What’s better than driving around with the windows down and the wind in your hair? Getting the proper tax deductions for it! On today’s Technical Tuesday episode we cover the ability to track mileage in QuickBooks Online to make sure you are getting all the proper deductions and doing things the right way. It’s so easy! Check out the website for more content www.bcbousa.com
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Full Recap:
What’s better than driving around with the windows down and the wind in your hair? Getting the proper tax deductions for it! On today’s Technical Tuesday episode we cover the ability to track mileage in QuickBooks Online to make sure you are getting all the proper deductions and doing things the right way. It’s so easy!
Record your business miles and vehicle expenses in QuickBooks Online so you have everything you need to calculate deductions at tax time. Mileage deductions can be one of the biggest deductions that a self-employed or small business owner can make to reduce their tax bill. The QuickBooks Online app allows you to automatically track your trips and then allocate them as business or personal and add any notes necessary.
To learn more about how to set up tracking click here: Set up mileage tracking and vehicles in QuickBooks Online
Once you have set up tracking and ready to have it tracked automatically click here for more information: Automatically track mileage in QuickBooks Online
You also have the ability to manually add trips in QuickBooks Online and generate reports required for filing. QuickBooks will instantly show you what the tax deduction will be for each trip based on current IRS mileage rates (always updated). Small trips and small amounts add up quickly. Make sure you are taking advantage of this great feature.