If your company reimburses you for your time on the road, you know the importance of accurately recording your mileage. But sometimes, it’s easier said than done. You don’t want to miss out on what you’re owed, but remembering to track your miles the right way can be hard. And, you don’t want to do it incorrectly and garner unwanted attention from the IRS. Here are two ways to keep mileage tracking on your to-do list.
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The Logbook Method
“If you use the logbook method, you’ll need to record the information about the trip at the time it happens. Include the name of the person and why you are traveling to this location. Write down the point at which you began driving there. Include the address or some information about your destination,” reports The Balance writer Jean Murray.
If writing down mileage seems outdated to you, use an app.
Mileage app
“If you are permanently connected to your smartphone, numerous apps are available that will record your mileage for you. They’ll even separate your business miles from your personal miles,” Murray writes. “If you use the same vehicle for both business and personal use, you must also record your overall mileage at the beginning and end of the year.”
No matter which method you choose to record your mileage, Murray warns that the details must be recorded when you made the trip. Trying to recall the details and mileage of your trips at the end of the tax year is not okay.
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News Source: The Balance
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