As
a self-employed individual, you can enter either the standard
mileage rate or the actual cost method, which tracks what you paid for gas and
maintenance.
To
use the standard mileage rate, you must keep a log of each trip with miles
driven during the first year your vehicle is used for business. After that, you
can either go with standard mileage or actual cost (unless you lease, in which
case you must stick with standard mileage for the duration of the lease).
To
enter vehicle related expenses
In
the Self-Employed version of Turbo Tax with the Federal Taxes tab at the top
- Click on the Federal
Taxes tab
- Click on Income
and Expenses
- You may see a
prompt for Self-Employment, but if not
- Click on Check
for More Income and See All Income
- Scroll down to the
Self-Employment section with the blue person icon
- Click on Show
More
- And Start or
Edit.
The vehicle
expenses have a series of questions and you can choose to use either a cost per
mile or use the actual costs for the vehicle (including gas).
In
the Self-Employed version of Turbo Tax with the Business tab at the top
- Click on the Business
tab
- Then Continue
and I'll choose what to work on
-
Update your Profit or
Loss from a Business
- Click on the Edit
button for the name of your business
- Under Business
Expenses, with the blue bar graph icon,
- click on Update
or Start for Business Vehicle Expense
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
