Category Archives: Tax Saving Tips

Self-Employed? Write Down Your Year End Odometer Reading

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odometerIf you are self employed and use your vehicle for business, did you remember to record your odometer reading at 12-31-2023?   If you missed the reading on 12-31-2023, then record your mileage NOW and attempt to backtrack to determine the correct mileage reading for the total year 2023.

The odometer reading is very important in keeping track of your mileage.  You will need to know your TOTAL mileage for the year, in addition to your BUSINESS mileage for the year.

The IRS requires written records of travel, the business and total miles for the year, and the business purpose of each trip.   .See my related post for the best easy mileage booklet to buy in order to record your mileage all year.

 

Easy Mileage Book for Tracking & Tax Savings

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The mileage book that I’ve used for years and recommend highly is the Dome Auto Mileage/Expense Record Book

It has these features:

  • Undated weekly format, good for one year
  • Records mileage and business purpose, with daily, weekly, annual totals, and affidavit to comply with IRS requirements
  • Receipt pockets for documenting trip expenses
  • Detailed expense section
  • A must for those who use their cars for business purposes
  • Fits in pocket or glove compartment
  • 3-1/2in x 6-1/2in
  • 140 pages
When you get into your car, it’s easy to pick up, record your destination, business purpose, and beginning and ending odometer readings for each trip that you make.
I cannot recommend it enough and you can save on your taxes big time if you have all of your business mileage recorded.
Be sure to also record your beginning and ending odometer readings for the year because that’s so important in calculating the business use percentage of your vehicle.
I got my mileage book this year on Ebay for under $5.00.