Printable Vehicle Mileage Log Template

As a business owner or employee who uses their vehicle for work purposes, it’s important to keep a detailed record of the mileage driven in each vehicle. This is where a vehicle mileage log comes in handy. Whether you’re self-employed or work for a company, a meticulous mileage record is necessary to prove that the vehicle is being used for business purposes.

This article will explore the importance of keeping an employee car mileage log and provide a guide on maintaining one.

What is a Vehicle Mileage Log?

A vehicle mileage log is a document used to track the mileage driven in a specific vehicle. It includes detailed information such as the date, starting and ending odometer readings, total miles driven, and the purpose of the trip. This log is crucial for businesses to accurately calculate the deductible expenses related to business mileage.

With a vehicle mileage log, you can easily record and organize your mileage data. This log can be customized to fit your specific needs and can be filled out manually or digitally. It serves as proof of your business-related travel, ensuring that you can claim the appropriate deductions on your taxes.

Why Keep an Employee Car Mileage Log?

Keeping an employee car mileage log is essential for a variety of reasons. Let’s explore some of the key benefits:

• Accurate Expense Calculation: By maintaining a mileage log, you can accurately calculate the deductible expenses related to your business mileage. This includes fuel costs, vehicle maintenance, and depreciation.
• Tax Deductions: The IRS allows you to deduct business-related vehicle expenses on your tax return. However, without a mileage log, it becomes challenging to determine the exact amount of deductible expenses.
• Audit Protection: In the event of an IRS audit, having a detailed mileage log provides evidence of your business-related travel. It demonstrates that you have maintained accurate records and can substantiate your deductions.
• Reimbursement: If you’re an employee, keeping a mileage log can help you claim reimbursement from your employer for business-related mileage. It ensures that you are compensated for the wear and tear on your vehicle and the expenses incurred during work-related travel.
• Business Planning: A mileage log allows you to analyze your driving patterns and identify opportunities for efficiency. It helps you make informed decisions about your business travel and optimize your routes to save time and money.

How to Keep a Mileage Log

Keeping a mileage log doesn’t have to be a daunting task. With the right approach, it can become a seamless part of your routine. Here’s a step-by-step guide on how to maintain a mileage log:

1. Choose a Format

Decide whether you want to maintain a digital or paper mileage log. Both options have their advantages, so choose the format that works best for you. vehicle mileage logs are readily available online and can be customized to suit your needs.

2. Record Relevant Information

For each trip, record the date, starting and ending odometer readings, total miles driven, and the purpose of the trip. Be sure to include any additional details that may be required for tax purposes or reimbursement.

3. Be Consistent

Make it a habit to record your mileage consistently. Set aside a specific time each day or week to update your log. This will ensure that you don’t forget any trips and that your records are accurate.

4. Keep Supporting Documents

It’s important to keep supporting documents such as gas receipts, maintenance records, and any other relevant documents that validate your mileage log. These documents serve as additional evidence in case of an audit.

5. Review and Analyze

Periodically review your mileage log to identify any discrepancies or patterns. Analyze your driving habits to find opportunities for improvement and cost savings.

What Happens if You Don’t Keep a Mileage Log?

Failure to keep a mileage log can have serious consequences, especially when it comes to tax deductions and audits. Here’s what can happen if you don’t keep a mileage log:

• Inaccurate Expense Calculation: Without a mileage log, it becomes challenging to accurately calculate your deductible expenses. This can result in underestimating or overestimating your business-related vehicle expenses.
• Lost Tax Deductions: The IRS requires proper documentation to support your tax deductions. Without a mileage log, you may not be able to substantiate your business-related travel, resulting in lost deductions.
• Audit Risk: In the event of an IRS audit, not having a mileage log can raise red flags. The IRS may scrutinize your business-related deductions and disallow them if you can’t provide adequate documentation.
• Missed Reimbursement: If you’re an employee seeking reimbursement for business-related mileage, not having a mileage log can prevent you from receiving the compensation you deserve.
• Difficulty in Business Planning: Without a mileage log, it becomes challenging to analyze your driving patterns and make informed decisions about your business travel. This can lead to inefficiencies and increased costs.

Conclusion

Effortlessly track your travel expenses with our vehicle mileage log template in Word! This customizable template allows you to record dates, destinations, and miles driven, making it ideal for business trips or personal use. Keep your mileage organized for accurate expense reporting and tax deductions.

Start now to simplify your mileage tracking and stay on top of your travel records!

Vehicle Mileage Log Template – Word