Save Money on Taxes: Why You Must Track Your Miles
If you drive your car for work, you might be missing a chance to save money. Mileage tracking is one of the easiest ways to lower your taxes.
Do you work for yourself? Do you own a small business? If you drive your car for work, you might be missing a chance to save money.
Tax season can be scary. But there is a simple way to lower the amount of tax you pay. It is called mileage tracking.
What is Mileage Tracking?
When you drive your car to meet a client, deliver a product, or buy supplies, you are working. This driving costs you money for gas and car repairs.
The government knows this is a business cost. Because of this, they offer tax credits. This means they let you pay less tax if you can prove you drove for work. This applies to drivers in Canada and the United States.
The Rule: You Must Have Proof
You cannot just guess how many miles you drove. The government requires proof.
In the past, people used a pen and paper to write down every trip. They had to write the date, where they went, and how many miles they drove. This is boring and easy to forget. If you lose your paper log, you lose your tax savings.
A Simple Solution
You do not need to use a notebook anymore. You can use technology to help you.
MileLog is an app that tracks your miles for you. It is designed to be very easy to use. You just download it, and it helps you keep the records you need.
Here is why using an app like MileLog is a good idea:
- It saves time: You do not have to write everything down by hand.
- It is safe: You will not lose your records like you might lose a notebook.
- It helps you save money: When tax time comes, you will have a perfect list of all your business trips.
Start Saving Today
Don't leave money on the table. If you are self-employed, every dollar counts. Tracking your miles is one of the easiest ways to keep more of your hard-earned money.
Visit MileLog to learn more about how to make tracking your miles simple.
Think of tracking your miles like collecting coupons at the grocery store. If you throw the coupons away, you pay full price. If you keep them (by tracking your miles), you pay less at the checkout (during tax season).