I’m a small business guy in Annapolis, and have been for the past 5 years. It’s a great adventure with a pretty good mix of fun and stress.
One thing that tends to cause more stress than others for most of us in a Maryland small business, is dealing with taxes and tracking expenses. It’s always a challenge to make sure we can get the biggest tax deduction possible.
Tracking Annapolis Business Mileage
Whether you’re in an exceptional MLM business, a realtor, in sales, or just run your own shop, one of the more annoying things can be the tracking of business mileage – the trips we take driving our own sedan around the Baltimore area. And with the IRS giving a 56.5 cents/mile tax deduction to taxpayers in Maryland, we can hardly afford not to! Making a mileage log of our Maryland trip miles can make a big difference.
My cousin, a Maryland real estate agent, has kept a little notepad in his red car where he jots down odometer readings and destinations. That works pretty well until it’s tax time and his wife, the accountant in the family, has to enter it all in a spreadsheet and tally up the totals, calculating the deduction they can take for the year. It’s a pain, and there have been times when the notebook has been lost or overwritten with an important phone number.
A great help in the last few years have been the advent of smartphones into our everyday lives. I usually opt for an app called MileBug to track my business miles. I use MileBug for iPhone, but there’s also MileBug for Android and MileBug for Windows phones, too. Some quick entries each time I get in the car, and the app does the rest. I can even track my trip with GPS if I want for trips around Annapolis or anywhere.
I can generate a report in seconds that lists out all my trips, the distance travelled, all totaled up with the tax deduction in bold. At tax time, I can simply email that report to my Maryland accountant right from MileBug on my phone. Done!
Just a tip I thought I’d pass along, from one small business owner to another.
Check it out at the weblog: www.milebug.com.