Of course, keeping detailed records of all your trips takes the guesswork out of calculating your specific mileage for each category. Once you subtract this number, you’ll be left with your personal mileage. From there, estimate your commute mileage by multiplying your commute length by your days worked (a weekly average is okay for all but the most detailed of purposes). Since your mileage log template records your business mileage, you can subtract that number from your total mileage. It’s also a good idea to know your business, commute and personal mileage. The IRS will also want to know the total number of miles you drove for the year, which can be found by subtracting the starting mileage on your odometer from the mileage at the end of the year. Our Excel mileage log template meets IRS requirements, meaning it contains all the information the IRS expects to see in the event of an audit. That’s where your mileage log comes into play, serving as an acceptable record to substantiate your tax claim and provide a basis for the figure you deduct. However, the IRS does not operate based on the Honor System they require detailed records in order to validate your mileage deduction. Thorough mileage tracking can save you significant amounts of money during tax season.
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