Mileage expense tracking, anyone?
We released an update to Paybackable.com this morning that adds mileage expense tracking. It uses up-to-date IRS rates (now 50.5 cents per mile for 2008) to calculate how much you can get reimbursed for those business miles. Just enter the date of travel, a description (purpose of trip, destination, who you saw, etc.) and the miles driven and Paybackable will calculate the correct amount.
One other interesting note about this feature: it actually solves a gap in QuickBooks. Their vehicle mileage tracking feature doesn’t support reimbursing employees for their miles. To quote their support site: “You cannot use vehicle mileage tracking to reimburse your employees for mileage.” Their suggested solution is to create a bill payable to the employee (or vendor) with line items for the trips. This is precisely what Paybackable does, which is nice.
Check it out at www.paybackable.com
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Does anyone know where I can get a breakdown of the mileage expense? i.e. of the 50.5 cents, how much is allocated to gas, depreciation, insurance, etc?
There’s a discussion on Intuit’s TaxAlmanac site - says the only thing they’ve seen published on the breakdown is $.21 for depreciation
http://www.taxalmanac.org/index.php/Discussion:Standard_Mileage_Rates_for_2008
I also posted an analysis of the change in standard mileage deduction versus the rise in gas costs over the last 7 years:
http://blog.paybackable.com/?p=12