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At what point is tracking mileage expenses counterproductive?
Go with me on this. Lets say I drive about 8 miles to meet with a local REIA or other group (which I do often). To track any mileage expense .. ie. driving around looking for a property, REIA meeting, etc. I would estimate it would take about 2 minutes of time (at least) .. thinking about and mapping out how many miles you actually traveled, pull out your notepad or cell phone, write in the mileage, then tally the mileage along with others come tax time, etc. Now, 8 miles (56c/mile) come out to a $4.48 deduction, which in actually comes out to $1.12 in real money saved (its a deduction, not a credit etc.)
Now, say you and I value our time at $100/hour (I think a lot of us would value it higher), this means that we value it at $3.33 per 2 minutes. Now let me as you, is tracking this deduction even worth it, time-value of money wise? I don't know that it is. If Amanda Han (love the book so far!) or any other CPA could comment, as well as those that track mileage expenses often. What do you think?