For those of us who rely on driving to run a business, things have gotten a bit more expensive over the past year, as gas prices are over $1.00 per gallon higher than they were this time last year. Although this amount might sound insignificant, if you add up the additional cost over a month’s or year’s time, you’ve got quite a substantial increase in gas expenses. So, it’s great news to hear that the Internal Revenue Service is doing something to help save those who drive personal vehicles for business purposes a bit of money.
Beginning July 1, drivers will have the ability to deduct an additional $0.04 per mile driven, bringing the number from $0.51 per mile up to $0.55 per mile. Although the IRS typically addresses deductable mileage increases every year, it is not normally done until November and does not go into effect until the next calendar year. Their hope is that in pushing this increase out to the public earlier, Americans will feel less of a hit from higher gas prices.
Of course this is great news, but one common dilemma that still exists is figuring out a way to keep track of mileage. To help, we’ve compiled a short list of applications that were created to solve this challenge.
MileLog: This iPhone application not only allows you to track mileage, but also includes a feature to track parking or tolls associated with a particular trip.
FYI Mileage: This application is only available for iPhone users. It allows you to track mileage, export reports and sync your mileage usage with several popular accounting programs.
My Mileage Tracker: This Android application allows users to enter mileage into a clean and simple interface. There are no bells and whistles, but this app works great for basic needs.