By the numbers — keeping track of mileage
Does your company reimburse you for business-related travel? Do you submit mileage expenses when you file your income tax returns? For most people, the hardest part of the process is recording those trips. Here’s what you need to do:
For starters, stash a notebook and a pen in your car. The glove box is a good place.
When you use your car for business, keep track! Simply jot down the date, the total number of miles you drive and the business purpose of your trip.
You’ll also want to keep track of any business-related parking fees. Save receipts! (Tuck them in an envelope inside your notebook.)
Be sure to check with your company to see whether other vehicle costs are covered (gasoline, oil changes, routine car maintenance, etc.) If so, keep careful records of those expenses, as well. Save receipts!
At the end of the year – or whenever your company asks you to submit documentation of your mileage expenses – it will be easy to add up the total number of miles driven for business purposes. You’ll also be able to provide a detailed record of business-related trips and expenses.
Once you create a habit of recording any work-related mileage, it’ll be a breeze to keep your expenses in order.