Sponsor spotlight Does your mileage log travel the distance? - Lynnwood Today

This informative article outlines the critical need for maintaining an accurate mileage log to claim tax deductions for qualified miles driven for business, medical, moving, and charitable purposes. It emphasizes that taxpayers must support their claims with detailed records, as estimates are often disallowed during audits. The author, Nancy J. Ekrem, CPA, shares six practical tips to ensure proper logging, starting with the importance of keeping a log book in the vehicle to record odometer readings promptly. Thorough entries detailing dates, destinations, and purposes for each trip are essential for maintaining credibility with the IRS.

Moreover, the article highlights that additional expenses such as tolls and parking fees can also be deducted, encouraging readers to keep a running total of these costs. Separate logs for different types of deductions are recommended for clarity and organization. The piece also suggests that taxpayers consider alternative methods for calculating business transportation expenses, allowing them to choose the most beneficial approach for maximizing deductions. Overall, this article serves as a vital resource for individuals seeking to navigate the complexities of tax deductions effectively.