IRS Compliant Mileage Log Tutorial

IRS Compliant Mileage Log Tutorial

Download template from http://www.freedomfinancialpartnersllc.com/

---

Closed Caption:

I good evening this is ginger barbie and
tonight I'm going to take you through a
brief tutorial on on the mutt the use of
a mileage log that would be compliant
for tax purposes so i'm going to go
ahead and show you where this mileage
August available first and i do have
mileage log and it is haha sure that the
right thing set up for you and I do have
a mileage log that is available for you
on my website so we're going to go to my
website here which is freedom financial
partners and the URL of that website is
www.seannal.com LLC that comm and i will
put a link in this youtube video as well
under resources you go to resources and
you'll see record-keeping templates
mileage log to download that's my weblog
all you need to do is click on it and
it's going to download it down here my
toolbar simple models log I . xlx so i'm
gonna go ahead and open that up and just
start with this basic mileage log
template then actually going to go to 21
that I have up a little bit easier so in
this mileage log template we have a
vehicle of what would be required for
IRS purposes with me to describe the
vehicle so bored
aerostar it was purchased in a very
fifteenth of $MONTH 2007 for
twenty-three thousand dollars and this
year we have a total of fourteen
thousand miles on it
this will be end of year we're getting
close to the end of year it's a good
idea to start these at the beginning of
the year and so what is required from an
IRS perspective would be to have a date
a starting location and destination
description notes purpose
Dominator start a new comment or end so
here i have filled out several of these
rows already it's pretty simple to do
you just go in
so let's say the on october2013 when i'm
home to cosco to do some shopping for
the business and i'm actually going to
put in your round trip so I'm going well
it'll actually be from home to costco to
back the router or supplies and then the
business is going to be business purpose
and there's a scroll down menu here i'm
going to select business business
purpose and then I kept track of these
mileage amounts and i'm going to go
ahead and put it in here the mileage at
that time was 360 234 was the starting
mileage and then 360 and 256 was the
ending mileage so the total of
twenty-two miles so my reimbursement
amount of my tax deduction for that
College was $12 in 43 sent once you
complete a mileage log similar to this
you can take it to your tax preparer and
they will think that you are fantastic
because this would be I'm just wonderful
to receive this type of documentation
from the tax clients in the event that
you have more than one vehicle you can
add a separate tab here so we're going
to do that here this one is going to be
for a toyota camry that we purchased
back in May of 2009 and at that time I
was a used car so it's an 02 $YEAR camry
and so the total cost of that car that
I'm with 8 thousand dollars and i'm
anticipating that by the end of this
year that's going to over 24,000 miles
and actually this this mileage is
is not correct it was just was checking
out my formulas so i would go ahead and
enter in my start date starting location
destination a description that's going
to help me remember and the event that
anyone asks any questions and then my
purpose as i said to drop down menu so
this particular mileage log can be used
for on business charitable mileage you
can put in your your normal commute if
you're keeping track of that on your
mileage log as well as medical moving
and personal knowledge so it is possible
to keep all of your mileage on this
mileage log and then you will be very
ready within this time to have your
taxes prepared so best of luck
please feel free to leave me comments
and you can also go to my business
website and i would love to have you
contact us so we have the ability to
come in here and shoot me an email if
you have any questions I can be reached
on this website or my email address
freedom that financial about partners
LLC @ gmail.com thank you very much have
a good night