Tax season is upon us and it is a known fact that for most businesses, business mileage is one of the biggest deductions they have on their taxes. Business drivers are entitled to thousands of dollars every year, so it becomes extra important to protect those thousands from a CRA audit.
CRA audits often target mileage preferentially due to its high dollar volume. Quite simply, the CRA is vigilant about excessive claims and unfortunately some people are downright guilty of “fudging the numbers” to get more money back on their tax returns. Then there are those professionals who will “guesstimate” their weekly or monthly mileage at tax filing time, simply because they did not use a proper log and this too poses a real problem in the event of an audit with the CRA.
“The CRA requires that entrepreneurs and business professionals alike who want the lucrative standard mileage deduction – a whopping 58 cents/km for the 1st 5000 km and 52 cents/km thereafter in 2019 – provide a detailed log of vehicle expenses with 7 pieces of information required for each business trip being deducted.
“They often flag mileage claims as a target for audits,” explains Sandra Spiller, who is the co-founder and co-owner of Mileage Trakker, “because they know most people claiming the standard mileage rate don’t have the right records.” It’s an easy way for the CRA to reclaim a lot of money as audits start three years back and then people have to repay three years-worth-of deductions at one time. That’s right, every year thousands of busy professionals and businesses get audited and mileage is often the #2 category that they review.
Spiller’s new venture, Mileage Trakker, is turning the tables on getting and keeping your lucrative mileage deduction. Now becoming widely known here in Halton, across the GTA and Toronto, Mileage Trakker is enabling users to “trakk” their vehicle activity automatically and then delivers them perfect CRA compliant mileage records!
The Mileage Trakker solution is simple. All you need to do is plug the handy-device into your OBDii port, send in your starting odometer reading, and then simply drive away.
“Our device, which is about the size of a battery, automatically tracks every trip the vehicle makes, so all people have to do is tag their trips “business” or “personal” and we add in the tags and handle all the paper work. We do the part they hate, and they get the money which is the part they like,” smiles Spiller.
Given that the average Canadian business driver who is at the 20.5% tax bracket will pocket $2000+/year from mileage, it’s a deduction worth taking and Mileage Trakker is making it easy to do that.
“Stop fudging your records, leaving money on the table, or not taking this deduction” says Spiller, “and instead go to an easy, simple connected car solution that nails down your money. The taxman is betting that you don’t have the right records and they can reclaim the money. Now you can bet on keeping your money if audited and instead focus on what you can do with that extra money in your pocket.”
This herbal supplement levitra 10 mg helps to restore lost vitality and vigor. If cialis generico mastercard icks.org you start losing interest in sexual thoughts and sexual activities, then you may be suffering from low sex desire. The case involves a scenario that leads one with trouble during physical intimacy and sexual intercourse as sildenafil generic cheap there is a solution to their problem as well. Considering research chemicals appeal to only a select few, sharing this information buy viagra in usa is likely to be overlooked.
“Our technology is perfect to use when filing taxes with the CRA because Mileage Trakker provides all your 3rd party verified, government compliant paperwork ready-to- hand-in to your tax preparer or employer. You have no data to download, and no reports to create,” says Spiller.
“Users don’t even have any buttons to click to create their reports. Mileage Trakker delivers the finished reports straight to your e-mail. All you need to do is just open the e-mail and hand them in to your accountant or bookkeeper. Or, give them to the CRA in the case of an audit,” she adds. “Plus, Mileage Trakker stores your records for seven years (the length of time you could be audited), so you can always produce your records.”
The technology is ideal for independent business owners, sales representatives, and corporate executives who are deducting mileage on their taxes. Plus, it’s an efficient way to get accurate mileage documentation for mileage that is reimbursed by your company.
Even better, this new device that just hit the market is a great way to log your vehicle activity without being distracted while driving on the road, especially in Ontario as the government just ushered in its new Distracted Driving Law. The great thing with this technology is this: People do not need to turn the device on and off. Once they plug it in, they can forget about it. They don’t touch it or interact with it in any way while driving.
Thanks to Mileage Trakker, taking the standard mileage deduction and truly benefiting from all the kms you drive for business is as easy as 1-2-3!
Sandra Spiller is available for media interviews to talk about the new technology her company is offering and how it will help you at tax time.
Visit Mileage Trakker online and discover this amazing new technology: www.mileagetrakker.com
