It’s t-minus 13 to tax day and you’ve taken every deduction you can and you’re ready to file…or are you? Have you accounted for your business mileage? It may be more than trips to see clients. Please check with your tax professional to be sure, but generally speaking if you use your personal vehicle to travel between two work locations or in a job search, that mileage can be deducted.
Too late now because you don’t have an odometer log? BizMile says no, it’s not too late. Their web-based application lets you take your 2006 appointment calendar and turn it into the paperwork you need for your mileage deductions. BizMile is powered by MapQuest and uses that data to calculate mileage, so the company claims the IRS won’t complain about any padded miles.
The company is offering the 2006 version of the application for free, so you can build an after-the-fact accounting of your travel. If you want to track your mileage going forward as it happens, then the 2007 version is $29. The application is not web 2.0 pretty, but it’s very easy to use. Simply enter the start and end addresses of your travel. BizMile does all the calculations, telling you at the bottom of the report exactly how much to deduct. The site provides a very helpful list of IRS Publications related to business travel.