Mileage log date time description location trip mileage start trip mileage end total mileage to calculate your mileage reimbursement use our mileage calculator. You can use the following log as documentation for your mileage deduction.
Free Mileage Log Template For Excel Track Your Miles by mileiq.com
When tax time rolls around you can use this mileage template to determine your deduction on your schedule c tax form.
Irs approved mileage log. This does not usually include gas car maintenance and other insurance expenses. Your mileage log and mileage logs can lead to significant savings through the mileage deduction. For 2017 the stand ard mileage rate for the cost of operating your car for business use is 535 cents 0535 per mile.
The irs establishes a standard mileage rate each year. For 2016 the rate is 54 cents per mile. The following table summarizes the optional standard mileage rates for employees self employed individuals or other taxpayers to use in computing the deductible costs of operating an automobile for business charitable medical or moving expense purposes.
If you use the standard mileage rate you take a preset deduction for every mile you drive for business purposes. If you drive 2000 miles for business purposes in 2016. This means that a number of deductions are calculated by multiplying the miles by the irs rate of deductions.
Every mileage log form is different depending on the terms and conditions of the rate of deduction that is operation. Depreciation limits on cars trucks and vans. The irs lets you deduct 545 cents per business mile.
This template will calculate the value of your business trips based on this figure. But what does the irs require in your documentation. Free mileage log template for taxes.
Car expenses and use of the standard mileage rate are explained in chapter 4. See how your mileage log books can help you avoid an audit. How to calculate your business related driving expenses.
You can deduct the mileage you put on a personal vehicle for business purposes.
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