How do I find my 2016 totals in MileIQ?
If you're deducting vehicle expenses on your 2016 tax return, you'll need to enter a few key pieces of information on your Schedule C. You'll find those details in the summary section at the start of your MileIQ 2016 annual report.
First you'll want to make sure you've finished classifying your drives and entered any additional vehicle, purpose, parking or tolls information. (Here are some tips for how to bulk-classify drives on the web dashboard.)
Then you'll get your 2016 annual report from the MileIQ mobile app or web dashboard. (Learn how.)
In the "Vehicle Expenses" section of the MileIQ report summary*, you'll find a total that represents the value of business mileage, parking and tolls for all your vehicles. If you're using the standard mileage rate for your deduction, this is the amount to enter on Line 9 ("Car and truck expenses") of your Schedule C.
In the "All Miles" section of the MileIQ report summary, you'll see the number of business, commute and personal (other) miles for each vehicle. This is the information you'll enter on Line 44.
* The summary table above is included in all CSV and PDF reports created on the MileIQ web dashboard. At this time, it’s not included in reports requested from the MileIQ mobile app. Learn how to get reports from the dashboard.
What do I include on my Schedule C?
You'll enter your vehicle expenses in one section of your Schedule C and your mileage in another. The totals can all be found in your MileIQ annual report.
Vehicle Expenses [Line 9]
Line 9 is where you enter your total "car and truck expenses." If you're taking the standard mileage rate deduction, this is equal to the number of business miles you drove (across all vehicles) multiplied by $.54/mile, with any work-related parking and toll expenses added in. (MileIQ makes it easy and does this calculation for you.)
If your employer reimburses mileage at less than the standard mileage rate, you may be able to deduct the difference on Form 2106. Learn More.
Mileage Totals [Line 44]
Whether your deduction is based on the standard mileage rate or actual expenses, you’re required to enter information about your vehicle(s) in Part IV of your Schedule C. Each vehicle needs its own separate entry and should include these mileage totals on Line 44:
- Number of business miles
- Number of commute miles
- Number of other (i.e., personal) miles
What do I do with my 2016 mileage log?
Although you do not need to report individual drives, the IRS requires you to have a detailed mileage log to back up your deduction. This log should be a "timely-kept record" that gets saved for several years in case of future audit.
It should include the following information for all of your business drives:
Note that you’re NOT required to include odometer readings or exact addresses in your mileage log.
If you've been using MileIQ, your 2016 mileage is logged and calculated. Here's how to find the totals you need for your tax return. If you still need to add purposes or vehicles—or any parking, tolls or notes—now is a great time to do it. (Use filters and bulk actions on your web dashboard to get it done quickly!)
Once your drives are classified and ready to go, you can request your 2016 annual report from the MileIQ mobile app or web dashboard.
This report is your 2016 mileage log. Print, save or share it along with your other tax-related documentation. Then breathe a sigh of relief and move on to what's next.
Claiming medical, moving and
You’ll use a Schedule A tax form for these deductions. Learn more on the blog.
What small business
expenses are deductible?
We’ve put together a comprehensive e-book for small business owners. Download it now.
Have you named locations,
set work hours or customized reports?
Make sure you're getting the most out of MileIQ. Explore the Help Center.