Video instructions and help with filling out and completing Are Form 2220 Mileage

Instructions and Help about Are Form 2220 Mileage

Hello everybody I'm going to show you the absolutely easiest way to keep track of your business miles for your car first here's how you make the entries in your mileage log get a week at a glance calendar and every time you set out from your house jot down the mileage on the odometer if it's personal trip you really don't need to write much more than personal if it's a business trip just write down a little note about what the purpose of the trip is and just write biz or whatever for business and every time you leave your house just make a note of whether it's a personal trip or business trip and if a business trip with the purpose is then at the end of the year when you get ready to do your taxes we'll start off with calculating the total mileage let's just make up something here let's say it's sixty thousand whatever and then the very ending mileage is seventy one thousand and change so that gives you your total mileage for the year then we just have to calculate how much of that is for business purposes and it's super easy you just jot down the beginning mileage of business and then the end of the trip like as follows you find the first business trip and you put that number in here 6100 eighty-five then you skip ahead to the next personal trip six one one seven three and that gives you the business mileage for this this and this then you skip ahead to the next business use of the car 61 to forty eight and then from there you skip ahead to the next personal use of the car six one three one one skip ahead to the next business use of the car six one three five four you can skip this one then the next personal trip is 61 427 and and that's all week the data we have on this calendar so that's a total of 524 miles of business use and that's just in this one week period but note we can really cut down on the amount of data entry we do because your first entry is the first business entry second entry is this one third entry is this one fourth entry is this one you enter the next business one skip this the next personal one so you can skip a lot of data entry and just put the beginning of the business use of the car and the next personal use of the car which is of course the end of the business use of the car that way you can whip through a year's worth of mileage entry it takes me about five minutes and you just whip through it and the mileage is calculated for you there certainly is no easier way to do this it's just a teeny little bit you know it takes about 10 seconds of jotting down in the calendar every time you leave your house and at the end of the year about five minutes worth of data entry and you are set and you can take advantage of business use of your car mileage which if you don't keep track of it like this you can't take the deduction and you're just letting money slip through your fingers so hopefully this has been helpful and I thank you very much