty steed (your car), and you’re galloping from client to client. This is what we call business travel, and it’s as deductible as your grandma’s favorite recipe is delicious. Grab a mileage log template and jot down the miles you rack up on these work-related errands…or better yet download an app that will automatically track all your miles, like MileageWise.
While the IRS standard mileage rates may change as often as a chameleon in a box of Skittles, the 2023 rate sits at a cool 65.5 cents per mile. Multiply your work miles by this rate, and voila, you have your deductible amount.
Deductions: A Treasure Trove for Small Business Owners
Listen up, all you small business owners out there! You don’t need a treasure map to find a goldmine of deductions. You just need to know about mileage deduction for work. Yes, indeed, it’s like finding a twenty-dollar bill in the pocket of your old jeans.
There’s no need for a crystal ball to see the future; just track your mileage meticulously and see the tax savings roll in. However, remember, only work mileage counts. Sorry folks, your weekend road trips to the world’s biggest ball of twine don’t make the cut.
Mileage Reimbursement for Employees – It’s Not Just a Perk, It’s a Must
Hey there, generous employers! Did you know that employer reimbursement for mileage isn’t just a good move, it’s a legal requirement in some states? Plus, let’s face it, it’s a darn good way to keep employees happier than a cat with a ball of yarn. So, let’s talk about mileage expenses for self-employed individuals and employees alike. It’s as essential as coffee on a Monday morning.
Tracking Work Mileage Like a Pro
There’s an app for just about everything these days, from deciphering your dog’s thoughts to turning your face into a cartoon character. So, it should come as no surprise that there’s an app perfect for tracking mileage for work.
Say hello to MileageWise, your new best friend. This nifty app is like the Swiss Army knife of mileage trackers. Not only can you log your miles, but it’s also an impressive mileage tracker app for work, letting you differentiate between business mileage vs personal mileage. Remember folks, the key to effective mileage tracking is the consistency of a reliable rooster’s crow.
In conclusion, tracking your mileage for work is as crucial as sunscreen in a desert. It might seem as perplexing as a platypus at first, but once you get the hang of it, you’ll be smoother than a well-aged whiskey. So strap in, log those miles, and watch your tax deductions soar higher than an eagle in a thermal updraft.
Download MileageWise’s automatic mileage tracker app from Google Play or the App Store & try it for free for 14 days. No credit card required!