Logs each trip with the four things IRS Publication 463 asks a taxpayer to keep — date, miles, place, and business purpose — then shows what those miles are worth: a Schedule C mile cuts self-employment tax, charged at 15.3% (IRC §1401) on 92.35% of net earnings (IRC §1402(a)(12)), on top of your income-tax bracket, while a deduction disallowed for lack of records can carry the 20% accuracy-related penalty of IRC §6662.
| Total miles on the vehicle this year | - |
| Deductible business miles (commuting and personal removed) | - |
| Business use of the vehicle, percent | - |
| Standard mileage deduction | - |
| Deduction including business parking and tolls | - |
| Self-employment tax saved (15.3% on 92.35% of the reduction in net earnings) | - |
| Federal income tax saved at your bracket | - |
| Total tax saved by this mileage log | - |
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Logs each trip with the four things IRS Publication 463 asks a taxpayer to keep — date, miles, place, and business purpose — then shows what those miles are worth: a Schedule C mile cuts sel
IRS Publication 463 places the entire recordkeeping burden on the taxpayer, and IRC §6662 sets a 20% accuracy-related penalty on the underpayment that results when a deduction is disallowed for want of records. That statutory 20%
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