How to Use Falcon Expenses GPS Mileage Expense Tracker

If you drive just 30 miles a day for business each work day of the year you can deduct from your taxes over $4000 in mileage expenses.

Falcon Expenses GPS Mileage Expense Tracker Feature

Introduction

In order to take a mileage tax deduction for business miles driven with your car, you need to keep an adequate mileage log. This is where Falcon Expenses GPS mileage expense tracker comes in handy. With Falcon Expenses GPS mileage expense tracker, your business miles are tracked automatically with your phones GPS as you drive. Further, before the year 2000 the technology was not available for accurate GPS tracking of mileage expenses from your phone. With that said, applications like Google Maps and Falcon Expenses could not be paired with GPS on your phone to create the solutions that we have today.

What are the IRS Reporting Requirements for Mileage Deduction

The IRS does not necessarily require that you log odometer readings for each drive. The minimum odometer readings that you need to log are the start and end readings from the beginning of the year and the end of the year. The tax law does not specify anywhere that you need to keep odometer readings for each drive. All that is specified is that you keep an adequate written record of the distance you drove.

The IRS requires that you record four facts when you drive your car for business:

  1. time and date of drive
  2. distance of drive
  3. destination
  4. and the business purpose

You can find all of the details about these requirements on IRS website in the following publication:

IRS Publication 463, Travel, Entertainment, Gift, and Car Expenses, Table 5-1


How to Use Falcon Expenses GPS Mileage Expense Tracker for Logging Mileage Expenses

If you have not already downloaded Falcon Expenses, please do so. This will help you to complete the steps below.

📥 Download Falcon Expenses
Falcon Expenses is free to download. If you’re on a desktop it’s best to use your iPhone and search for Falcon Expenses on the app store.

  1. Open Falcon Expenses, select ‘Track Mileage Expenses’, then select ‘GPS’.
  2. Tap the ‘Start’ button when you are ready to begin your business drive.
  3. Tap the ‘Stop’ button when you are finished with your business drive. Your mileage expenses amount will be calculated based on the per mile reimbursement rate that you set from the settings page.
  4. Enter a reason for your trip in the comment field. add a category, and/or custom tags. Select a report (or not).
  5. Tap ‘Save;, located in the upper right. That’s it!

What are the Key Features and Benefits of Falcon’s GPS Mileage Expense Tracker

Falcon Uses the Accurate GPS Already In Your Phone

To accurately track your business mileage Falcon Expenses uses the GPS that is already built into your phone. Further, your miles are tracked automatically for you as your drive so that you never lose a dime on a business mileage expense deduction again.

Falcon Measures Your Driving Distance

After you start and stop your trip, Falcon knows how many miles you traveled based on the GPS tracker data. Further, from this data Falcon calculates the driving distance.

Falcon Calculates Your Mileage Expenses Amount

The amount of your mileage expense is automatically calculated for you, leaving yet one less step for you. The expense amount is calculated from the mileage expense reimbursement rate and the distance of the mileage expense. Further, the expense reimbursement rate is set by the user. Currently, the standard mileage expense reimbursement rate is $0.58. However, you can set your mileage reimbursement rate to whatever you would like.

Falcon Keeps Your Mileage Expenses Organized

All of your expenses remain safely organized in your Falcon Expenses app. View them by date, project, client, tag, etc. In addition, sort and filter your expenses however you need to, all from your phone.

Falcon Makes it Easy to Categorize & Organize Mileage Expenses

With Falcon Expenses, assign one category to each saved expenses and as many tags as you would like. Also, use tags to add necessary details to your expenses for proper record keeping. For example, create custom tags based on client names, project, project codes, destinations and more. Also, add a category such as the type of drive. For example, personal or business. Or, create a custom tag, even delete a tag that you no longer need. The options are endless. Most importantly, the details you need for the IRS or your manager, or whoever, will be there.

Use Falcon On-the-Go

Falcon Expenses resides on your phone, after all, it is an app. With that said, add, edit, and manage your mileage expenses from anywhere. Falcon Expenses is fully mobile, this means that you have a full set of expense management features in the palm of your hand.

For more details on Falcon Expenses other features please review any of the following posts:

About Falcon Expenses, Inc.

Falcon Expenses is an iOS solution for expense tracking and management. Scan receipts, we type merchant, date and amount, auto-track mileage expenses via GPS and log billable hours with an integrated timer. Quickly organize expenses by time period, project or client and easily prepare reports for email to anyone in PDF or spreadsheet formats, all from your phone. Use for reimbursements, taxes, record keeping or invoicing. Falcon Expenses is great for professionals, freelancers, realtors, business travelers, truckers and more. Find out more, here.

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