An App That Can Save You Money In The New Year

Happy New Year!  I'm always really excited at the beginning of the new year for the opportunities that lie ahead.  While I'm not so much of a resolution type of person, the new year allows me to set new goals for what I want to accomplish this year.  

One of the goals my husband and I decided on is to do a better job at keeping track of expenses, mileage, etc. While we've had a sort of system in place over the last few years, upon reflecting, we both decided that we could absolutely do a better job and in the end it would probably save us money too.  

This is when we started researching ways to track mileage.  We found the app Mile IQ.  While we are only just starting to use it, I'm excited at the possibility that it seems to be able to provide us with.

In my excitement, I thought I would share with you some of the highlights.

App: MileIQ

• It is approved by the IRS for tax purposes
• Free for the first 40 drives, then just $5 a month
• Keeps track of your miles and allows you to deduct the mileage expenses from your taxes
• Once you open the app-keep it open- so that it automatically tracks your drives. After a drive it will ask you whether it was a personal or business drive.

In playing around with the app on New Year's Eve, we drove just 31 miles and it calculated $17.  The potential for tax deduction is huge for real estate investors.

Like I said, we are just starting to use this app in the new year so I'm sure there will be some things that we will learn along the way that may be both good and bad. Either way, check it out and see if it's something that may work for you!

Happy Investing!