Mileage log is a simple log book that will have a complete record of the user’s driving. This is needed when the user wants to claim deductions from the taxes based on the driving or journey. This log book is sometimes needed by IRS for better controlling of the taxes and its calculation.
Many business owners are now able to take away the expenses linked to their automobile, like expenses of its repairs and specially the miles it has driven altogether or within a set time period. In order to truly claim deductions on the tax returns, the user should keep a detailed and careful record of the driving of the vehicle.People find it easier to record the mileage details on monthly or weekly basis. However, this does not fulfill the audit requirements of the IRS, because of which they may reject the record completely.
It has been seen that the authorities have completely rejected the whole record and the user has faced severe results just because there wasn’t complete segregation between business and personal trips. For this purpose, special templates have been drafted which will have spaces left for the mileage to be recorded for every trip made apart from following the set pattern.
In a well drafted and pattern following Mileage Log Template, along with the opening record of the particular vehicle mileage at the start of the year, the user will also be needed to record a year-end balance. These balances should match with the everyday amounts recorded to ensure that the mileage is correctly recorded and there is no fraud or error.
The items necessary in a Mileage Log Template are the date of the trip, the name of the place from where the trip started. The place could be the office or the site of the job. Other than that, the site where the destination ended must also be mentioned. One may also mention the reason of making the trip. Starting and ending mileage before and after the trip and the tolls, costs and other expenses should also be mentioned along. This will make a well drafted mileage log which will pass the IRS test.
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