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HOW SHOULD YOU RECORD YOUR MILEAGE FOR TAX PURPOSES

The best method is take a picture of your car's odometer on Jan 1st and Dec 31st.  Then during the year, track on a piece of paper the date, purpose, and total miles driven for activities that are deductible.

What miles are deductible?  Business miles, medical or moving purposes, charitable service activities.

DEDUCTIBLE MILEAGE ON TAXES (2019)

The Internal Revenue Service (IRS) released Notice 2019-02 providing the 2019 standard mileage rates. Beginning January 1, 2019, the standard mileage rates for the use of a car (vans, pickups or panel trucks) will be:

• 58 cents per mile for business miles driven, up from 54.5 cents for 2018

• 20 cents per mile driven for medical or moving purposes, up from 18 cents for 2018 

• 14 cents per mile driven in service of charitable organizations, unchanged from 2018

Notice 2019-02 contains the standard mileage rates, the amount taxpayers must use in calculating reductions to basis for depreciation taken under the business standard mileage rate, and the maximum standard automobile cost that may be used in computing the allowance under a fixed and variable rate (FAVR) plan.