Tuesday Tip: Track Your Business Miles!
As we near the end of Q3, don't forget a powerful non-cash deduction, tracking your miles! This year, business miles between Jan 1 - June 30 are deductible at 58.5 cents per mile. From June 30 - Dec 31, business miles are deductible at 62.5 cents per mile (an increase made to reflect the change in gas prices, Announcement 2022-13).
The easiest way to track your miles is through Mile IQ or, if you are a Quickbooks Online user, the Quickbooks Mobile App. You can also keep track by hand on a spreadsheet or paper document by recording the date, address to and from, amount of miles traveled, business purpose, and the vehicle used.
Remember, commuting miles between your home and office building are not considered business miles.