Manage my business

Free mileage log template for Excel

Looking for a mileage log template for Excel? We have you covered. Download this free Excel mileage log to manually keep track of your miles.

What is the mileage deduction?

The mileage deduction is a deduction that enables the self-employed to write off business mileage. The IRS knows there is a cost associated with operating a car for business, so it allows small business owners to deduct this as a business expense.

Free mileage log template for taxes

You can use the following log as documentation for your mileage deduction.

The IRS lets you deduct 54.5 cents per business mile. This template will calculate the value of your business trips based on this figure.

When tax time rolls around, you can use this mileage template to determine your deduction on your Schedule C tax form.

What you need in your mileage log

The mileage deduction can save you thousands on your taxes. But, the IRS won’t just take you at your word for how many miles you drove.

This template for Excel gives you everything you need to satisfy what the IRS wants for documentation. This includes:

  • Your mileage for trips
  • The dates of your business drives
  • The places you drove for business

The IRS also wants a record of the total number of miles you drove during the year. You should know your business, personal and commuting miles. You can get to this by recording your beginning and end odometer reading for the year and subtracting your business miles.

How to use this mileage spreadsheet

Make sure you’re logging all your drives, including business, personal and commuting miles. When you’re in front of a computer, transfer that information into the spreadsheet.

If it’s a business drive, put “business” in the purpose column. Next to it, put the details of that business trip. For example, this could be “Meeting with ABC client” or “picking up supplies from Costco.”

Enter the location your drove and then the total miles. If it’s business mileage, the template will automatically calculate your potential deduction based on the Standard Mileage Rate.

Do I need odometer readings for my mileage log?

No. The IRS doesn’t require odometer reading for every single trip, just the mileage for the trip. The IRS does want to know the beginning mileage of your vehicle at the beginning of the year, though.

Consider automatic mileage logging with MileIQ

To use this mileage log template for Excel, you should record all your drives and then transfer to the sheet when you’re in front of the computer. If you’d like an easier way, consider using a mileage-tracking software like MileIQ.

MileIQ provides automatic mileage logging. Download it once, launch it once and then go about your normal day. MileIQ will automatically track, log and calculate the value of your drives in the background.

Classifying drives is as simple as swiping left or right. You can also customize MileIQ to fit the needs of your individual business.

MileIQ also securely stores your mileage log in the cloud. This is important because you must keep your tax documents for years in case you ever face an IRS audit.

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The Growth Center does not constitute professional tax or financial advice. You should contact your own tax or financial professional to discuss your situation.