Documenting your travel and mileage expenses can be a real task, but it needs to be a priority if you want to be able to take the deduction on your tax return.
The IRS says that deduction documentation needs to be: "Documentary evidence ordinarily will be considered adequate if it shows the amount, date, place, and essential character of the expense." They also add that it needs to be updated in a timely manner, and they suggest weekly. Developing this list at the end of the year is not acceptable according to IRS standards.
So buy a small notebook or print off this sample mileage record log that you can use [Link] and keep it in your car. That way you can write down the miles as they happen and it won't get away from you.
Keep in mind that this chore is much less painful than an IRS audit would be.
Disclaimer
The content on this blog (www.acollinscpa.blogspot.com) is my personal opinion based on my study and understanding of tax laws, policies and regulations. It’s provided for your private, noncommercial, educational and informational purposes only. It’s not a recommendation or endorsement of any company or product. It should not be relied upon as specific tax advice for your personal situation. I strongly suggest that when it comes to filing your taxes, you get additional, professional guidance from individuals who are familiar with your specific circumstances. Those who choose to rely solely upon the information on this site do so at their own risk and peril, and cannot hold the author liable in any form or fashion.
IRS CIRCULAR 230 DISCLOSURE REQUIREMENT: IRS Circular 230 requires us to notify you that any tax advice contained in this communication is not intended or written to be used, and cannot be used, by any person for the purpose of avoiding tax penalties that may be imposed by law.
IRS CIRCULAR 230 DISCLOSURE REQUIREMENT: IRS Circular 230 requires us to notify you that any tax advice contained in this communication is not intended or written to be used, and cannot be used, by any person for the purpose of avoiding tax penalties that may be imposed by law.
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