In order to make sure that your mileage log is IRS-compliant for tax return purposes, you will need to keep track of the miles you have traveled and the dates that you traveled them.
If you are a small business or self-employed, you should also keep track of the expenses that you have incurred while traveling, including your gas and vehicle costs.
IRS’s Mileage Log Requirements
If you own or operate a vehicle in the US, you will need to come up with an IRS-compliant mileage log and record the miles you drive each year. This is the law to write off mileage tax deductions. The IRS is demanding this information from all drivers.
Here’s what you need to know about the new requirements:
- You need to keep mileage records of the odometer reading for every year you drive in the US.
- The log must list the dates, the type of vehicle, the miles you drove, and the source of the miles for all your business trips.
- You must also include a note about any repairs or replacements you make to your vehicle during the year.
- The log must be kept in a place where you can easily find it.
What Miles Are Deductible?
There are a few different types of mileage logs in order to claim mileage reimbursement. The most common type of mileage log is the business mileage log, which can be used to deduct business expenses incurred for travel. Other types of mileage logs that can be used to deduct travel expenses include medical and charitable mileage logs and moving expenses.
How to Keep a Mileage Log
- Start your journal by listing the date and the place you traveled to in the United States.
- List the name of the vehicles you used to travel in the United States.
- Note down the number of miles you traveled in the United States.
- Use the IRS mileage log form to record the details of your trips.
- When you’re done with your journal, gather all your documentation and mail it to the IRS.
MileageWise is a Mileage Tracker App
Are you looking for a mileage-tracking app to help you save on your taxes? MileageWise is a mileage tracker that tracks your mileage and can help you save money on your taxes.
Based on the data from your past journeys and the locations of your clients, this app can recreate your forgotten past mileage (based on your previous journeys and your clients’ locations). Its AI-powered technology can help you track your vehicle movements and keep tabs on your charge status while on the go.
In addition to MileageWise’s Built-in IRS auditor function, you have access to vehicle movement monitoring, car Bluetooth tracking, Plug’N’Go phone charge tracking, and manual recording as well. This means that you can track your trips in real-time, regardless of which mode you choose.