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I can share with you some details on how you can categorize your vehicle-related transactions in QuickBooks.
Once you've set up your vehicle information, you'd want to make sure to record the related expenses such as toll, fuel, and parking fees under Schedule C: Car and Truck.
expenses. These are the transactions that are tagged under Car and Truck:
Also, QuickBooks uses two general deduction methods in calculating your allowable vehicle-related transactions. This allows you to decide which deduction method you want to use when you file your taxes. You can refer to these articles to help you manage your transactions:
Lastly, you can consult with an accountant so you'd be guided in choosing the right category for your self-employed related expense transactions.
Know that you're always welcome to leave a post here if you have any other concerns. Wishing you and your business continued success.
Thank for this response. I didn’t realize that after I set up my car, and start categorizing under utilities, it is automatically a schedule C. I couldn’t tell through the mobile app but I could tell through the desktop website.
We're glad you what you were looking for @ruthtrevino1993-.
Feel free to drop into the Community anytime for help with questions, tips and tricks, or anything else you might need. We're always available to help keep you on track.
Have a great day!
How do you track expenses for multiple vehicles separately? Some vehicles may be driven more and therefore could take the standard per mile deduction. Other vehicles may have a lot of repairs and little mileage and would therefore best have actual expenses deducted.
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