In order to stay organized and make sure you’re spending your time in the most efficient way possible, it’s important to keep track of your mileage log book while on the road as well as how many miles you need to travel before you can call it quits and go home. Mileage log books are useful whether you’re traveling by car, motorcycle or bike, and they come with many benefits that will make your trips safer, more fun and easier to remember later on down the line. Consider these reasons why you should keep a mileage log book along with you at all times during your travels!
The IRS Requires It
The IRS requires that all businesses keep mileage logs for both business and personal use. If you are audited, your log books must be up-to-date and accurate. A mileage log book is also a good way to track the amount of time you spend on business trips or the number of miles driven, so you can see where your gas money is going.
You Could Get audited
When you are self-employed, your employer is the government. That means they can audit you at any time and require proof of any expense or deduction that is on your tax return. Keeping accurate records of all of your business expenses can save you from an audit, and it will also help you make sure that you’re deducting the right amount for each type of expense.
You Could Get Reimbursed
If you’re an employee of a company and you use your personal vehicle for business, it’s important that you keep track of your miles. This is because the IRS expects taxpayers who use their vehicles for business purposes to keep detailed records of their mileage. If they don’t, they may not be able to get reimbursed for some or all expenses. A mileage log book can help ensure that you’re getting the reimbursement you deserve.
It’s Easy to Do
It’s easy to forget how many miles you drove during the week, or even how many days you were out of town. That’s where your mileage log book comes in handy! A mileage log book is a great way to keep track of all the miles you’ve driven, so that when it comes time for tax season, it’s no problem.
You Can Use an App
You may be wondering why you need to keep track of your mileage log book. There are many reasons for doing this, but one main reason is that it can help you save money. If you’re tax deductible mileage rates (varies by company), then you can deduct those miles from your income and lower the amount of taxes that you’ll have to pay.