Home > Support > How To Use the Vehicle Mileage Tracker in Quicken

How To Use the Vehicle Mileage Tracker in Quicken

Updated: 2/08/2012 | Article ID: GEN83216

Overview

Business-related mileage is a tax deduction that small business owners often miss. With the Vehicle Mileage Tracker, you can track, sort, and print lists of not only your business-related mileage, but also miles driven for charity work, miles to and from the doctor for medical reasons, miles driven to and from rental properties you own, and even types of mileage you define.

This feature requires Quicken Home & Business or Rental Property Manager.

Enter a new trip for your business

Tip:  What if there are trips you make repeatedly? If the mileage is the same, the location is the same, the car is the same, you don't need to enter a new trip every time. Instead, you can enter several similar trips by copying a trip, pasting it into the Vehicle Mileage Tracker, and editing the trip to make any necessary modifications (for example, the date).

  1. Click the Business tab, then click the Business Tools button and choose Mileage Tracker.
  2. If this is your first trip, simply start entering information. If it isn't your first trip, select an empty record and then enter information.
  3. Enter the trip start and end dates, or select them from the pop-up calendars provided.
  4. In the Trip Type list, select the type of trip.
    Quicken displays the corresponding mileage rate to the left of the field, or an empty field where you can enter the appropriate mileage for Other trip types. The trip types listed correspond to the following types of miles, most of them tax-deductible:
    • Business: Schedule C
    • Charity: Schedule A
    • Medical: Schedule A
    • Rental Property: Schedule E
    • Unreimbursed Business: Schedule A
    • Other: Use this type for any type of mileage, including miles tracked for personal reasons such as a vacation, or miles reimbursed by your business but not at the IRS rate. Note that you can only edit the mileage rate for trips of type "Other."
  5. In the Business Name field, enter the business the trip is for.
  6. In the Purpose field, enter the purpose of the trip. (Optional)
    Use this field for any information you want to track, such as the vehicle's driver if you're tracking mileage for several drivers. Quicken remembers this purpose; if you want, you can select it in the list when you enter your next trip.
  7. In the Start Location field, enter the starting location.
  8. In the Destination field enter the trip destination. (Optional)
    If you make this trip on a regular basis, Quicken remembers this destination; if desired, you can select it in the list when you enter your next trip.
  9. In the Vehicle Used field, enter the vehicle you used. (Optional)
    This field may be useful if you have to track mileage for more than one vehicle. Quicken remembers this vehicle; if you want, you can select it in the list when you enter your next trip.
  10. In the Parking & Toll field, enter the total paid for parking and toll charges, if any. (Optional)
    Don't forget to also enter the money you spent on parking and tolls in the appropriate account.
  11. Enter odometer readings for the start and end of the trip or a value for total miles traveled. You cannot enter both odometer readings and total miles traveled.
  12. Click Record Trip.

Note:  When you enter your first trip, Quicken adds tax-deductible mileage categories to your Quicken Category List. These categories begin with the prefix "_Mileage." They already have the correct tax schedule line items associated with them and are set up for easy import to TurboTax. Don't edit or delete these categories.

Edit an existing trip

  1. Open the Mileage Tracker.
    From the Business tab click the Business tab, then click the Business Tools button and choose Mileage Tracker; or,
    From the Rental Property tab click the Rental Property tab, then click the Add Transactions and choose Mileage Tracker.
  2. Select a trip in the list.
  3. Click Edit on the toolbar and change the desired information in the Vehicle Mileage Tracker fields.
  4. Click Save Changes.

Enter several similar trips

  1. Open the Mileage Tracker.
    From the Business tab click the Business tab, then click the Business Tools button and choose Mileage Tracker; or,
    From the Rental Property tab click the Rental Property tab, then click the Add Transactions and choose Mileage Tracker.
  2. Select a trip in the list.
  3. Select a trip you've already taken and click Copy on the toolbar.
  4. Click an empty record in the Vehicle Mileage list and click Paste on the toolbar.
  5. Select the newly-pasted trip, click Edit on the toolbar, and make the desired changes.
  6. Click Save Changes.

Sort trips in the Vehicle Mileage Tracker

  1. Open the Mileage Tracker.
    From the Business tab click the Business tab, then click the Business Tools button and choose Mileage Tracker; or,
    From the Rental Property tab click the Rental Property tab, then click the Add Transactions and choose Mileage Tracker.
  2. Select a trip in the list.
  3. Click Sort on the toolbar.
  4. Select how you'd like to sort your trips in the list. You can also select ascending sort (lowest value first) or descending sort (highest value first).

Customize the Vehicle Mileage Tracker

Need to quickly find all the trips you took during a particular time period? Or perhaps you don't think you need to display both the Destination column and the Purpose column on the Vehicle Mileage Tracker. Customize the Vehicle Mileage Tracker to display only the columns you want to see or show trips based on criteria you select.

  1. Open the Mileage Tracker.
    From the Business tab click the Business tab, then click the Business Tools button and choose Mileage Tracker; or,
    From the Rental Property tab click the Rental Property tab, then click the Add Transactions and choose Mileage Tracker.
  2. Select a trip in the list.
  3. Select a trip in the list.
  4. Click Customize on the toolbar.
    • To show only the columns you want under Show/Hide Columns, select the columns you want to see in the Vehicle Mileage list.
    • To sort by trip information, including subtotaling by trip under Show Only Trips as Indicated Below, set the conditions for the trips you want to display. You can select as many of the conditions as you need to narrow your list. To select all trips under a certain criterion leave the field blank.
      • Type: Select the type of trip you want to display in the list. You can display all trips, or trips of a single type. Use this to subtotal your trips by type, so you know exactly how much you've spent on business, charity, and so on. You can also subtotal all trips by printing the list—the Vehicle Mileage Tracker organizes the report by trip type, with subtotals for each type.
      • Destination contains: You can select a destination in the list or type a word contained in a destination.
      • Vehicle contains: You can select a vehicle in the list or type a word contained in a vehicle description.
      • Travel dates: Enter a range of dates for your travel or select them from the pop-up calendars.
      • Travel distances: Enter a range of miles for your travel. 
  5. Click OK.

Track partially reimbursed miles

Businesses reimburse mileage at different rates. But the IRS only has one mileage rate governing what you can deduct from your taxes. If your business pays more than the IRS rate, the difference is income and taxable; if your business pays less than the IRS rate, the difference is possibly deductible. But how to keep track? Easy. Use the Vehicle Mileage Tracker to both track income from reimbursed miles and track partially reimbursed miles.

  1. Open the Mileage Tracker.
    From the Business tab click the Business tab, then click the Business Tools button and choose Mileage Tracker; or,
    From the Rental Property tab click the Rental Property tab, then click the Add Transactions and choose Mileage Tracker.
  2. Enter your trip (as shown in the first section of this article).
  3. Under Trip Type, select Other.
  4. Edit the rate so it equals the difference between the rate at which your company reimbursed you and the rate that the IRS uses.
    For example, say you went on a business trip of 100 miles. Your company reimbursed you at .35/mile, while the current IRS rate was .405/mile.
    When you record your trip, enter .055 in the Rate field. This captures the .055/mile difference between your company's reimbursement rate and the IRS rate, for a total difference of $5.50. That difference may be tax deductible.

Track income from reimbursed miles

If your company reimburses you for miles traveled at a rate higher than that of the IRS, you could essentially be earning income—which could be taxable—by traveling. You can track this extra income.

  1. Open the Mileage Tracker.
    From the Business tab click the Business tab, then click the Business Tools button and choose Mileage Tracker; or,
    From the Rental Property tab click the Rental Property tab, then click the Add Transactions and choose Mileage Tracker.
  2. Enter your trip (as shown in the first section of this article).
  3. Under Trip Type, select Other.
  4. Edit the rate so it equals the difference between the rate at which your company reimbursed you and the rate used by the IRS. Enter the difference using a minus sign (for example, -.07).
    For example, say you went on a business trip of 100 miles. Your company reimbursed you at .475/mile, while the current IRS rate was .405/mile.
    When you record your trip, enter -.07 in the Rate field. This captures the .07/mile difference between your company's reimbursement rate and the IRS rate, for a total difference of $7.00. That difference may be taxable.

Get a map or confirm mileage

  1. Open the Mileage Tracker.
    From the Business tab click the Business tab, then click the Business Tools button and choose Mileage Tracker; or,
    From the Rental Property tab click the Rental Property tab, then click the Add Transactions and choose Mileage Tracker.
  2. Click Not sure how far it was? Map it. (Internet connection required.)
  3. From here, plot a route to your destination or get the mileage for a trip you've already taken but for which you've forgot to note the mileage.

Record personal trips

  1. Open the Mileage Tracker.
    From the Business tab click the Business tab, then click the Business Tools button and choose Mileage Tracker; or,
    From the Rental Property tab click the Rental Property tab, then click the Add Transactions and choose Mileage Tracker.
  2. Select a trip in the list.
  3. Enter your trip (as shown in the first section of this article).
  4. For Trip Type, select Other, and make a note to yourself in the Purpose field.
  5. Record your trip.

Update mileage rates

The IRS regularly revises its mileage rates. To make sure you're using the proper rates, update the mileage rates used by the Vehicle Mileage Tracker.

To update the vehicle mileage rates provided by the IRS, update your Quicken program.

The IRS generally releases the rates for the following calendar year during the fourth quarter of the current year (October through December).

Enter my mileage on my tax return

You've been faithfully recording all your trips. Now April 15 has rolled around again and its time to reap the benefits. If you use TurboTax you can import your mileage from Quicken directly into TurboTax. TurboTax will import both the mileage and the tax-deductible dollar amounts. If you use a different tax preparation software package or do your taxes by hand, you can use the mileage records in the Vehicle Mileage Tracker to help you enter your mileage on your tax return.
  1. Open the Mileage Tracker.
    From the Business tab click the Business tab, then click the Business Tools button and choose Mileage Tracker; or,
    From the Rental Property tab click the Rental Property tab, then click the Add Transactions and choose Mileage Tracker.
  2. Select a trip in the list.
  3. Customize the Vehicle Mileage list to include all types of trips for which you have tax-deductible miles (or extra income from being reimbursed at too high a rate).
  4. Print the list.
    The printed list contains all the information you need, including number of miles and deductible amount for each type, if allowed.
  5. Enter the information in the appropriate schedule or give it to your tax preparer.
    • Business: Schedule C
    • Medical: Schedule A
    • Charity: Schedule A
    • Rental Property: Schedule E
    • Unreimbursed Business: Schedule A
    • Other: If you've used this for miles reimbursed by your business but not at the IRS rate.

Note: Whether you can deduct mileage from your taxes sometimes depends on if the deductible amount has reached a certain percentage of your adjusted gross income. Before deducting mileage costs based on information from the Vehicle Mileage Tracker, check with your tax advisor.

Print a record of my mileage

  1. Open the Mileage Tracker.
    From the Business tab click the Business tab, then click the Business Tools button and choose Mileage Tracker; or,
    From the Rental Property tab click the Rental Property tab, then click the Add Transactions and choose Mileage Tracker.
  2. Select a trip in the list.
  3. Customize the Vehicle Mileage list so it displays the information you want to print.
  4. On the toolbar, click Print.
  5. In the Print dialog, change your print options as desired, and click OK.

Delete a trip

  1. Open the Mileage Tracker.
    From the Business tab click the Business tab, then click the Business Tools button and choose Mileage Tracker; or,
    From the Rental Property tab click the Rental Property tab, then click the Add Transactions and choose Mileage Tracker.
  2. Select a trip in the list.
  3. Select a trip in the list.
  4. Click Delete on the toolbar.
  5. Click OK to confirm the deletion.
 
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