To set your mileage rate, go to Settings > Mileage Rates and enter the per-mile rate used to calculate your tax deduction.
Step-by-Step
Go to Settings (tap the gear icon in the top right)
Tap Mileage Rates
View or update the per-mile rate
Save
Flippd uses this rate to calculate your deduction when you log business trips. Rates are only for US at this point in time. We aren't tracking other countries yet like Canada, so you can just enter the rate.
Default Rate
Flippd defaults to the current IRS standard mileage rate ($0.67 per mile for 2024/2025). The IRS updates this rate annually -- check irs.gov for the latest rate.
Note: This is only applicable when Business Country is US. It won't apply if not in US and will allow you to add a custom amount.
Rate is applied based on date of expense
Different country -- If you're outside the US, enter your country's per-kilometer or per-mile deduction rate
Good to Know
The rate applies to all new mileage entries going forward provided the date is in that year
Existing mileage entries keep the rate they were recorded with
Most US resellers should use the IRS standard mileage rate
Consult a tax professional if you're unsure which method to use
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