Driving for business? Here’s one thing never to forget.
In business, mileage logs are used to keep track of the miles travelled for business purposes. Whether your doing a lot of driving for work, or have a company car, you will be expected to keep a detailed log of your mileage. Many companies will give you a certain amount per mile of kilometre that is meant to cover wear on your vehicle as well as fuel. Those who are self employed can also claim deductions against tax payments. Although it may not be the easiest or most enjoyable task, it is imperative to keep a mileage log if you want that money you deserve back in your pocket.
In the US and Canada, one must keep track of all work travel. This includes travelling for the purpose of delivering goods and services, travelling to other offices or meetings with clients, and using your vehicle voluntarily for work purposes. Knowing what you are spending on travel is additionally useful with fuel costs on the rise. The money you claim back at tax time surely will help sooth the hole that the price of fuel has put in your wallet.
Employers get more than one benefit from keeping track of an employee’s mileage log. They need to keep track of the distance each employee is doing for tax and auditing purposes, and this information can also help ensure that employees are in fact doing their jobs effectively. Knowing that mileage is being properly tracked can also aid to keeping morale up, as employees won’t feel resentful about paying for business related travel costs.
Keeping your personal miles separate from your business miles can be a difficult process requiring much effort. Varying methods of keeping track include keeping a manual log, using applications for your smartphone, or using a dedicated standalone device solution. Regardless of your method of choice, make sure you are tracking your distance for business and personal separately. Recently some new solutions have come about that help to automate this process, great for those of us who want to keep track with minimal effort.
Be weary, fraud allegations do occur. In the event of one in relation to mileage claims, you will be protected if you had been keeping a record. A proper mileage log is the best way to back up your claim ensuring your payment is verified as legitimate. So keep up with tracking your miles and stay driven by the fact that you will be getting a considerable sum of money back come tax time.
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