Non-taxable mileage deduction

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System
System Member admin
edited May 2022 in Budgeting and Planning Tools (Windows)
This discussion was created from comments split from: Sole Proprietor, No W-2.

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  • onstilt
    onstilt Member ✭✭
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    > @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 ✭✭✭✭✭
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    Business, Medical and Charitable mileage is deductible on various tax schedules ... UNLESS it was reimbursed.

    Q user since February, 1990. DOS Version 4
    Now running Quicken Windows Subscription, Business & Personal
    Retired "Certified Information Systems Auditor" & Bank Audit VP

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