Veena
Last Updated on April 15, 2024 by Team Experts
In the real estate business, you must understand the importance of using a mileage tracker. It will help you bill more accurately, keep track of your business miles, and pass IRS audits.
It helps you bill more efficiently.
If you’re a realtor on the go, you’ll be interested to know there are a few apps in the mobile space that can help you wrangle your ole boy. From mileage tracker to expense reporting, you’ll find a mobile solution to save your backside. The best thing about a mobile solution is you can keep track of your essential business documents while on the go. It also makes you more agile and efficient in a hectic marketplace. The one thing you’ll need to worry about has a mobile solution that can be trusted. If you’re a real estate agent, you’re likely teetering on the edge of a financial crisis. You need an app that lets you manage the important stuff so you can concentrate on what matters most. This way, you’ll be on the road to success.
Of course, an essential task is to find the best mobile solution to complement you, your business, and your home.
It helps you pass IRS audits
A mileage app for realtors has its perks, including a better way to comply with your company’s social responsibility policy. A good one can also save you money. It’s no secret that most real estate agents spend much time on the road. Maintaining track of your spending is simple with a mileage monitoring tool. Additionally, your business will value the effort.
The IRS has been auditing the mileage log for some time now. The agency claims to have audited more than three billion miles in 2011. That’s a lot of driving, but that doesn’t mean you have to do it yourself. The IRS has a sample mileage log to show you how to do it. The most crucial thing is to be patient and receptive to the inquiries you will face. You should be fine if the examiner is willing to listen.
The IRS could be more frugal, as the first thing to mention about letting you know what they want to see. They will ask you to complete an odometer mileage record for each trip. A good mileage tracker for realtors can encourage more efficient use of your company’s vehicles. You can even reduce fuel usage to lower your business’s carbon footprint.
Luckily, the IRS is no stranger to real estate agents driving a fair amount of miles. The agency even has a standard mileage rate for your business mileage. You can avoid a big tax bill if you do your taxes right the first time.
There are many mileage-tracking apps on the market. However, the IRS recommends you look for something that will do the job right. It can include something as simple as a calendar planner book. The best mileage tracker for realtors will let you keep an organized log and track your business’s progress in one place. In addition, it will help you to prove that you have done your due diligence. The IRS has awarded rebates to people willing, to be honest, and forthcoming with their information.
The most important aspect of a mileage tracker for realtors is that it keeps your company on the straight and narrow. An accurate log can help you get the most out of your fleet of vehicles and be a considerable tax saving if you consider adding a mileage tracker to your business. The well-known business has aided hundreds of thousands of people like you. Their apps can be found in the iTunes store. You’ll be surprised at how much they can save you. If you’re looking for a mileage tracker for realtors, check out MileIQ.
It helps you keep track of business miles
If you are a realtor, you must keep accurate business trip records. It helps you save money on fuel and reduces your business’s carbon footprint. A mileage tracker for realtors can be the easiest way to document your trips. Additionally, it can assist you in tracking your business miles and obtaining reimbursement for them.
The IRS allows you to deduct your travel expenses. The standard rate for business trips is 62.5 cents per mile. However, the IRS announced an increase to that rate in mid-2022. You must be aware of this change if you claim your deductions. Consult your tax professional.
There are many mileage tracker apps out there. Each one offers a different set of features. Some focus on simplicity, while others are more robust. Choosing an app that’s best for your business needs is essential. You may cut costs and get paid for travel by using an app that tracks your mileage. Additionally, it helps keep your company organized.
Using a QuickBooks Self-Employed account, you can easily track your business miles. It will categorize your trips automatically, and you can set a standard deduction amount. It will then compare your business mileage with your actual expenses. The software will recommend a larger deduction if you have a higher total mileage than your average.
You can also claim a hefty tax write-off for your vehicle expenses if you work as a freelancer. You need to track your trips in an IRS-compliant manner to be eligible for the deduction.
Read more: What Realtors Need to Know about Millennials
