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QuickBooks uses the standard mileage method to estimate your tax deductions. While calculating a deduction, QuickBooks will multiply the total business miles by the current rate per mile set by the Internal Revenue Service (IRS). You can refer to the IRS website for your latest mileage rates.
Even though QuickBooks uses the standard mileage method, you don't have to use it when filing your taxes. Instead, you can calculate the actual vehicle expenses and miles traveled. This is known as your actual expenses method.
I've also included a detailed resource about working with mileage which may come in handy moving forward: Learn how QuickBooks calculates mileage deductions
If there's any additional questions, I'm just a post away. Have an awesome Thursday!
