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How do I track my mileage?

How do I track my mileage?

If you travel as part of the operation of your business, you can write off the business use of your vehicle.

Sole proprietors have three options for deducting their vehicle expenses in Found: logged business miles, tracked vehicle expenses, and estimated business miles.

  • Logged business miles. Found allows you to easily track individual trips that you make. When logging a trip, you’ll enter your miles driven and the date the trip took place, along with an optional name and any notes you might want to include. Found will add your total mileage when considering your mileage deduction.

  • Tracked vehicle expenses. If you’re using Found to track vehicle expenses like gas and maintenance, but your vehicle is only partially used for business purposes, this option allows you to set the percentage of time this vehicle is used for your business. We’ll take the sum of your vehicle expenses and multiply that number by this percentage to calculate your business use amount.

  • Using the mileage rate. Alternatively, if you’re already tracking specific mileage for business trips, you can enter your estimated annual business mileage here. Found calculates your mileage deduction at a rate of $0.655 per mile.

Found does not track mileage automatically, so be sure to track this separately and keep your estimated mileage up-to-date based on your actual business use. Sole proprietors are able to change their deduction method by tapping Mileage tracking in the settings menu, or from their tax profile.

If you’re not a sole proprietor, you can track your business trips with Found from the Mileage tracking page.

Read our guide on tracking business mileage for taxes for more tips.

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*Found is a financial technology company, not a bank. Banking services are provided by Piermont Bank, Member FDIC. The funds in your account are FDIC-insured up to $250,000 per depositor for each account ownership category.

The Found Mastercard Business debit card is issued by Piermont Bank pursuant to a license from Mastercard Inc.

The information on this website is not intended to provide, and should not be relied on, for tax advice.

**Direct deposit funds may be available for use for up to two days before the scheduled payment date. Early availability is not guaranteed.

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