Having a company car indeed has a lot of advantages. However, there are still specific duties their owners and drivers must fulfil in order to make the process legally and economically viable. Those who have never heard of mileage logs should definitely read about the best way to keep a mileage log in 2023. Is it better to use Excel or a mileage tracker app? How to do a mileage log for the IRS. Let’s find the answers to all of these questions.
Is it necessary to keep a mileage log?
The most common case of doing a simple mileage log is tracking mileage for taxes. If you own company cars and want to demand a certain amount of money connected with your business-related car travels, you are required to keep an IRS-approved mileage log. Without the knowledge and skills on how to track mileage for taxes, you are at risk of IRS fines in case of the IRS audit.
A different situation in which you should keep track of miles driven is for the purposes of mileage reimbursement. It happens when you drive your private car at work and want to demand reimbursement of your business-related expenses.
What’s the best way of tracking mileage for taxes?
If you choose to keep track of mileage for taxes or mileage reimbursement in a pen-and-paper way, be prepared for long hours spent each month to keep the miles under control. It may be much more effective to use Excel, especially with an IRS-approved mileage log template, which will make the process a little more automated. Excel will surely calculate the amounts for you, but you will still be at risk of logical conflicts, and recreating missing mileage logs will be quite a challenge.
To save your time and money, go for a powerful mileage log app, capable of recreating your past logs, and with an IRS auditor.
Mileage tracker app features you’ll need
These are the features of a mileage log app you will appreciate:
- It can fill all the gaps in your incomplete logs.
- It checks and corrects logical conflicts in your logs.
- It’s able to recreate lost mileage logs.
- You have access to the database with the Standard mileage rate.
- It’s easy to pair clients and vehicles.
- You get support for electric cars.
- You can import trips from Google Timeline – it’s enough to use Google Takeout to export JSON File Format from the location history into your PC, and then import it into your mileage logbook app.
The experts of MileageWise will prepare your mileage log
You can prepare your VIP mileage log with MileageWise’s VIP mileage log preparation service if you need any help managing your mileage log. Taking advantage of it will save you time and money, save you from tax fines, and provide you with a hassle-free service. Download MileageWise on Google Play now.