About
Tracking your miles for business travel can be a great way to get extra tax savings if you're self-employed and file a Schedule C for your business. Log each business trip in My trips and Finaloop calculates its value at the IRS standard mileage rate, so you or your tax preparer can claim the deduction.
The standard mileage rate is an alternative to tracking your actual vehicle expenses.
Who is this for? Businesses without a separate legal entity (sole proprietors) and single-member LLCs that file a Schedule C. My trips only appears in the sidebar for these businesses.
1. Tracking your business mileage
In the sidebar, click My trips. The Trips history page opens.
Click Add new trip.
Enter the Date, the Distance traveled (in miles) and a Description. The Amount fills in automatically at the IRS rate for that date.
Click Save.
A Trip added message appears, and the trip shows in the table. Total trips, Total distance and Total in USD show your running totals.
To download your trips for your tax preparer, click Export. To remove a trip, click the delete icon on its row, then confirm in Delete trip.
Your trips are a log for your tax return. They don't change your books or your Profit & Loss.
2. FAQs
Which miles count?
Business miles you travel that are "ordinary and necessary" for your business can be a write-off for tax. Some examples include meetings with customers or vendors, or visiting a warehouse or post office to manage your shipments. For example, if you're visiting a warehouse that's 20 miles away, you can deduct 40 miles: 20 for the way there and 20 for the way back. Commuting between your home and your regular place of work doesn't count.
How does the deduction work?
The IRS gives you 2 options to calculate your deduction for car expenses:
Actual expenses: parking and tolls, gas, vehicle insurance, vehicle lease payments, vehicle loan interest, registration, repairs, wash and road services.
Standard mileage: the standard mileage rate per mile, plus parking and tolls.
IRS standard mileage rates for business:
Year | Rate per mile |
2024 | 67 cents |
2025 | 70 cents |
2026 (January 1 to June 30) | 72.5 cents |
2026 (from July 1) | 76 cents |
Need help?
If you have questions about tracking your mileage, contact our support team through chat or at [email protected].