In 2019, your realty firm could write off 58 cents per mile. That might sound minimal, but miles add up when meeting clients, staging homes, and working your open houses. It would be nice if the government went by the honor system to approve these claims, but that’s not the case. Instead, agents are required to log mileage. These logs include:
Once you’ve got this information, you plug it into the formula provided by the IRS. The formula is miles driven multiplied by annual mileage rate to equal mileage deduction. For example:
You drove 15,000 miles in 2019 for work-related trips. The annual mileage rate for 2019 is 58 cents. Therefore, 15,000 times 0.58 is $8,700. Now, you know what to deduct on your taxes, but how do you track all that driving throughout the year?
These are the best three mileage tracking apps for realtors.
Designed for self-employed professionals, like realtors and couriers, Hurdlr auto-tracks, so you don’t have to. The Automatic Business Expense and Mileage Tracker is an application that monitors in real time. It focuses on mileage, income, and expenses with auto-start and auto-stop technology. It not only charts vehicle usage but also categorizes it for easy filing.
Hurdlr offers free, paid-premium, and paid-enterprise packages. For basic reporting, the free package is enough, covering tracking, summarized tax calculations, income, expenses, and emailed reports. Premium tracking costs $4.99 per month or $60 annually.
The MileIQ mileage tracking app captures data effortlessly, running in the background while you drive. Drivers then categorize trips by swiping right for business and left for personal. Reports are generated from auto-recorded data and emailed weekly. This information is also accessible through the MileIQ desktop dashboard. From there, you can print reports by date or category for simplified tax filing purposes.
MileIQ offers three plan types: free, unlimited, and teams. The unique teams feature is designed for companies with multiple cars on the road and offers single billing. Unlike Hurdlr, the free option isn’t unlimited, covering only 40 drives per month. Unlimited tracking is $5.99 monthly or $59.99 per year.
The Everlance Automatic Tracker and Expense Log is a personalized tracking and reporting system. It updates to comply with current IRS tracking standards and logs miles automatically. Everlance offers many of the same features as the above apps, plus:
Everlance offers free and paid unlimited tracking. Their free tracking covers 30 drives per month and manual trip detection and tracking only. Unlimited tracking starts at $8 per month or $60 annually.
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