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karinneuvirth
Level 1

Mileage not included in my profit loss statement Quickbooks Self-Employed

I just started using Quickbooks Self-Employed. I noticed that my mileage deduction is not accounted for in my profit loss report, which makes my income look higher and my estimated taxes higher. Is there a way to get it to account for mileage in the profilt/loss?

2 Comments 2
ReymondO
QuickBooks Team

Mileage not included in my profit loss statement Quickbooks Self-Employed

Good day, @karinneuvirth.

 

Allow me to share insights on how QuickBooks Self-Employed (QBSE) tracks your vehicular expenses. 

 

If you use a vehicle for your self-employed business, you may be able to deduct the business-related expenses using two deduction methods (standard mileage and actual expenses).

 

The Profit and Loss report only show your travel, car, and truck expenses. This doesn't include mileage since QBSE uses the standard mileage deduction method. This is used to calculate your mileage deduction and estimated taxes when you travel for business purposes. But, you should also track all of your vehicle expenses in QuickBooks.


The option to include mileage in P&L is unavailable in the program. Although, you can view your mileage deduction in the Vehicle expenses under the Taxes menu. 

 

If you want to track all of your vehicular expenses such as gas, oil, repairs, tires, car insurance, registration fees, licenses, and depreciation (which are all shown in the P&L report), use the actual expenses method instead. This calculates and deducts the amount you actually spent using your car for business. 

 

For more info, you can check this article: Learn about standard mileage and actual expenses deduction methods.

 

If there's anything else you need, you're always welcome here in the Community to post again. We'll be always around ready to help.

ReymondO
QuickBooks Team

Mileage not included in my profit loss statement Quickbooks Self-Employed

Hi there, @karinneuvirth.

Hope you’re doing great. I wanted to see how everything is going about the mileage concern you had the other day. Was it resolved? Do you need any additional help or clarification?

If you do, just let me know. I’d be happy to help you at anytime .
Looking forward to your reply.

Have a pleasant day ahead!

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