Friday, March 18, 2005

Tax Deductions

Wow, the government (IRS) allowed deduction for mileage is up to $0.405 per mile. And that was before we hit the new, record high for price of gas at the pump.

Something else I didn't know was that the mileage deduction for medical, moving, and charitable purposes is less than the standard mileage rate. Which just reminds me that I need to start tracking those.

Since we itemize deductions in our return, I should really start tracking this again. But it was such a pain to remember when to track mileage, I didn't keep it up.

Hey, does anyone know of a GPS system which tracks mileage of a vehicle and allows for a data dump? It would seem to me you could take a data dump, input some standard locations (doctor's office, work, charity, etc) and it could give an output of mileage for relevant trips. A few more details are floating in my head, but you probably get the jist of my latest brainstorm.

Editor's Note: This is not a new idea. There is both free software to download the data from your current GPS unit, and whole units dedicated to just this idea. So much for my "many years too late" brainstorm.

2 comments:

Glenn said...

Jeffrey,

You could just keep track of how many times you go to X-deductible location, and then use Mapquest to get the distance for one round trip. I teach Sunday school in Raleigh, so I use this method for deducting that mileage.

Jeffrey Davidson said...

Yah, that is a fine plan if you are a single destination driver, but part of the joy in using this deduction is that all other stops during the trip for the purpose of X are deductable. It's figuring all of this that makes it more of a hassle.