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Level 1

It seems like I have $294 deduction, is that money for me to cash out ?

 
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QuickBooks Team

It seems like I have $294 deduction, is that money for me to cash out ?

Good Morning, @valnerdestin97.

 

A deduction is an action of subtracting or removing something. Example: withdrawal from a bank account. To properly assist you with your question, can you provide me with a screenshot or additional information referring to the location of the deduction?

 

Here are a few articles that may be able to help depending on what deduction you're referring to:

I want to ensure that I give you the best solution to get you back to running your business. I'll be back around shortly.

Highlighted
Level 1

It seems like I have $294 deduction, is that money for me to cash out ?

 
Highlighted
QuickBooks Team

It seems like I have $294 deduction, is that money for me to cash out ?

Hi there, @Val13.

 

The deduction rate is multiplied to your business miles then equals to potential deductions. The $294 is the estimated tax deduction for your mileage calculation.

 

QuickBooks uses the standard mileage rate from the IRS to help estimate your tax write-off. 

 

For your reference, you can review how QuickBooks Self-Employed calculates your mileage deduction. Also, this assists you to get additional information about the differences between standard mileage and actual expenses in QuickBooks.

 

We're always around to help you if you have additional questions about mileage.

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