A business or company’s fleet management comes with a number of paperwork that can involve Hours of Service, Commercial Driving Licences, vehicle inspection, training plans, mileage, and more. These documents are mandatory for businesses to make sure that they comply with regulations. Mileage is an important document that contains the calculation of a company’s tax deductions and the filing of annual tax returns. A mileage log book is a spreadsheet that documents the number of miles that taxpayers have traveled using their vehicle for business trips over a certain period of time.
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What Is a Mileage Log?
A mileage log or log book is a detailed documentation of the mileage driven in every vehicle which companies use to comply with Internal Revenue Service (IRS) rules and regulations. This regulation refers to the review or audit of a business’s accounts and financial records to ensure that they are accurate and authenticate that the tax amount provided is correct. As an employee, a mileage log allows you to claim a tax deduction or cash reimbursement from your employer.
How to Create a Mileage Log
Tax deduction for utilizing company vehicles for business purposes is allowed given that the company follows the standard mileage rate or business percentage of the actual costs. The mileage log is a piece of evidence used for a business’s spending and records the company’s business vehicle, mileage, place, date, and description of the business trip. You can also create this type of log in an Excel spreadsheet or download a log template you want to use online.
Step 1: Ensure That You Are Qualified for a Mileage Deduction
You are qualified to claim a deduction if you are traveling from your company office to a work site, performing business-related tasks, required to attend medical appointments, moving between posts, and performing or working with charitable organizations.
Step 2: Choose a Method of Calculation
There are two ways of accounting for mileage deduction amounts. You can track how much distance you have traveled during the tax year or claim deductions for vehicle spending during a course of qualified activities.
Step 3: Make Sure to Document Your Odometer at the Start of the Tax Year
Taking the standard mileage deduction means you will have to record and report the total miles that the company vehicle has driven in a tax year. Document the company vehicle’s odometer at the start of the tax year.
Step 4: Keep a Driving Log
Make sure to keep a driving log for documenting the total miles you have driven if you are taking the standard mileage deduction.
Step 5: Document Your Odometer at the End of the Tax Year
Record the ending odometer reading of the vehicle at the end of the tax year. This data will be used with the odometer reading at the start of the tax year to determine the total miles driven for that year.
What are the different types of mileage deductions?
Mileage deductions have two different types which are the standard deduction and the actual expense deduction. The standard deduction is determined by the IRS and is a good option for people that travel for business using their vehicle vehicles while the actual expense deduction allows an individual to count their mileage and other fees into their tax filings.
What information must be recorded to claim an IRS mileage deduction?
To claim an IRS mileage deduction, make sure to document essential information such as the date of the trip, the starting location, the destination, the purpose of the trip, the starting and ending mileage for every trip, and toll and other trip-related expenditures.
What are the tips for tracking my mileage?
To track your mileage, you can download a mileage or miles tracker mobile app, utilize the odometer of your car, or use Google Maps Timeline as your mileage log backup.
A mileage log is a spreadsheet document used by companies or businesses to record the miles traveled by their company car over a certain period of time. This log sheet or book contains the record of related details on a business trip such as the date of the trip, trip mileage, purpose of the business trip, and the location you have driven to and from. With a mileage log, you will be able to claim a tax reimbursement or deduction from your boss.
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