How to Track Gas Expenses as a Mobile Notary
As a mobile notary, driving is a big part of your job, which means gas is one of your main expenses. However, you don’t need to keep receipts for every gas purchase to get tax deductions. The IRS has a simpler way: the standard mileage deduction.
No Need for Gas Receipts
Instead of tracking every gas purchase, the IRS lets you deduct a fixed amount per business mile driven. For 2024, the standard mileage rate is 67 cents per mile. This rate covers not only gas but also maintenance, insurance, and depreciation, meaning you only need to track your miles, not individual expenses.
What to Track Instead
To claim the mileage deduction, you’ll need to maintain a mileage log. Your log should include:
- Date of the trip
- Starting and ending locations
- Total miles driven
- Purpose of the trip (e.g., client signing)
This log is crucial for tax purposes, as the IRS requires proof of the miles driven for business. Fortunately, you don’t have to rely on manual record-keeping.
Simplify Mileage Tracking with MyNotaryBusiness
Apps like MyNotaryBusiness make mileage tracking effortless. After each appointment, you simply add the mileage for that specific trip into the app. From there, the app does the heavy lifting—it automatically logs your miles and generates detailed reports for you. These reports are formatted to meet IRS standards, making tax time a breeze.
Whether you're using Android, iPhone, iPad, or a computer, MyNotaryBusiness ensures you’re always up to date on your mileage, allowing you to focus on your business without worrying about missing out on deductions.
Mileage vs. Actual Expenses
While the standard mileage deduction is the easiest route for most mobile notaries, you could also opt to deduct actual vehicle expenses like gas, insurance, and repairs. However, this involves saving every receipt and calculating the percentage of business use for your vehicle. For most notaries, the 67 cents per mile deduction is simpler and often results in greater tax savings.
In conclusion, while gas receipts aren’t necessary for most mobile notaries, an accurate mileage log is essential. With tools like MyNotaryBusiness, tracking your miles and generating tax-ready reports is simple, saving you time and maximizing your deductions.