The standard IRS mileage rate for 2019 is .58 cents per mile. That means if you drive an average of 500 miles monthly. The tax benefit or deduction for the year is $3480 dollars. When you think about it, that’s a substantial amount. However, it’ important that you track and document those business miles. You can track your mileage manually with a spreadsheet or in a journal for example. Or you can use an app like Meeting Mapper.
Meeting Mapper allows you to track and record all your business-related mileage, so you are compliant with IRS regulations. In addition, you can track mileage and expenses related to your business meetings. Linking your mileage and expenses to meetings gives you a true cost of business.
Mileage Rate Table US and UK
- 58 cents per mile for business miles driven, up from 54.5 cents for 2018
- 20 cents per mile driven for medical or moving purposes, up from 18 cents for 2018
- 14 cents per mile driven in service of charitable organizations, unchanged from 2018
According to the current AMAP rates, you can claim 45p per mile on the first 10,000 business miles and 25p per mile on anything over this limit. This means your total mileage deduction for 2017 / 18 would be £5,750.
Meeting Mapper allows you to configure your mileage rate and Distance in Miles or Kilometers.
With 2019 well on its way, it’s time to start tracking your business-related miles. How many miles have you not tracked? With Meeting Mapper, you can start today. Meeting Mapper pays for itself every month with just logging 15 miles a month.