Creating log sheets are important to be able to record various information or data depending on its purpose. When creating a log sheet, there are certain log sheet template elements that need to be present in the document in order to have an effective log.
There are many different types of log sheets that also have different formats and designs. When generating a work log sheet, it is important to use a template. In this article, you will find a selection of mileage log templates and links to other types of log templates and samples that you can download and use.
What Are the Requirements of a Mileage Log?
When you are creating a mileage log for your vehicle, there are certain requirements or information that the IRS requires, which is why you need to provide them in your document. You can refer to our log samples to help you create your document. The requirements of a mileage log are as follows:
- A mileage log should contain the exact date of your trip.
- In your document, you should specify the starting point or location.
- Indicate where you are heading to or your destination.
- Write the purpose of your trip.
- Another important requirement is your vehicle’s mileage information during the start of the trip and the mileage at the end of the trip when you have arrived at your destination.
- Also include other information such as the toll fees and other costs during the trip.
Why Should You Keep a Mileage Log?
Keeping a mileage log is important for the purpose of tax deductions. Business-related driving costs or expenses qualify for a tax deduction from the IRS. To be able to get a rebate for the costs that you have spent during your trip, the IRS requires information and data regarding your mileage, that is why it is important to keep a mileage log in order to have an accurate record of your mileage information. Time log samples are also available for download on this page should you need one specifically.
What Are the Benefits of a Mileage Log?
- One of the important benefits of keeping a mileage log is for you to be able to separate your personal driving costs and the costs or expenses during a business-related trip.
- An accurate mileage log will be useful during a company or business audit since you will have a written document that will prove that the trips taken are for business purposes.
- Through a mileage log, this will help lessen the taxes that your business will be charged by the IRS. Even if you are self-employed, you can still qualify for a tax deduction as long as you are using your vehicle for business purposes. That’s why it is necessary to have a mileage log to record all the relevant information and data during your business trip.
- During instances where an individual or company may be accused of fraud, he/she can provide an official and accurate record of the mileage taken, purpose of the trip, costs incurred, and other information.
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