Free Download Mileage Log Template and Tips How To Use It
If you are a business owner or an employee, maintaining a mileage log is important which this can lead to a significant saving from mileage deduction. Recording your business travel is now so easy because you just need to download our mileage log template on this page.
Mileage Log Template
These templates provide you a clear idea about the mileage covered by your car. It comes in any kinds of formats and can be customized easily.
If you are using your own vehicles for business, you can deduct the percentage of your driving expanse through taxable income. This is why you need to make an actual report related to business activities.
Keep in mind that the IRS issue specific rules about what kind of businesses that are eligible for mileage deduction. Certainly, your daily commute from your house to the office will not be included in the mileage deduction. But if you travel from the first office to the second one, this can be.
Furthermore, mileage deductions are also business travel such as ass business conferences, business-related events, and meetings. This includes dinner with prospective clients.
Recording The Mileage Log
In this case, the IRS is so strict when it comes to documentation about business mileage deductions. This is why our mileage log template will help you make an accurate report for a claim.
There are some factors that must be included when starting mileage on the vehicle’s odometer. This begins with the year and the ending mileage at the end of the year. Every time you record your mileage, you need to include the following aspects, such as:
- The date of the trip
- The starting point
- The purpose of the trip
- The destination
- The starting date of the vehicle’s mileage
- The ending date of the vehicle’s mileage
- Trip-related costs or tolls
Our mileage log template is so easy to use that you can simply print it and update it with your pen.
What Mileage Is Deductible?
There are a number of deductible mileage for a personal vehicle for business, such as small-business owners, self-employed and freelancers. In this case, the business drives will include picking up supplies, clients, drives between the offices and so on. If you are going there by commute, this cannot be deducted.
How To Calculate The Mileage Deductions?
There are two options you can use for claiming the mileage deduction. One is using the standard rate from the IRS, or the second one by using the actual expenses.
If you opt for the standard mileage rate, you cannot include other things such as repairs, maintenance, operating expense, and also registration fees. Meanwhile, when you pick the second option, the actual expenses, you have to stick with your documents when recording the mileage and also all of the other costs. For example, if the vehicle you are using is $4,000 in 2016, and 50% of the total mileage is for business, then you can deduct it to $2000 from the taxable income.
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