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Irs Mileage Log Example. Motor vehicles are money-eaters โ most small businesses' biggest expense of all. This is a program backed by the US's International Revenue Service (IRS).
For this reason, you'll need Your mileage log must include the starting mileage on your vehicle's odometer at the beginning of the year and its ending mileage at the conclusion of.
The total mileage figure will be reported You must retain the documentation relating to a mileage deduction for at least three years.
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The smart option is to get an. Considering maintenance, insurance, gas and purchase prices, cars and trucks are larger than employee salaries. While you should keep this log throughout the year as you use the vehicle, the IRS can be forgiving at times and allow you to reconstruct mileage logs from.