Vehicle Mileage

Vehicle Mileage
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Vehicle Mileage
Video Length: Video Size: File Size:
5 Minutes 12 Seconds Up To Full Screen 7953 KB

QuickBooks Online Training
Video Tutorial Over Vehicle Mileage

Many small business owners miss out on deducting their business-related mileage. By tracking your vehicle mileage, you can enter, sort, and print lists of your vehicles and the mileage you've driven for work-related tasks. You can use this information for your tax deductions and for billing your customers.

Limitations: You cannot use this feature to reimburse employees or vendors for mileage. You cannot track specific vehicle expenses, such as gas, tolls, etc. with this feature. However, you can track these types of expenses by entering bills for them as the expenses are incurred by your employees. Also, if you converted your data from a Quicken file, your vehicle mileage information does not transfer to QuickBooks.

Methods for deducting vehicle expenses

In general, you can use one of the following for figuring out your vehicle mileage expenses:

  • Standard mileage rate

  • Actual expenses

Important: Program Support Hub recommends that you consult with your tax advisor, accountant, or the IRS to determine if you can deduct the costs of operating and maintaining your vehicle and which method you should use.

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