Options for Keeping Your Mileage Log

By
Real Estate Services with William T. Zumwalt CPA, CTC "The Tax Coach for REALTORS"

I think everyone in real estate knows they need to keep a mileage log. Rest assured that will be one of the first things an IRS agent asks for.  So here are some tips to keep your blood pressure down.

First of all, we need to know your total miles driven for each year. That’s easy peesy! Just have your oil changed at the beginning of every year. The receipts will show the odometer reading for the beginning of each year.

Next we need to establish your business usage. That can be done in several short cut ways. One is to keep a daily log of your business mileage for three consecutive months. The flip side of that is to keep a daily log of your personal mileage for three consecutive months. Either one works.

The IRS will also allow you to keep the mileage log for the same week of each month. So you pick the week such as the second week of every month and have 12 weeks of logs.

The log you keep should have the beginning odometer and ending reading for each day. The net difference is your mileage for the day. Now you just need to tell the story of where you drove that day. These records must be done within one week of their occurrence.

There are many apps out that can help you as well. I use taxbot.com. It has a GPS tracking ability to record your mileage and each day goes to a spreadsheet.

There are exceptions that require you to keep a log 24/7, so should you have any questions just email me or call

Bill Zumwalt
Helping REALTORS with Tax Solutions and Solving Tax Problems for REALTORS
REALTOR Tax Preparation, REALTOR Tax Accountant, Tax Preparation Tulsa, OK
The Tax Coach for REALTORS

William T Zumwalt CPA,CTC, PLLC
5416 South Yale Ave
Suite 120
Tulsa, OK 74135
918-583-1040
888-773-9323
Bill@TeamZumwalt.com
www.TeamZumwalt.com

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Re-Bloggged 3 times:

Re-Blogged By Re-Blogged At
  1. Carla Muss-Jacobs, Principal Broker/Owner 05/17/2013 10:38 AM
  2. Gary Frimann 05/17/2013 11:00 AM
  3. Lynn B. Friedman 07/11/2013 11:38 AM
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Topic:
Real Estate Best Practices
Tags:
tax preparation tulsa ok
tax problems for realtors
tax solutions for realtors
the tax coach for realtors

Comments 40 New Comment

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Ambassador
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Bob Crane
Forestland Experts! 715-204-9663
Woodland Management Service

Thanks for the great tips Bill, I checked out Taxbot.com, very entertaining video, and helpful program.

May 18, 2013 10:36 PM
Rainmaker
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Dulcey Schuster
Property Management Software
Rentec Direct Property Management Software Tenant Screening

Thanks for the tips, it's great that there are some tools out there that make keeping these records simply.

May 19, 2013 07:49 AM
Rainmaker
159,569
Bill Zumwalt
Tax Coach, CPA
William T. Zumwalt CPA, CTC "The Tax Coach for REALTORS"

I am overwhelmed 38 comments on this blog, wow!  Thank you one and all for taking the time to share your thoughts with me.  My business is helping REALTORS with taxes no matter where you live and helping you keep as much of what you earn as you can, legally!  I welcome your questions and here for you!  Give me a call, drop me an email always happy to hear from AR friends!

Thanks again, Bill!

 

May 20, 2013 05:42 AM
Ambassador
467,121
Lynn B. Friedman
Realtor - 404.939.2727 ATL BuckheadMidtownWestside
Atlanta Homes ODAT Realty - Serving Clients is our Business - One Day At a Time.

Dear Bill,

And today - due to your wonderful set of comments - my AR inquiry about mileage records went DIRECTLY to your post. I am going to check out your suggestions - love the change the oil on January 2nd!

Have a happy day -
Lynn

July 11, 2013 11:26 AM
Rainmaker
246,020
Jeanne Dufort
Madison and Lake Oconee GA
Coldwell Banker Lake Country

Looks like an excellent tool - thanks for sharing. We Realtors are good at SOME paperwork, but tracking expenses is not a strong point for me.

July 12, 2013 01:22 PM
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Bill Zumwalt

Tax Coach, CPA
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