Posted by CF on 12/8/10 2:19pm
Msg #364352

Quick Question for Tax Preparers:

What is information is sufficient for a mileage log?

Is date-address-miles OK? Is there any other pertinent information that the IRS would like. Thank you so much!!!!!!

Reply by taxpro on 12/8/10 2:27pm
Msg #364357

All of that is good, but you also need to include the reason/destination, such as "Smith Signing", "Fedex", "Bank", etc. Also, write down your odometer reading on Jan 1 of each year, at least.

I wish more of my tax clients were more like you. Very few actually keep a contemperaneous log.

Reply by CF on 12/8/10 3:13pm
Msg #364367

Thank you sooooo much:) n/m

Reply by taxpro on 12/8/10 3:26pm
Msg #364369

Forgot to mention....

If you change vehicles during the year.....on the date of change, write the ending odometer of the old and the beginning odometer of the new in your log book. Then you'll know how many miles for each vehicle. Also, if you might use actual expenses for either vehicle, keep track of gas, repairs, etc. separately, by vehicle.

Reply by WDMD on 12/8/10 4:27pm
Msg #364379

I Mapquest out every business trip I make. Add em up at the end of the year. I've got individual proof of every trip.

Reply by No/ta/ry/2u on 12/8/10 6:09pm
Msg #364393

Yep mapquesting print out the directions attach to your paperwork and you have it all there at the end of the year

Reply by taxpro on 12/8/10 8:06pm
Msg #364404

That's a great idea, but don't forget...

you can deduct the mileage for trips to Fedex & UPS, the office supply store, the post office, the bank when you deposit your checks, and any other business-related trips. So I've made it a habit to write in my log everytime I get in the car for ANY business related driving, just so I don't miss anything. I'll take anything I can get!!

Reply by Pat/CA on 12/8/10 8:13pm
Msg #364406

Re: That's a great idea, but don't forget...

YUP... because mileage is sometimes our biggest deductions! Oftentimes I'll even state.

Reply by Frenchie/TN on 12/8/10 9:34pm
Msg #364413

Re: That's a great idea, but don't forget...

.55 cents a mile is deduction and that's the figure notaries should use to figure their signing expenses. If a signing is 20 mile round trip your cost for travel is $11.00.

Reply by Donna McDaniel on 12/8/10 9:36pm
Msg #364414

Isn't it 50 cents for this tax year? n/m

Reply by Frenchie/TN on 12/8/10 9:41pm
Msg #364415

Re: Isn't it 50 cents for this tax year?

It was 55 in 2009. Don't know yet for 2010 but with gas going up like crazy right now I hope it stays 55.

Reply by JAM/CA on 12/8/10 9:52pm
Msg #364416

2010 is 50 cents, 2011 is 51 cents n/m

Reply by Pat/CA on 12/8/10 9:59pm
Msg #364418

Whoops, sorry didn't see your post. But we're right! :) n/m

Reply by Pat/CA on 12/8/10 9:58pm
Msg #364417

Yup, .50 for 2010; .51 beginning 1/1/11 n/m

Reply by WDMD on 12/9/10 3:02am
Msg #364430

Re: That's a great idea, but don't forget...

"you can deduct the mileage for trips to Fedex & UPS, the office supply store, the post office, the bank when you deposit your checks, and any other business-related trips. So I've made it a habit to write in my log everytime I get in the car for ANY business related driving, just so I don't miss anything. I'll take anything I can get!!"

Like I said, I map out all business trips.

Reply by Moneyman/TX on 12/8/10 10:37pm
Msg #364419

I have paid for my car at least 4 times with the deductions

alone over the years. And that's at sticker price. My previous car was also paid for (I should say paid back for it w/ deductions) 9 times over with the deductions. I had another business at the time and traveled 100% of the time for that business as well.

Keeping a log is a must. I leave a pocket sized notebook in my car just in case I forget to bring along my planner or if I'm out on personal business but it turns into a business trip. That way I can transfer the mileage info to my log. I record all my mileage and show personal and business for every mile (trip info not included in personal mileage count). I was audited once and as soon as I showed the log, they accepted my numbers 100% without questioning them.

Reply by ikando on 12/9/10 2:09pm
Msg #364479

Re: I have paid for my car at least 4 times with the deductions

For several years now, I've taken the checkbook-size calendars I get in the mail (to try to get me to buy them for my clients) and keep one in each car. Then on the day I have traveling for business, i.e., between clients, to signings, etc., I make a note of odometer # at start, then when finished. Every other trip is personal, but may include doctor appointments or charity work, which I also track for those deductions.

That little calendar slips easily into the pocket on the door, and I always have it handy. Only problem is the ink in the pen sometimes freezes ;-} And they're usually free to me.

Reply by Moneyman/TX on 12/12/10 2:46am
Msg #364754

That's even better than my notebook. It has days on it :-) n/m

Reply by SharonMN on 12/9/10 6:27pm
Msg #364524

Tax form asks for 3 figures: business miles, commuter miles, personal miles. I have one vehicle I use for everything and mobile notary is not my only job - I also travel to an office for another job. How do you guys handle the "commuter miles" - seems to me all notary mileage is business, but I don't necessarily track my daily commute to my other job and don't see why that is relevant. Does anybody just put everything not business related under "personal" ?

Reply by taxpro on 12/9/10 6:36pm
Msg #364529

Sharon,

If you use the same vehicle for everything, enter:

total miles - odometer from Jan 1 to Jan 1
commuting miles - miles to and from your other job
business miles - notary miles
personal - the difference

If you have an office in your home, you do not need to report commuting miles, since your commute is a walk from your bedroom to your office.

If you use a separate vehicle for your separate job, and your "notary" vehicle is not used for commuting, just leave commuting miles blank for that vehicle.

IRS just wants to make sure you're not trying to count commuting miles as business miles. Someone who reports zero for commuting miles but has a lot of business miles will draw attention, unless they also report Office in Home expenses.

Reply by taxpro on 12/9/10 6:42pm
Msg #364535

Ooops

After re-reading my post, I realized I forgot to clarify something in 3rd paragraph regarding office in home. I should have said this....

If your only work is as a self-employed person, and your main office is in your home, you do not need to report commuting miles, since your commute is a walk from your bedroom to your office.

So if you have an office in home for notary work, but you also work at a regular job, you would still report your commuting miles to your other job. That does not reduce your notary business miles - it just provides a breakdown of your total miles.