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Why should I track 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: Intuit 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.

See also

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