Oct 25, 2021
In today’s world, it’s crucial that you take good care of your business and have savings.
Brent’s got a brand new video about how a MileageWise user invested $360 in his Mileage Log, using our Gold package, and could claim $12,000 for Mileage Tax Deduction. It raises a few eyebrows for sure, but it might also raise a question in your head: “How can I also achieve that deduction amount?”
Deduct Your Travel Expenses
When you go away from home for work, you can deduct usual and essential costs. If you use your automobile for business activities, you may be eligible to deduct your car expenditures as well. These costs can add up to an average of $12,000 every tax year.
You must be able to substantiate certain components of expenses if you deduct travel or transportation expenses. If you keep timely and accurate records, you’ll have documentation to show the IRS when your Tax Return is audited. Proper Mileage Logs by MileageWise are sufficient documentation in all situations to support your Business Mileage Deduction Claim.
Read Your Odometers
Your yearly odometer reading at the start of the year has to be recorded in your mileage logbook. However, we urge that you record them monthly in order to validate the recorded distance you enter in your mileage log.
If you don’t remember your previous odometer readings, you may find them by using our Past Odometer Reading Calculator. You simply need to know your vehicle’s initial and current odometer readings, as well as its actual fuel usage.
You can simply compute how much your previous odometer reading may have been based on this. For example, at specific Refueling / Charging points or at the end of the month.
Making a Mileage Log or Compensating for a Mileage Log might appear to be a simple operation after you have worked your Previous Odometer Readings out.
Entrust The Mileage Pros
Even yet, there are 70 logical conflicts to be aware of while inputting data for your mileage log. The MileageWise Online Dashboard and Mileage Tracker App monitor these frictions to ensure that all of our clients have an IRS-Proof Mileage Log in as little as 7 minutes each month! The online dashboard and the app will both remind you to record your odometer reading at the end of each month and at each refueling.
If you still can’t find 7 minutes at the end of the month to complete your distance log, outsource the duty to us!
Similar blog posts
- IRS Standard Mileage Rate for 2021 - January 6, 2021
- Top 7 Reasons to make a Driving log - March 3, 2021
- Prepare yourself for more rigorous Tax reporting with MileageWise - May 25, 2021
- MileIQ Alternatives for Mileage Tracking - March 17, 2022
- An Accurate & Private Mileage Tracker App - October 20, 2021