One of the best ways to ensure that you’re indeed making money off of your rental property is to track your mileage. You can use a mileage tracker app that you can Download on Google Play Store, a GPS tracker, or a simple spreadsheet to keep tabs on all the miles you travel for your rental business.
Not only will this help you save money on taxes (you can deduct the miles you travel for business purposes), but it will also give you a better idea of how much time and effort you’re putting into your rental business.
If you find that you’re spending too much time and money on your rental property, it might be time to reconsider whether or not it’s worth keeping it. On the other hand, if you find that your rental business is profitable, tracking your mileage can help you figure out how to optimize your operations and make even more money.
What are some tips for landlords on how to get started with mileage tracking?
There are a few things that landlords should keep in mind when it comes to mileage tracking. First and foremost, it’s important to have a clear understanding of the HRMC’s mileage deduction rules. This will ensure that you’re able to accurately track and deduct your mileage expenses come tax time.
Another thing to consider is that there are a number of different ways to track your mileage. Whichever method you choose, just make sure that it’s one that you’re comfortable with and that will be easy for you to stick to over time.
Types of mileage trackers for landlords
Being a landlord comes with a lot of responsibilities. You have to make sure that your tenants are happy, and that the property is in good condition, which may require you to be up and down frequently. In this regard, there are few best mileage trackers to use as follows:
The most common type is the odometer reading, which simply records the number of miles traveled. This can be useful for landlords who want to keep track of how much they are using their vehicles for rental purposes. Another type of mileage tracker is a GPS tracker, which uses satellite technology to track a location in real time.
The third type of mileage tracker is an activity tracker, which records the number of steps taken or the amount of time spent moving. This can be useful for landlords who want to keep tabs on their exact travel activity.
How to use mileage tracking to keep track of your properties
To get started, you’ll need to find a good mileage tracking app or website that is suitable for your needs. Once you’ve found one, sign up and start adding your properties. Most mileage tracking apps will allow you to add multiple vehicles, so make sure to add all the vehicles that you use for your business. Once you’ve added them, add your properties. You’ll need to enter the address, square footage, and type of property (commercial or residential).