Tracking Miles: A Quick Guide

 

The business miles tracker is an important device for anybody who wants to keep a clear track of their mileage while traveling for business purposes. For anybody who wants to claim mileage at their place of work, the importance of keeping mileage records cannot be under-emphasized. This is the most effective way of properly filling out the reimbursement form from your employer while it also enables you to determine how much deduction your mileage should attract when filling your income tax returns.

 

It is practically impossible to claim mileage if you do not have recorded evidence to prove the same. This is because you cannot deduct something that you can't prove. As such, it is vital that you capture all the important information of the trip so as to enjoy the deduction and this involves accurate mile tracking. Among the important information you must keep track of are the date of travel, the purpose of travel and the location you traveled to. Of the three, where you started and ended are arguably the most important information you must include.

 

If you need to claim any additional expenses, it is vital that you include them as well. Besides mileage deduction, you can also claim hotel expenses, gas and any other relevant expenses. If the vehicle also caters for your personal needs in addition to using it for business purposes, you also need to record the total mileage at the beginning and end of the year. By doing this, you will be able to determine your business use percentage. This information comes in handy when it comes to filing tax returns.

 

One of the reasons why it is important to have a clear track miles solution is because the IRS wants accurate and timely records of your mileage. In addition to using your daily records, the IRS uses your yearly records as well. They expect you to keep a daily log record that shows the miles traveled, destination and the purpose of the trip. As such, people are encouraged to keep record of where they are traveling to, and the purpose of the journey all the times.

 

After you have captured and recorded your business mile tracker, it is instrumental that you keep this information in your business tax return. The bottom line is that you need to start keeping track of your expenses on business use of your car. This should be your priority even if you don't anticipate going for too many business trips. An effective business mileage tracking solution provides a win/win situation for both the employer and the employee. With a good and streamlined mileage tracking system, it is possible for employees to accurately and automatically log miles, information which is later converted and used for economic prosperity.