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Please go to the BUSINESS tab
Business Income and Expenses Start or Update
If it was already setup, the business will be listed, select Edit
If it was not already setup, do that first
Be sure the Business Profile has been entered
Before entering vehicle expense, it's best to enter the business income (Why? In case you are able to elect Bonus Depreciation or Section 179 Deduction on a vehicle you'd need business income)
Scroll down to Business Vehicle Expense under Business Expense Start or Update
ADD the vehicle if necessary or select EDIT from the list
Go through the vehicle and your mileage will be asked to be entered.
(Note: The software asks for business AND personal miles, why? that is how the program determines the percentage you use the vehicle for business. This matters for depreciation, although if you use the Standard Mileage rate, the depreciation is built into the rate.)
Thanks, but I don't see such option to enter mileage in TT Business (not Home & Business).
After clicking on [Update]:
I recall that there was an option to enter mileage for business use and non-business use.
Did anything change in TT Business?
Thanks
Entering mileage is used with the standard mileage rate, which applies to the reimbursement of auto expenses to partners or employees of a partnership. The IRS standard mileage rate for tax year 2024 is 67 cents/mile.
For vehicles owned by the partnership, enter actual expenses based on your accounting records under the Auto & Truck Expenses topic.
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