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Business Mileage Log Requirements

If you use your own agent for business purposes, you may be able to abstract a allotment of your driving-related costs from your taxable income. To do so, you’ll charge to accumulate an authentic almanac of your business-related active and activities.

13 Printable IRS Mileage Tracking Templates - GOFAR business mileage log requirements
13 Printable IRS Mileage Tracking Templates – GOFAR business mileage log requirements business mileage log requirements

Qualifying breadth deductions

The IRS has specific rules in abode as to what types of business active are acceptable for a breadth deduction. Your circadian drive from your home to your abiding assignment area does not authorize for a business breadth deduction. On the added hand, if you charge to biking to a additional aggregation area that is not your primary office, you may be able to abstract your breadth costs.

You can additionally booty a breadth answer for biking to and from business conferences, off-site meetings, and business-related events, including lunches or dinners with accepted or -to-be customers. You can additionally abstract your breadth if you biking to appointment barter or use your agent to run business-related errands, such as accepting food or accepting abstracts notarized.

Keeping a breadth log

The IRS tends to be austere in its affidavit requirements for business breadth deductions. For this reason, you’ll charge to accumulate a thorough, authentic breadth log anniversary year you attack to affirmation a deduction.

13 Printable IRS Mileage Tracking Templates - GOFAR business mileage log requirements
13 Printable IRS Mileage Tracking Templates – GOFAR business mileage log requirements business mileage log requirements

Your breadth log charge accommodate the starting breadth on your vehicle’s odometer at the alpha of the year and its catastrophe breadth at the cessation of the year. Anniversary time you use your agent for business purposes, you charge almanac the afterward information:

You can accumulate a breadth log in a anthology and amend it by hand, or use a spreadsheet to continuously clue your mileage. You can additionally use a mileage-tracking app. The key is to amend your annal consistently to ensure that they’re precise. Additionally, the IRS requires you to accumulate your breadth log for three years from the date on which you book the assets tax acknowledgment absolute your deduction.

Calculating your deductions

You accept two options for claiming your business breadth deduction: You can use the accepted breadth amount as bent by the IRS, or you can abstract your absolute expenses.

If you use the accepted breadth rate, you booty a preset answer for every mile you drive for business purposes. The IRS establishes a accepted breadth amount anniversary year. For 2015, the amount is 57.5 cents per mile. If you drive 2,000 afar for business purposes in 2015, application the accepted breadth rate, you’d affirmation $1,150 as a answer on your taxable income.

13 Printable IRS Mileage Tracking Templates - GOFAR business mileage log requirements
13 Printable IRS Mileage Tracking Templates – GOFAR business mileage log requirements business mileage log requirements

When you use the accepted breadth rate, you cannot abstract any added agent operating expenses, including repairs, maintenance, and allotment fees. All of these items, including abrasion on your vehicle, are factored into the IRS’s accepted breadth rate.

To abstract your absolute expenses, you’ll charge to accumulate a absolute almanac of all vehicle-related costs, including accepted aliment and repairs. From there, you’ll charge to actuate what allotment of your absolute breadth qualifies as acceptable business breadth and again abstract that allotment on your taxes. If your vehicle-related costs according $4,000 in 2015 and 50% of your absolute breadth qualifies as business mileage, you can abstract $2,000 from your taxable income.

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Business Mileage Tracking & Logging Systems - Ctrack business mileage log requirements
Business Mileage Tracking & Logging Systems – Ctrack business mileage log requirements business mileage log requirements

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Business Mileage Log Requirements – business mileage log requirements

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