Just wanted to drop this on everyone. I decided that I should finally track my miles in 2020. The going rate is about 55 cents per mile worth of write off.
As someone that drives 30k mile per year, 20k of which for business… This is pretty game changing. I should have been doing this for years.
The app is pretty cool and briefs you once per day to ask you to classify trips you took. Swipe right for business or left for personal.
In the 24 hours since it has been active on my phone, and I haven’t gone very far, I have been able to accrue 43 miles for $25 worth of writeoff… As you can imagine with my relatively modest used cars, that will add up to a pretty nice write off. Even the S will cost less than that per mile while I own it.
I know it is important to note that I am not depreciating the cars on straight line or with a bonus 6k GVWR thing. I am also not directly expensing and tracking mileage at the same time. Just mileage. Mileage is a bigger write off for me.
Anyway… If you aren’t tracking miles… This is a killer way to get it done.
[Edit Feb 27, 2020]
How does ~$7300 per year worth of write off sound?