Thrifty Thinking: Mileage Tax Deductions

Tax season is approaching and Americans across the country are preparing by gathering their documents, receipts and other pertinent information. While many people think about basic charitable giving and work expense deductions, many forget about mileage deductions – despite the fact that more than 55 million Americans qualify for the deduction.  

Facts to consider:

●      Mileage deductions can save Americans thousands of dollars in tax deductions.

●      Mileage deductions are frequently audited so knowing how to correctly track this information is critical.

●      US workers who use their personal vehicle for business purposes drive more than 10,000 miles per year on average, which could equal deductions of more than $6,000.

Just in time for tax season, Chuck Dietrich, the co-founder and CEO of MileIQ (a mileage tracking app recently acquired by Microsoft) helps viewers make the most of their mileage deductions. He discusses which miles are deductible, where YOUR city stands versus drivers across the country, and what Americans can do for 2015 taxes and beyond.

 

MORE ABOUT CHUCK DIETRICH

Chuck Dietrich is the Co-founder and CEO of MileIQ and has over 15-years of entrepreneurial experience. Under Chuck’s leadership, MileIQ has quickly become the top-performing finance app in both the App Store and Google Play, and has more than a million users across the US. Chuck was previously the CEO of SlideRocket (acquired by VMware), was a VP and General Manager at Salesforce.com during his nine-year tenure at the company and serves on the boards of numerous companies. When he’s not hard at work building incredible businesses, Chuck enjoys spending time with his family and learning from his children, as well as cycling, kite-surfing and back-country skiing.