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.
Report your business-related trips to access your vehicle tax deduction based on the standard rate per mile. This method is an alternative for tracking your actual vehicle business expenses.
1. Tracking your business mileage in Finaloop
If you file a Schedule C for your business (and not Forms 1120, 1120-S, or 1065), here's how to track your mileage in Finaloop.
Sign in to your account.
On the left-side menu, select Money Savers, then select Track Mileage to report your business-related trips.
Click Add New Trip.
Enter the requested details: Date of the trip, distance traveled, and description. We'll automatically calculate the amount using the rate per mile published by the IRS for the relevant year.
2. FAQ related to tracking your business mileage
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 your visiting a warehouse that's 20 miles away, you can deduct 40 miles - 20 for the way there and 20 for the way back.
How does the deduction work?
The IRS provides you 2 options to calculate your deduction for car expenses:
Actual expenses - parking & tolls, gas, vehicle insurance, vehicle lease payments, vehicle loan interest, registration, repairs, wash & road services.
Standard mileage - Standard mileage rate per mile + parking & tolls
For 2025, the rate is 70 cents per mile.
Need Help?
If you have questions about tracking your mileage, contact our Support team through chat or at support@finaloop.com.