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.
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).
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.
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.
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.
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.
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).
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.