What is “Mile IQ” and Should You Have It?
It’s almost Tax Day, so companies are really ramping up commercials and various advertisements for helpful tax programs and apps. One of these is Mile IQ, a mileage tracking app that logs business travel so you can easily access records during tax preparation. But with any sort of tracking app, the main concern that comes to mind for most people is safety, and that can easily be quelled if a company has a good reputation and legitimate background.
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Mile IQ background
For starters, the company was founded in 2013 just outside tech metropolis Silicon Valley by entrepreneur Dan Bomze and former Salesforce.com general manager Chuck Dietrich. Its parent company is Microsoft and the app is currently available on the Apple App Store and Google Play in the U.S., Canada, and the U.K.
Mile IQ works in the background of your smartphone to track and record both business and personal driving activities. It can be set up to automatically record trips or via manual entry when the user swipes left or right at the end of a trip to indicate whether it was for personal or business. The app does not provide your information to anyone and will not advertise your location to other users.
What else can it do?
On top of simply tracking mileage, you can also add descriptions — like customer visits, off-site meetings, running work-related errands, or traveling between offices — for your drives to make tax preparation even easier. Mile IQ can also estimate the potential amount your trips are worth and create reports based on your driving information. When it comes time to file your taxes, you can switch to the desktop version of the program to download or print records of your drives, which you can categorize by date, month, year, or any other pre-designated categories that you’ve created.
Does it cost anything?
Mile IQ offers two plans: Basic or Unlimited. The Basic plan is free and provides 40 free drives every month, which is great for those with small businesses or those wishing to slowly move away from keeping a hand-written log. The Unlimited plan has, as its name implies, no limit on the number of drives you can record. You can choose to be billed monthly for $5.99 per month (good for short-term projects) or annually at $4.99 per month (best for frequent travelers).
Who should get this app?
Most major companies provide employees with compensation for business travel expenses and this is typically accounted for in your W-2 tax form. However, for those who own a business or work as an independent contractor, Mile IQ might be a good investment. Just a few examples of careers that can benefit from the app include dog walkers, musicians, and real estate agents.
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When it comes to taxes, finding helpful resources from the start can be the difference between a smooth, stress-free filing process and an incredibly nerve-wracking experience. Consider Mile IQ if you find yourself frequently traveling for work and need an easy, digital way to keep track of your miles.