Maximize Your P3 Mileage with These Odometer-Free Tips - Expert Advice

[jrstephens]

Is there not a way to enter this without the odometer reading? I hav eno clue about that most of the time. I guess I can just make something up.

What do yall do?

 

[katie0128]

You could put it in as "rate-based", but for IRS porpuses... o.k., wait purposes (really can't spell this late!) you should record your odometer (look, I typed this big word right!) readings... in case they ever audit you. My CPA - who also is my FIL - scolded me for not doing that last year. So now I have a note on my host info sheet to remind me to get the actual reading when I head to a show.

And don't forget to add an expense item for all of your other mileage (cluster meetings, trips to store/post-office, etc.) as well.

 

[pckrissy]

You can w/o mileage to meetings and things? How do you keep track of that?
I never put in Odometer readings...why is that better? Thanks for the tips!

 

[katie0128]

Really don't know... was told by the FIL/CPA to do it that way. This is one of those things I decided I don't need to understand as long as I have someone else who does!

**INITIAL DISCLAIMER** Check with your local tax professional for specific deductions allowed by your state, filing status, etc. I am not a tax professional... I just do what the FIL says!

You can write off LEGITIMATE business expenses (or at least the portion of an expense that was used for the business). If I am going to the post office and ONLY doing PC stuff, I'll record those miles... if I'm doing other stuff, I'll usually only record 1/2 the miles. Same with the store, bank, etc. I keep track on a piece of paper stuck in the driver's door pocket to record stuff... nothing fancy... just date, ODM start and end, total miles, reason for mileage. Again, check with your tax professional about specifics for your area/filing status.

 

[chefann]

That mileage really adds up, too. I drive 44 miles (R/T) to my cluster meetings, and 50 to monthly large-group meetings (with my Sr. Dir.). I'm too lazy to remember for grocery store trips (and I'm usually running more than one errand at once, anyway), but all my other PC-only trips get logged.

I use a program on my PalmPilot called Trip that lets me enter mileage for multiple cars, and includes spots for a contact name, city, and reason for each trip. It also logs start and end times. But if you don't want to be a nerd (I'm such a nerd!), you can go low-tech and keep a sheet on a clipboard in your car. By including spaces for location and reason, it's easier to see if you're being efficient with your errands, and it's better for records in case you're ever audited.

And, don't forget - if you drive to National Conference, you can deduct those miles, as well.

** I am not a tax professional. Please check with one to confirm these suggestions, although they have worked for me in the past.