Mileage reimbursement is when an employer offers employees reimbursement if he/she uses his/her driving methods on behalf of the business. If you’re a businessman, independent contractor, freelancers, rideshare drivers and sole proprietors, it is mandatory for you to have appropriate and helpful information when we talk about the mileage calculation. Every year, people within these categories track, report and submit tax returns. For this, one must understand the various changes that are coming year to year. Along with this, it is important for you to ask the right questions to your accounting professional or CPA when tax time is rolling around. Making use of IRS mileage reimbursement logs by the organizations is also very important, especially for those job responsibilities which require a vehicle.
At Triplog, we have designed a information hub that will help you to answer various questions that are described as below:
- Where the difference lies between mileage rate reimbursement and income?
- If the reimbursement should be provided to the employees? If yes, how should it be done?
- How should I track and calculate my mileage?
- Should the mileage tracker apps be used?
- How do I know about the current mileage reimbursement rates?
- How to determine the current mileage reimbursement rates?
- Is for every activity, the federal mileage reimbursement rates are the same?
- What are the specific requirements for tracking, reporting and calculating mileage rates?
- What is the need for a mileage log in the first place?
Get the various mandatory information from this resource that we have configured for businessmen, employers, employees and also for those who are self- employed. It will be great if you’re able to find all the information for all of your mileage logs, reimbursement and expense needs. Tracking mileage for your business can save your money come tax season. It substantiates the use of a vehicle by an employee to avoid tax deductions. It also allows the company to take care of reimbursements as a business expense. If you have any queries related to mileage rate reimbursement, don’t hesitate to contact us!