I know, I know – I nag about mileage, but it can be a completely bulletproof way of incurring TAX FREE INCOME. You have car expenses, so let the business pay for them! And you pay for business expenses personally, get that back.
The automobile allowance rates for 2017 are:
- 54¢ per kilometre for the first 5,000 kilometres driven; and
- 48¢ per kilometre driven after that.
Track! Your! Mileage! And biz expenses paid personally.
You can Hubdoc your expenses, or use another app (i know, I know – another app – just saying).
I recommend Everlance. Here is a list of solved pain points for my clients & I for mileage and biz expenses paid personally. I have suggested the premium version as the way to go for my clients. See bottom notes on REPORTS!
1: Browser as well as mobile app
2: Accountant dashboard
3: Lots of pre sets and report options
3: Always on tracking option
4: Can pre set rates
5: Biz, personal and “other” swiping
6: Assign details
7: 40 trips in the free version
8: Snap a pic
9: Preset conditions and accounts
10: Lots of details can be assigned
REPORTS – I’m discussing premium
11: Calculated totals come in on report
12: Pdf option so can go right to Hubdoc!
13: Mileage destinations come in as photos
14: Pics of expense receipts are right within the report! no double snapping pics into the expense app and the doc management app!!!
15: Lots of options for how, when, what you want to report
16: Accts’s have access to reports in the acct dashboard
Whichever you chose, just get on with it.
Accurately track your mileage and expenses!
Make them bulletproof!