You need to retrospectively reconstruct your mileage logs if…
- You’ve already claimed a deduction on your business mileage but don’t have mileage logs. Or you have mileage logs with significant gaps in them.
- You had a mileage tracker app. It took care of tracking, categorizing, and filing your mileage by putting it into the right format. However, the software was faulty, not tracking or doing anything without you even realizing it.
- Your mileage tracker app worked. It tracked your miles, categorized your trips, and did give you some form of a mileage log. Only the tracker wasn’t always working and merging/splitting trips, where it wasn’t supposed to. Now it’s a mess and you don’t know where to start fixing it.
- You outsourced the task of keeping and organizing your mileage to someone. The result however is either non-existing or is not acceptable by the IRS.
- You have something, like napkins with your business miles written on it, an Excel table with partial information about your yearly business trips but you know it won’t stand its own ground in case of an IRS Audit.
- You didn’t even know you were required to keep a mileage log and now you have to hand in 1, 2, or even more years’ worth of logs.
- You knew you should’ve kept a log but you were procrastinating. You put the task aside, telling yourself you’re going to do it just before filing your tax return.
- There are a few mistakes you can make when tracking your mileage besides the points listed above, read about the 10 most fatal ones.
An average of $ 12,000 always comes in handy. That’s the amount you can deduct on your business-related car expenses. For the above-mentioned scenarios, real-time mileage tracking applications cannot give a solution.
Those who try to record their mileage in Excel or on paper will spend a great deal of their time putting the data together and still face a penalty from the IRS as there are 70 logical conflicts you have to pay attention to when recording your mileage log. MileageWise’s Built-In IRS Auditor checks and corrects these conflicts to ensure that all of our customers will have an IRS-proof mileage log in just 7 minutes a month!
MileageWise retrospectively monitors the applicable law and regulations in place, and our intelligent AdWise feature will give you a recommendation for your forgotten trips based on various parameters. We’ve made the process so easy, that you won’t procrastinate anymore when it comes to logging your miles.