What records do I need for the IRS mileage deduction?
For the mileage deduction, the main record is not a receipt: it is a mileage log listing, for each trip, the date, the miles driven, the destination and the business purpose. To it you add the receipts for tolls and parking, which are deductible on top of the IRS standard mileage rate.
What you must be able to show, and what Kilevo keeps for you:
- The mileage log: every appointment with an address becomes a dated trip, with its purpose, its addresses, its miles and its type, business or charitable. The PDF prints them in the Trip details.
- The calculation: the rate applied to the miles of each trip type is in the Summary by trip type of the PDF, not just the result, and the document states that the amounts are computed with the IRS standard mileage rates published for the year.
- Tolls and parking: attached to the trip concerned with their receipt, they are appended at the end of the PDF.
- The signed statement: the PDF closes its summary with a certification, in your name, that the trips detailed in the mileage log were driven for the stated purpose.
No need to keep gas receipts under the standard mileage rate: it already covers gas, insurance, maintenance, repairs and depreciation.
The IRS expects a contemporaneous mileage log, kept as you drive rather than rebuilt in April, and can generally examine a return for three years after you file it: download the Annual summary each January and keep your PDFs at least that long. The details are on the IRS mileage log requirements and mileage deduction on Schedule C pages.