What Is A Mileage Log How to use the mileage log template A mileage log book is a monthly or yearly record of your business related travel that the IRS or your employer demand for tax deductions or reimbursement purposes
A mileage log is a spreadsheet or logbook that holds records of the number of miles that you have traveled in your vehicle for business purposes only over a period of time With a mileage log you can use it to claim a This free mileage log template tracks your trips and automatically calculates your mileage deduction on each one It s user friendly compliant with IRS standards and quite pretty to look at All in all it s a perfect solution for your own taxes or for requesting a mileage reimbursement from a customer or employer Entering your trip details
What Is A Mileage Log
What Is A Mileage Log
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Free Printable Gas Mileage Logs Printable Templates
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Mileage Log For Taxes Requirements And Process Explained MileIQ
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How to Calculate Mileage Log Deductions There are two methods of calculating mileage deductions The first method is the standard mileage rate whereby the IRS sets a specific deduction per mile The current starting in 2018 IRS standard mileage rate is 54 5 cents per business mile According to the IRS your mileage log must include a record of Your mileage The dates of your business trips Places you drove for business The business purposes for your trips The IRS also wants to know the total number of miles you drove during the year for business commuting and personal driving other than commuting
What mileage log formats are accepted by the IRS The IRS accepts two forms of mileage log formats paper logs and digital logs Paper mileage log A paper log is a simple written record of your business miles driven It should include the date the purpose of the trip and the total miles driven for each business trip Digital electronic Your mileage log must include the starting mileage on your vehicle s odometer at the beginning of the year and its ending mileage at the conclusion of the year Each time you use your vehicle
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Key Takeaways The Two Methods for Business Mileage Deductions When you visit the IRS s website in search of the mileage log requirements you ll notice that there are two ways to report mileage The first way is by reporting mileage using the standard mileage rate What you need in your mileage log The mileage deduction can save you thousands on your taxes But the IRS won t just take you at your word for how many miles you drove This template for Excel gives you everything you need to satisfy what the IRS wants for documentation This includes Your mileage for trips The dates of your business drives
Exact Mileage Document the miles driven for each trip Use your vehicle s odometer or a reliable GPS tracking system Separate Business and Personal Use Clearly distinguish between business and personal trips Regular Updates Update your log regularly ideally daily or weekly to ensure accuracy Consistent Record Keeping A mileage log also known as a mileage tracker or mileage diary is a record of the distances traveled by a vehicle for business personal or tax related purposes This information is meant for tax and bookkeeping purposes It shows the distance a vehicle has traveled for a particular period of time This will include the specific date of the
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How to use the mileage log template A mileage log book is a monthly or yearly record of your business related travel that the IRS or your employer demand for tax deductions or reimbursement purposes
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A mileage log is a spreadsheet or logbook that holds records of the number of miles that you have traveled in your vehicle for business purposes only over a period of time With a mileage log you can use it to claim a
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What Is A Mileage Log - A Mileage Log consists of detailed information about the trip It consists of the date of travel purpose starting and ending points of the trip odometer record of start and end and total expenses The mileage log must bifurcate business travel based on purpose
