We have had the Mileage Logger installed for 30 days and have logged 1,207 miles on the odometer, of which 883 were business miles -- for a business mileage deduction total of $445.92 JUST for the month of May! It is just simply amazing how quickly those business miles can really add up, and it's nice to know that we'll be seeing a return of 50.5 cents for every business mile logged. If we average approx. $500/mo that's $6000 in business mileage deductions for the year! If you log more business miles than we have, you'll save even more on your taxes this year.
To purchase your own Mileage Logger and start recovering some of your fuel costs, click on any of the banner ads. Be sure to keep your receipt, as the device may be tax deductible as well! (consult your tax professional)
Friday, May 30, 2008
Monday, May 19, 2008
633 Miles Logged / $319.67 in Payback (and counting)
It has now been a little over two weeks since installing the Mileage Logger in our vehicle. To date, we've logged 633 business related miles which equates to almost $320 in business mileage deductions so far. Read on to learn more about the Mileage Logger and how it can help you recover some of your fuel costs for your business related driving.
CLICK HERE for more information, or to order yours!
CLICK HERE for more information, or to order yours!
Wednesday, May 14, 2008
366 Miles Logged / $184.83 in Payback and counting!
With gas prices quickly approaching $4.00 a gallon, it's important to keep your fuel and transportation costs down, and take advantage of any tax deductions related to driving that you can. This includes logging every mile you drive for business, medical or charitable purposes. The 2008 Business Mileage Deduction rate is now at an astounding 50.5 cents per mile, which can drastically help offset the amount you pay for business related travel. (see the other current deduction rates in the sidebar) To help recover some of the costs associated with doing business, we first researched, then purchased and installed an automatic mileage logging device. The business miles are already adding up quickly, and we'll now be able to recoup 100% of the miles driven for business without all of the hassles involved in manually logging odometer readings, start and end times, etc. or forgetting to log a trip thanks to this device.
Since our Mileage Logger was installed at the beginning of the month, we have logged 431 miles on the vehicle, of which 366 miles were business related. At 50.5 cents per mile being reimbursable per the 2008 IRS rate, that comes to $184.83 in just a two week period! If you drive a lot for your business, the Mileage Logger automates tracking your mileage. All you have to do is log into the secure servers and designate which trips were business, personal, etc. A fully IRS compliant mileage log is then available for you to download, or export into your financial software anytime. The device is likely tax deductible (consult your tax professional) and it will pay for itself in convenience alone!
CLICK HERE TO ORDER YOURS
Since our Mileage Logger was installed at the beginning of the month, we have logged 431 miles on the vehicle, of which 366 miles were business related. At 50.5 cents per mile being reimbursable per the 2008 IRS rate, that comes to $184.83 in just a two week period! If you drive a lot for your business, the Mileage Logger automates tracking your mileage. All you have to do is log into the secure servers and designate which trips were business, personal, etc. A fully IRS compliant mileage log is then available for you to download, or export into your financial software anytime. The device is likely tax deductible (consult your tax professional) and it will pay for itself in convenience alone!
CLICK HERE TO ORDER YOURS
Tuesday, May 13, 2008
Automatic Mileage Logger Put to the Test!
In an earlier post I mentioned a cool device from the folks at Vulocity called the Mileage Logger that automatically logs all miles driven that can be deducted for business, and charity purposes. For 2008, the IRS allowable mileage deduction for business is 50.5 cents per mile. With gas prices fast approaching the $4+ mark in my area every penny we can recover is money back in our pockets!
It’s interesting to note that we put 38 legitimate and bonafide business related miles on the vehicle on the day of testing. With gas prices in our area currently at approx. $3.50 gal (and rising rapidly!) on a 2004 Jeep Liberty that gets 18MPG CITY, those 38 miles equated to 2.1 gallons of regular unleaded gasoline or roughly $7.38 in out of pocket expense for the fuel costs. Because the IRS allowable mileage deduction for 2008 is reimbursable at 50.5 cents per mile, we’ll be seeing a tax deductible business expense of (38 miles x .505 cents) $19.19 for those same miles! It's easy to see how quickly the Mileage Logger will pay for itself in a short period of time. If you drive in the course of daily business for meetings, sales calls, client visits, etc., how can you afford not to get one?
Utilzing a built in GPS receiver and a cellular connection, the device starts logging your miles driven as soon as the GPS detects movement of the vehicle. Once the vehicle has been stopped for more than five minutes, it logs the trip and sends the data via the GSM cellular network to company servers. I ordered a device and it was delivered to me within a couple of days.
The device is about the size of a pager or small cell phone and comes with a 6 foot long OBD II connector (On Board Diagnostic Terminal) to mini-USB power cord. A company rep explained to me that because many cigarette lighters are not powered when the vehicle ignition is off, the OBD II connection not only frees up the lighter socket for cell phones or radar detectors, it provides continuous power to the GPS device. While the device CAN be operated without being plugged in for up to 10 hours, it is recommended that it be left plugged into the vehicle at all times to ensure the strongest GPS and Cellular network signals. In addition to automatic mileage logging, you also have the option of purchasing emergency notification and on demand vehicle tracking features as well. And, depending on your insurance company, you may be able to get a reduced premium for having a GPS tracking device installed. (again, more money back in your pocket!)
Installation was simple and straightforward. I simply plugged the power cord into the OBD II connector under the driver's side dashboard near the steering wheel and plugged the mini-USB connector into the Mileage Logger. LED's indicate power and GPS signal reception. The instructions suggest simply placing the device in the front center console storage area, so I neatly wrapped up the extra cord, and tucked it under the device and stuck it in the cubby under the ashtray area. This also kept it neatly out of sight from would be thieves.
Once installed you simply drive. When vehicle movement is detected and logging commences, the device will give short series of beeps letting you know it's working. There are manual stop and start buttons on the device should you need to manually record a trip or go into an area where GPS reception may not work such as a tunnel or parking garage. I tested the device multiple times and so far it has performed flawlessly. After returning home, I logged into the company website and signed in with my secure account and generated a trip report. The servers automatically converted the GPS data into physical addresses for the starting and end points of each trip, along with the miles driven and other data. There you can mark the type of trip whether it was for personal, business, charity or other purposes along with a comment of your choosing.
The Mileage Logger is about the same price as a good radar detector, but is likely an allowable business deduction. And there is a small monthly cost associated for the cellular data service that makes this device work so well, which is also likely tax deductible. (consult your tax professional!) I'm very impressed with how well the Mileage Logger works and would recommend it to anyone who does a lot of driving in their job duties.
CLICK HERE TO ORDER YOURS!
It’s interesting to note that we put 38 legitimate and bonafide business related miles on the vehicle on the day of testing. With gas prices in our area currently at approx. $3.50 gal (and rising rapidly!) on a 2004 Jeep Liberty that gets 18MPG CITY, those 38 miles equated to 2.1 gallons of regular unleaded gasoline or roughly $7.38 in out of pocket expense for the fuel costs. Because the IRS allowable mileage deduction for 2008 is reimbursable at 50.5 cents per mile, we’ll be seeing a tax deductible business expense of (38 miles x .505 cents) $19.19 for those same miles! It's easy to see how quickly the Mileage Logger will pay for itself in a short period of time. If you drive in the course of daily business for meetings, sales calls, client visits, etc., how can you afford not to get one?
Utilzing a built in GPS receiver and a cellular connection, the device starts logging your miles driven as soon as the GPS detects movement of the vehicle. Once the vehicle has been stopped for more than five minutes, it logs the trip and sends the data via the GSM cellular network to company servers. I ordered a device and it was delivered to me within a couple of days.
The device is about the size of a pager or small cell phone and comes with a 6 foot long OBD II connector (On Board Diagnostic Terminal) to mini-USB power cord. A company rep explained to me that because many cigarette lighters are not powered when the vehicle ignition is off, the OBD II connection not only frees up the lighter socket for cell phones or radar detectors, it provides continuous power to the GPS device. While the device CAN be operated without being plugged in for up to 10 hours, it is recommended that it be left plugged into the vehicle at all times to ensure the strongest GPS and Cellular network signals. In addition to automatic mileage logging, you also have the option of purchasing emergency notification and on demand vehicle tracking features as well. And, depending on your insurance company, you may be able to get a reduced premium for having a GPS tracking device installed. (again, more money back in your pocket!)
Installation was simple and straightforward. I simply plugged the power cord into the OBD II connector under the driver's side dashboard near the steering wheel and plugged the mini-USB connector into the Mileage Logger. LED's indicate power and GPS signal reception. The instructions suggest simply placing the device in the front center console storage area, so I neatly wrapped up the extra cord, and tucked it under the device and stuck it in the cubby under the ashtray area. This also kept it neatly out of sight from would be thieves.
Once installed you simply drive. When vehicle movement is detected and logging commences, the device will give short series of beeps letting you know it's working. There are manual stop and start buttons on the device should you need to manually record a trip or go into an area where GPS reception may not work such as a tunnel or parking garage. I tested the device multiple times and so far it has performed flawlessly. After returning home, I logged into the company website and signed in with my secure account and generated a trip report. The servers automatically converted the GPS data into physical addresses for the starting and end points of each trip, along with the miles driven and other data. There you can mark the type of trip whether it was for personal, business, charity or other purposes along with a comment of your choosing.
The Mileage Logger is about the same price as a good radar detector, but is likely an allowable business deduction. And there is a small monthly cost associated for the cellular data service that makes this device work so well, which is also likely tax deductible. (consult your tax professional!) I'm very impressed with how well the Mileage Logger works and would recommend it to anyone who does a lot of driving in their job duties.
CLICK HERE TO ORDER YOURS!
IRS Announces 2008 Standard Mileage Rates; Rate for Business Miles Set at 50.5 Cents per Mile
IR-2007-192, Nov. 27, 2007
Source: Internal Revenue Service
WASHINGTON — The Internal Revenue Service today issued the 2008 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
Beginning Jan. 1, 2008, the standard mileage rates for the use of a car (including vans, pickups or panel trucks) will be:
50.5 cents per mile for business miles driven;
19 cents per mile driven for medical or moving purposes; and
14 cents per mile driven in service of charitable organizations.
The new rate for business miles compares to a rate of 48.5 cents per mile for 2007. The new rate for medical and moving purposes compares to 20 cents in 2007. The rate for miles driven in service of charitable organizations has remained the same.
The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an automobile; the standard rate for medical and moving purposes is based on the variable costs as determined by the same study. Runzheimer International, an independent contractor, conducted the study for the IRS.
The mileage rate for charitable miles is set by law.
A taxpayer may not use the business standard mileage rate for a vehicle after using any depreciation method under the Modified Accelerated Cost Recovery System (MACRS), after claiming a Section 179 deduction for that vehicle, for any vehicle used for hire or for more than four vehicles used simultaneously.
Revenue Procedure 2007-70 contains additional information on these standard mileage rates.
Source: Internal Revenue Service
WASHINGTON — The Internal Revenue Service today issued the 2008 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
Beginning Jan. 1, 2008, the standard mileage rates for the use of a car (including vans, pickups or panel trucks) will be:
50.5 cents per mile for business miles driven;
19 cents per mile driven for medical or moving purposes; and
14 cents per mile driven in service of charitable organizations.
The new rate for business miles compares to a rate of 48.5 cents per mile for 2007. The new rate for medical and moving purposes compares to 20 cents in 2007. The rate for miles driven in service of charitable organizations has remained the same.
The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an automobile; the standard rate for medical and moving purposes is based on the variable costs as determined by the same study. Runzheimer International, an independent contractor, conducted the study for the IRS.
The mileage rate for charitable miles is set by law.
A taxpayer may not use the business standard mileage rate for a vehicle after using any depreciation method under the Modified Accelerated Cost Recovery System (MACRS), after claiming a Section 179 deduction for that vehicle, for any vehicle used for hire or for more than four vehicles used simultaneously.
Revenue Procedure 2007-70 contains additional information on these standard mileage rates.
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