How to Up your Mileage Game with a Mileage Log Creator
Not sure how to create a mileage log? Do you want to know how to log your miles to get the most out of your mileage tax deduction? We’ll answer the most important questions in this article so you can create a mileage log quickly & easily.
What is a mileage log good for?
A mileage log is helpful for keeping track of the distance traveled for a variety of reasons, including tax deductions for business travel expenditures, employer reimbursement, and personal record-keeping. A thorough mileage diary helps to determine the total number of miles traveled properly and offers a paper trail for tax or expenditure purposes.
What are the mileage log requirements of the IRS?
According to the IRS, a mileage log must contain the following details:
- Date of trip
- The trip purpose (e.g. business meeting)
- Odometer readings at the beginning and the end of the year
- The mileage of the trip
- Total mileage for the entire year
The distance log needs to be contemporaneous, which means that the entries need to be made at or close to the time of the trip. If the log is incomplete or inaccurate, the IRS may refuse to accept the deduction.
Additionally, the IRS asks for more proof, such as invoices or receipts, to back up the spending reported if you go with the actual expense method. If you choose the standard mileage rate as a method of calculation, you only need to accurately report everything in your mileage log.
What’s the most efficient way to log your miles for taxes?
“How to log your miles” is a popular question when it comes to a mileage tax deduction.
There are a number of effective techniques to track your mileage for tax purposes, including:
1. Using an automatic mileage tracker app: There are mobile applications like MileageWise that make it simple to track your mileage and keep a log available. A good mileage app should automatically monitor your trips, auto-classify them to business Ů personal trips, and figure out how far you’ve gone.
2. Keeping a written journal in your car: You may also manually record the date, reason, and odometer readings for each trip in a written log that you keep in your car.
3. Using a spreadsheet: You may track your distance by creating a spreadsheet on your computer, which enables you to quickly group and tally your miles for various purposes.
The most efficient, easy, and quick method by far is to track your business miles in a mileage tracker app.
NOTE: Whatever approach you decide on, it’s critical to be consistent, accurate, and maintain a thorough record of your miles for tax purposes. Keep any supporting documents, including invoices, receipts, and any other information the IRS could need to substantiate your deductions.
MileageWise’s mileage log creator & mobile app
MileageWise can be a great solution to track your miles as it has 3+1 automatic tracking modes and trip purpose auto-classification.
They also have a Concierge Service, which means that they will fix or even rebuild your mileage log from scratch.
Missing some trips? No worries. MileageWise’s AI-powered AdWise function gives you recommendations for trips based on your previously visited locations to fill every single gap in your mileage log. You can create a mileage log in minutes using this method.
The built-in IRS auditor function checks & corrects 70 different logical contradictions in your mileage log – this feature makes your mileage log 100% IRS-Proof as it won’t let you print your mileage log without fixing it beforehand.
You may try MileageWise to see how you like it for 14 days for completely free – without having to add your credit card info.