Vehicle expenses and tax

Michele6767 · ‎February 01, 2023

Hi,

I know that the vehicle expenses must be a percentage of the total mileage used for business.

I have logged my business mileage which is about 70% of total mileage.

Therefore, the expenses incurred should also be only 70% correct? Insurance and the rest.

Do I need to calculate this manually or can the system do this for me. Or do I need to split each expense to 70% business. If so, can I do this in batch?

Thank you!

JamesM4 · ‎February 01, 2023

Hi Michele6767,

Thanks for connecting with us here. When it comes to managing your books, QuickBooks is the go-to program that helps you to manage your work with peace of mind. I'll be happy to share more info so you're on the right track with your work.

In order to accurately record your transactions, I highly recommend consulting an accounting professional for expert suggestions. This ensures your books remain accurate while you continue to manage your work with peace of mind. You can also get in touch with a professional using this link here. Other accounting professionals are able to see this post in the Community and this will allow them to chime in.

Let me know if this info helps. Otherwise, you're more than welcome to ask other questions in the comments below.

Topics

Training

Community

Resources

Vehicle expenses and tax

Vehicle expenses and tax

Need to get in touch?