MileBug iPhone app updated with IRS deduction rates 2012
For those iOS users over in the good ole US of A that like to use a application to work out their mileage rates for tax purposes you might like to know that the MileBug iOS app has now received an update to included the IRS tax deduction rates for this year.
The MileBug app for iPhone and iPod Touch helps those that use their own vehicle for business, medical, charity or other purposes to gain reimbursement and/or tax reduction along with featuring GPS full path tracking with Map display.
Apparently the IRS have only changed the Medial/Moving rate and thus decreasing it by half so the rates for 2012 are, for business miles driven — 55.5 cents per mile, medical or moving purposes — 23 cents per mile, and driving for service in charitable organisations — 14 cents per mile.
The updated iOS app now incorporates these new rates for the period January 1 2012 and forward and for those that have different rates because of employment or geography the rates can be edited in the Presets tab under Types/Rates.
If however you prefer to calculate using kilometres rather than miles the MileBug app for iOS also allows for this option, whilst if you get one rate from your employer for reimbursement, and another rate from the IRS for your side business, you simply create two different business rates.
If you don’t already use the MileBug app for iOS we have a quick demo video for your viewing consideration below so you can find out just what the app does, and for those that wish to gain the app the MileBug app can be downloaded from iTunes at a cost of $2.99.
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