A year-end odometer reading records your vehicle’s miles on the last day of the year. It’s key for taxes, business miles, and keeping your car’s history straight.
Why You Need That Year-End Odometer Reading
Knowing your year-end odometer reading is super important for a few big reasons. Think of it as a yearly check-up for your car’s mileage.
First off, the IRS cares. If you use your car for work or business and want to write off mileage on your taxes, you need to show how much you drove. The IRS needs your odometer reading from the start and end of the year to prove your miles are correct. This helps you claim tax deductions.
Getting your year-end odometer reading also helps you separate miles driven for work from personal trips. This makes sure your deductions are valid and follows the rules.
Keeping good records, including your year-end odometer reading, protects you if the IRS ever checks your taxes. Having a clear log, maybe with receipts, makes an audit much less stressful.
Also, having good odometer records helps when you buy or sell a car. It makes sure everyone knows the car’s true mileage and helps stop fraud.
