Easy Idea for Tax Treatment of Business Mileage

RFB
RFB Member ✭✭
I use Quicken to maintain accounts for my rentals. I use multiple vehicles and instead of multiple vehicle logs, I record my business mileage into a special Quicken Account that uses "miles" instead of any currency to create an asset balance. Right now, at the end of the year it is necessary only to multiply the "miles" by the current IRS standard mileage rate to determine my business vehicle costs for taxes using the standard mileage method. IDEA AND SUGGESTION: Why not provide a special type of account that uses some non-currency unit and the automatically, for each transaction, multiplies or does some other simple math to create and enter the currency equivalent. (i.e. user types in miles and after the math, quicken enters dollars, etc.) Alternatively, this could be a report feature where the math was done only at reporting time. Either way would reduce a manual step at tax time.
Inaugural (Intuit) Quicken user ... still here.
Tagged:
1
1 votes

New · Last Updated

Comments

  • UKR
    UKR SuperUser ✭✭✭✭✭
    If you are using the Home, Business & Rental edition of Quicken for Windows, a function called Mileage Tracker already exists.
    It's accessible from the Business Menu / Mileage Tracker or from the Business tab, click Business Tools / Mileage Tracker
    For easy one-click access you can add a Mileage Tracker icon to your Quicken Toolbar (click View Menu / Customize Toolbar)
    This feature does not exist in lower edition levels of Quicken for Windows or any edition of Quicken for Mac. Vote on this Idea to request it be added.
Sign In or Register to comment.