If you're self-employed, or work in a role that requires a lot of driving, chances are you're tracking the mileage you put on your car. If you're not, you should be. Those miles are tax-deductible.
Because tracking miles is so tedious, it's one of the first things the IRS reviews if you're audited. It's counting on finding oversights and discrepancies. And if you're using a pen and paper to track your miles, it's going to find them. After all, you're only human.
But now, there's an app that makes logging your mileage easy, and accurate. It's called MileIQ, and is available as a free download for both Apple and Android users. The app takes the headache out of logging trips by automatically tracking your mileage whenever you get in your car and drive.
Unless you spend hours each week logging your miles and calculating the per-mile rate, you probably don't realize the amount of deductible dollars you're missing out on. The shocking truth is that forgetting to log just one trip can actually cause up to $5 (or more) to be lost. Over the course of a year, those dollars really add up.