A mileage log is a record of the distance traveled by a vehicle for business or personal purposes. It includes details such as the date, starting and ending locations, purpose of the trip, and the number of miles driven. The purpose of maintaining a mileage log is to accurately track and document the usage of a vehicle, which can be useful for tax deductions, reimbursement claims, or simply for personal record-keeping. a mileage log is a comprehensive record that can be used for various purposes, providing an organized and reliable account of the vehicle’s mileage.
Yes, it is highly recommended to keep a mileage log for tax purposes if you use your vehicle for business purposes. It helps in accurately calculating your deductible mileage expenses.
A mileage log should include the date, starting and ending odometer readings, the purpose of the trip, the destination, and the total miles driven.
Yes, you can use a digital mileage tracking app as long as it provides accurate and reliable records. However, it is advisable to keep backup records in case of any technical issues.
It is recommended to keep your mileage log for at least three years, as the IRS can audit your tax returns within that timeframe.
No, commuting mileage is not deductible. However, if you have a temporary work location or if you are self-employed, you may be eligible to deduct mileage for those trips.
No, mileage for personal errands during business trips is not deductible. Only the mileage directly related to business purposes can be deducted.
Yes, mileage for driving to meet clients or attend business meetings is generally deductible as long as it is directly related to your business activities.
Yes, mileage for driving to a second job is deductible if it is necessary for your employment and not just for personal convenience.
Yes, mileage for volunteer work done for qualified charitable organisations is deductible. However, you cannot deduct mileage for personal volunteer work or for organisations that do not qualify.
If you are audited by the IRS and cannot provide a mileage log or other credible evidence of your business mileage, your deductions may be disallowed, resulting in potential penalties and interest on the unpaid taxes.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 13th April 2024.
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