updated 3/17/2011 2:17:29 PM ET 2011-03-17T18:17:29

SPRINGFIELD, Mo., March 17, 2011 (GLOBE NEWSWIRE) -- Regardless of the rising cost of fuel and motoring, the IRS mileage reimbursement rate has been cut by 14% over the last 2 years. Starting from a high of 58 cents a mile in 2008, it was slashed to 55 cents in 2009 and then again to 50 cents in 2010.

Keeping a logbook is an essential part of vehicle usage for all business and the self employed. But the IRS knows that this is always a weak area and is now targeting mileage records as the first strike point.

With government income streams drying up, the IRS is looking hard for new revenue sources. Mileage records are proving to be an easy target.  Recently, taxpayers have been reporting an increased rate of correspondences requiring them to justify the mileage claims on their tax returns. This seems to have been directed particularly at the self employed and small businesses. What is also apparent is the level of details they are requiring. No longer are generic descriptions of A to B acceptable, but they are now wanting times, trip purposes and even zip codes. On top of that it's become common practice to perform spot checks on the distances. This has obviously increased the number of deductions being refused and penalties for false declaration being issued.

Employees using company cars often think they are safe from scrutiny.  What is often not realised is that the vehicle is classified as a benefit in kind.  As company cars are used for the personal use out of business hours, this makes it a taxable income.  Unless all the mileage claimed can be properly accounted for as business, the employees as well as the companies are open to serious scrutiny for false declaration of earnings.

The question is "how can you claim back those miles against your tax bill without risks?" Keeping a manual log book works well in theory but how many of us remember to record every mile, every day, and every month? This apathy is costing the self employed and businesses a fortune.

Fortunately a new GPS technology is making the exercise or recording every mile driven an effortless task.  Cougar Innovations, has designed a system called the Triplogik™. A single purpose device designed specifically to tackle the onerous task of collecting your mileage records.

This innovative product is now giving self employed, businesses and individuals the ability to claim back and justify thousands of dollars in taxes at a very low price tag.

The Triplogik™ TL1000 is only 2.5 inches in diameter by less than ¾ of an inch thick and comes with its own custom software. Placed on your car's dash, it is extremely easy to use having only one button. As you drive off, you are reminded by a beep to decide the trip type, just press the button for business, or ignore for personal usage.  If you so choose, there is enough memory to record over 50,000 miles before it needs to be erased, allowing you to go for a whole year before processing into a report.

When required, connect it to your PC via the USB port to upload. The software automatically converts the data into fully addressed, time stamped trips ready to export or print as a report in only a couple of clicks. Extra verification of the trip purpose is made easy by all the trips being quickly visible in Google Maps™ and with the unique "Place Clustering" technology; annotation becomes a semi automatic process.

The Triplogik™ TL1000 is a one off purchase. There are No Subscriptions, No Monthly Fees, No Hidden costs.

Triplogik is definitely a wise investment yielding more claimable miles, time savings and peace of mind. There's really no "Logik" in not getting one!

Visit their website at www.triplogik.com
Editors call for a free review editorial sample at 1-800-803-4370
For product photos or additional information, contact GNV Direct at
417-887-2980, or by email at marlene@gnvdirect.com

Editorial Contact:
GNV Direct        
Phone: 417-887-2980
Fax: 417-887-5812

This information was brought to you by Cision http://www.cisionwire.com
http://www.cisionwire.com/triplogik/irs-mileage-reimbursement-rates-reducing-steadily-since-200897605

The following pictures are available for download:

[Image] Triplogik

© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved

Discuss:

Discussion comments

,

Most active discussions

  1. votes comments
  2. votes comments
  3. votes comments
  4. votes comments

Data: Latest rates in the US

Home equity rates View rates in your area
Home equity type Today +/- Chart
$30K HELOC FICO 5.03%
$30K home equity loan FICO 5.68%
$75K home equity loan FICO 5.00%
Credit card rates View more rates
Card type Today +/- Last Week
Low Interest Cards 13.42%
13.42%
Cash Back Cards 17.94%
17.94%
Rewards Cards 17.15%
17.15%
Source: Bankrate.com