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Handling Mileage and Schedule M-1
Filing a 1065 Partnership return for 2020 (no need to address why, got it covered)
*Quickbooks income is $2800 but does not include travel expenses (Std rate x # of miles) of $2700 (no cash outlay).
*I included the $2700 travel expense in the Auto or Truck Expense section. TurboTax shows Taxable Income of $100.
*The M-1 Worksheet (which includes another reconciling item) is off by the $2700 but there is not a Travel Expense line item to list it under (surprised)...what am I missing? How do get it to reconcile?
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‎February 9, 2022
10:45 AM