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Level 1

Mileage tracking in anything other than Self Employed

I just started a single owner llc and the Self Employed online package looks great and includes mileage tracking, which is important as I travel to client sites and that's my major expense. However I also like the sales tax tracking of the Simple Start package, but none of the other packages show they support mileage tracking.  What am I missing? Why take out a simple feature from a more expensive package? Will I really lose that feature if I move up to another package? Does the tracking app just not work? Can I still manually enter mileage?  Thanks!

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Best answer 09-24-2017

Accepted Solutions
ProAdvisor

Re: Mileage tracking in anything other than Self Employed

I use Excel to track my mileage. It works on my phone & syncs to my computer.

 

below is a link to publication 463. It explains car expenses & about using either the standard miles or using the actual expenses.

 

https://www.irs.gov/pub/irs-pdf/p463.pdf

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4 Comments
Level 5

Re: Mileage tracking in anything other than Self Employed

You are right, they took the feature out in the higher packages. No idea why. 

 

Not sure about the app. There are a few other mileage tracking apps you can use. MileIQ is one of them. Otherwise, you can manually enter your mileage as an expense, I would just throw in the memo line your miles so that you keep it recorded in the same place. 

 

Good luck

Level 15

Re: Mileage tracking in anything other than Self Employed

@rbcrossmedia

 

QB is accounting, QBSE is bookkeeping

 

Mileage is not an expense in accounting, it is only an expense when you file taxes if you elect to use it AND if you elect to use it in the first year of vehicle use - after that it is optional in subsequent years. 

 

And if you elect to use the standard mileage allowance then you can not include fuel, maintenance and vehicle depreciation (all vehicle expeses) as business expenses on the tax return.

ProAdvisor

Re: Mileage tracking in anything other than Self Employed

I use Excel to track my mileage. It works on my phone & syncs to my computer.

 

below is a link to publication 463. It explains car expenses & about using either the standard miles or using the actual expenses.

 

https://www.irs.gov/pub/irs-pdf/p463.pdf

View solution in original post

Level 15

Re: Mileage tracking in anything other than Self Employed

Your LLC likely doesn't own that vehicle. That still would be your Personal vehicle, and you are using it for personal and business Mileage.

 

That means the business never tracks Mileage for a vehicle it doesn't own, nor does it pay operating expenses for the vehicle.

 

You track mileage as a Personal vehicle with mixed use.

 

This is why Mileage Rates are used, and are considered an allowance and not a real expense.

 

Now that you have this LLC, you should ask your own CPA or tax preparer if you can submit for Mileage Reimbursement under an accountable plan.

 

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