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Non-taxable mileage deduction

This discussion was created from comments split from: Sole Proprietor, No W-2.

Comments

  • onstilt
    onstilt Member ✭✭
    > @gmalis1 said:
    > Quote:" Sole Proprietor, No W-2: It appears the bottom line is that Quicken's tax features are quite useless to small business..."Your INCOME is all listed under the Schedule C Business Income or Loss.ALL the money you earn in a sole proprietorship is taxable...you don't get to shelter any of it.Why is that such a difficult concept for you to comprehend? _All the profit (and thus all your income) will show up in the Business Income area of Quicken's Tax Planner.

    Say if you was a semi owner or did deliveries. All your income would not be taxable because you get a mileage deduction. And if you drive all the time you probably have a VERY high amount of deductions and might owe very little. Or if I am incorrect, please someone let me know.
  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    Business, Medical and Charitable mileage is deductible on various tax schedules ... UNLESS it was reimbursed.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
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