Use this form to detail your vehicle expenses associated with your job, small business or rental. If you have an Accountable Plan associated with your small business, you should use that form instead for reimbursement or reclassification.

Note: Please make multiple submissions for different vehicles. However, the same car could be used for multiple activities such as job and rental property- in those cases, only one submission is required.

PDF Link for Online Submit Form This Vehicle Expense Worksheet is also available as a fill-able and save-able PDF. Super easy to complete and upload to us!

Vehicle Mileage and Expense Worksheet

* Business miles will be the difference of ending odometer less starting odometer, personal miles and commuting miles.

Briefly describe how this vehicle is used in connection with your job or small business below.

Actual Expenses

Do you think your actual expenses will exceed the mileage rate (currently 57.5 cents per mile)? Before you say yes, consider that you can only deduct the business portion of your actual expenses. For example, you drive 10,000 miles and 2,500 miles were for business, a total of 25%. A set of tires for $600 will only yield a $150 deduction (25%). Having said this please list your costs associated with gas, oil, tires, service and repairs, modifications, insurance, lease payments and titling below. In most circumstances, the mileage rate will still exceed actual expenses, but we can deduct the higher of the two. Regardless, you still must submit the miles above in addition to expenses.

Mandatory IRS Due Diligence

Yes     No

Yes     No

Yes     No

Me or Spouse     Biz

Mileage Log

Mileage is one of the most incorrectly deducted expense, and therefore it is one of the most scrutinized by the IRS. Easy money for them. First, you need to prove you own the vehicle(s). Next, you need to keep track of your beginning and ending odometer readings. It is a good idea to make copies of service invoices such as Jiffy Lube receipts since these companies record odometer readings. Lastly, you need to keep track of the date, the business miles driven and the business connection.

We do not normally need to see your mileage log. In some cases, we might. We always suggest using a smartphone app to track your mileage via GPS which also emails you a mileage log compilation. Very nice. Remember, a written log is required to be maintained by you, and can be requested any time by the IRS during an examination. Memories grow short- keep up with this requirement.

Lease

Leased vehicles have a lease inclusion which reduces your deduction by a few dollars. But, this inclusion only affects you if you use actual expenses versus the mileage rate. If you believe your actual expenses will exceed the mileage rate, AND this vehicle is leased, please provide the purchase price, the purchase date, and the term (length) of the lease below-

Loan Interest, Taxes

Even if you use the mileage rate as your method of deduction, the loan interest paid on your vehicle is deductible to the extent of business use. For example, if your interest was $5,000 and the business use was 10% (using miles) then you receive another $500 deduction on top of your mileage rate. Wait! There is more. We deduct the tax portion of your auto registrations with your mileage deduction to reduce your self-employment taxes even more. Therefore, we need two numbers. We need the loan interest paid on your vehicle for the tax year AND the taxes associated with your auto registrations below.

Submission

Please select the tax year that this information is associated with. In addition, please enter your name so we can group your submissions together plus your email address. Click the Submit button below to securely and safely send this information to us. You can submit as many forms as needed. If you later discover an error- simply re-submit your information and check the box below letting us know.

Yes     No