Happy New Year!!!...(and a quick mileage tracking reminder)
Happy New Year! I Hope everyone enjoyed their holidays!!
A quick reminder for all Tax Pro Niagara clients that track Mileage....if you haven't already recorded your end of year mileage for 2018, please record it NOW!
(This is will also be used for your 2019 beginning odometer reading)
How to Keep a Mileage Log to Claim Motor Vehicle Expenses
If you have used one or more of your vehicles to earn business income over the past year, you can claim the related expenses as a business expense on your income tax by using a mileage log. But as always, if you want to deduct these expenses, you need to be able to substantiate your claim with evidence in the form of an automobile mileage log book.
The Canada Revenue Agency (CRA) states that keeping an accurate logbook of business travel maintained for an entire year is the best evidence you can have to support your motor vehicle expense claims.
The following information should be recorded in the log book each time the vehicle is used for business purposes:
the date,the starting point,the destination,the purpose of your trip;the vehicle starting mileage,the vehicle ending mileage,the total miles (or kilometers in Canada) driven
Automatic Mileage Tracking
Manually entering trip information in a log book is tedious, particularly if you make a lot of business trips.
Fortunately there are several mileage tracking applications available for Apple and Android smartphones that make use of the phones GPS to keep track of every mile/kilometer driven for business purposes. For a small monthly fee the app will log your business trip information and enable you to download a mileage summary your tax return.
Some of the more popular mileage tracking apps include:
MileIQ (IOS and Android)Mileage Expense Log (IOS only)TripLog (IOS and Android)
SO, NOW YOU KNOW...TIME TO START RECORDING!!!
1 view0 comments