Free Mileage Log Template 11 Printable Mileage Log Template Icon. Download KB. Mileage Log Template The free, easy-to-use, and customizable templates below track vehicle maintenance, gas mileage, and more transportation-related expenses, and they’re available for download as Microsoft Excel and Word, PDF, or Google Docs files. A mileage log provides a record of vehicle miles. More templates like this. Business office city sketch presentation background ( widescreen). PowerPoint · Business project plan presentation (widescreen).
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The customizable template for mileage log has built-in formulas that calculate every detail about the Rental vehicle log book template. Mileage Reimbursement - Download a free Mileage Tracking Log for Excel to keep Although we already had a travel expense report template and a MPG log . To help with mileage tracking, here is a PDF Mileage Log Template that Keeping a mileage logbook is definitely worth the trouble, but easier.
When tax time rolls around, you can use this mileage template to determine your deduction on your Schedule C tax form. The mileage deduction can save you thousands on your taxes.
This template for Excel gives you everything you need to satisfy what the IRS wants for documentation. This includes:. The IRS also wants a record of the total number of miles you drove during the year. You should know your business, personal and commuting miles.
You can get to this by recording your beginning and end odometer reading for the year and subtracting your business miles. Next to it, put the details of that business trip. Enter the location your drove and then the total miles.
The IRS does want to know the beginning mileage of your vehicle at the beginning of the year, though. If you are reimbursed under an accountability plan your reimbursements are NOT on your W-2 , then you are not allowed to deduct the mileage. If your reimbursements do show in your W-2, then you may be able to deduct your mileage as long as you follow the rules and limitations.
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If you fail to record actual mileage, then make an educated guess backed up with additional information. For example, determine the mileage using a web based mapping system and print a copy for your records.
It outlines the two different methods available for deductions — standard mileage deduction and the actual expenses deduction. It provides specifics about when to use each method as well as information for employees who are reimbursed for their mileage. Make sure to look up the latest rates for the current year.
Volunteers and Taxes at seriousgivers. Provides details on the rate, what qualifies and other options that you may have. Historical Standard Mileage Rate at irs. Interesting to see how it changes over time and it doesn't always go up. Vehicle Maintenance Log Template - Track your auto maintenance costs using Vertex42's new maintenance log. Disclaimer: The content and information on this page is for educational and informational purposes only, and should not be taken as professional legal, financial, or tax advice.
For questions about taxes and finances, please consult with a certified professional. Related Content.
Actual expenses for things like gas, insurance and maintenance are not deducted, because they are factored into the mileage reimbursement rate. Use Vertex42's Mileage Tracker to track the miles.
Free Mileage Log Template For Excel
The total deduction is then simply the mileage rate multiplied by the reimbursable miles. The Actual Expenses deduction is used for "itemizing" the actual cost of owning, maintaining and using the vehicle for business purposes. In all of these cases, accurate records of your mileage are required. Make sure you review the IRS specifics for each of these cases or consult a tax accountant before taking these deductions. Tips for Mileage Tracking Seek the help of tax professionals for complicated or questionable situations.
Better to be safe than sorry. Be careful not to mix the Standard Deduction and Actual Expense methods.
For example, if you reimburse at the standard rate, don't deduct the actual cost of the gas or service fees. Mileage for commuting to and from work is not deductible. Don't even go there.
Include specifics in your notes about your trips for future reference. This could be important in an audit situation. Include the purpose, start and end locations, people visited and outcomes.Find out how to comply with IRS regulations and legally deduct business mileage expense with our free mileage log template.
Distribution of templates to others brings a sense of relief since then the customers can decide it for themselves. It has become one of the most important and beneficial features of mileage log.
Related Content. If you plan to use the actual expense method to lower your taxes, you can deduct the actual cost of gasoline. You should know your business, personal and commuting miles.