If you master this technique that I am about to show you, you can get up to $300 of tax savings a year, if you are driving around 100 miles a month for your business.
Put another way, not tracking 100 miles a month will lose you $300 a year.
And If you put 6000 business miles on your vehicle in a year, that will equate to almost $3300.00 tax deduction!
This one way to increase your profits as a business owner, regardless how small you are.
We have to be smart and careful when dealing and filing our taxes.
And if you do that you can avoid tax issues, avoid overpaying taxes, and make every penny count in this tough economy.
Using this simple technique that only takes less than 10 minutes to setup, will make you in control of your mileage log and your tax refund, and you will be able to log your mileage anytime and from anywhere, and on the other hand, if you you don’t do log your mileage correctly your mileage log could be a mess and based on guesses, and you won’t have an organized log which can lead to you losing some tax money.
Also, if you log your mileage accurately, you, your accountant or whoever is preparing your taxes will be very appreciative with your organization skills, and also it will be very easy to prove, if any issues come up.
And on the other hand, if you don’t log your mileage accurately, you will have hard time communicating with your accountant, or even if you are using a software when filing your taxes, it will be very difficult to remember everything towards the end of the year, which can make your tax filing a a painful process.
More so, we all know, that filing your taxes could be a very complex task, and we all fear it, but if we have our records right and part of that is your mileage log, you will be save time, money and you will be able to maximize your business profits.
And on the other hand not tracking your business related mileage log percisely, and trying to guess your business mileage expenses, can lead to audits, and issues with your tax authorities, which can lead to not achieving the success that you want for your business.
In case you are wondering what is a business mileage log, it is basically a record of miles traveled in a vehicle used for business, used to substantiate deductions for vehicle use by the business.
Think about it, if you are a real estate agent, how many miles you put every month, showing your clients different properties?
If you are a PC technician, who goes around fixing computers at home?
In order to use this tool, you are going to need access to google apps, or access to google docs.
If you have a GMail account, you already have that.
And by the way if you need help with that, we can walk through it, in a future tutorial.
For now watch the video, attached and see how you can do it.
Here is what you need:
1) Google Account – If you have GMail you are good to go.
2) Refer to the video tutorial where I walk you through creating Google Spreadsheets
3) Once your spreadsheet is ready and created, then get the embed code of the Google Spreadsheet Form
4) Go to your Website/Blog, and create a new page, name it mileage or whatever you want, and paste
the embed code to ut.
5) Now you are good to go, and you access this form from any device, computer, SmartPhone, like IPhone and Android
and enter the mileage on the go, without any hassle, and your data is supported by the most reliable platform Google and in the Cloud.
SO…GO NOW…. And implement this technique, and get your business mileage logged effectively, accurately, reduce paper usage, and get your business mileage logged whenever and wherever you want..
As you can see this technique can be applied for many other useful scenarios, not just logging your mileage, share your thoughts about that.