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kpahl
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Can you defer the mileage deduction to another year?

I use QBSE. We are going to be applying for a mortgage next year or the year after and I'm trying to show as much income as possible for the next 2 years. Can I defer some expenses to another year so I can show more income? Like my mileage? So far this year I have over $8300 in mileage deductions (I'm a pet sitter and drive all day).  If I don't take this deduction for mileage my income will be higher, but will I lose the ability to deduct this later? Thanks!

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Can you defer the mileage deduction to another year?

You MUST deduct all qualifying expenses in the year they are incurred ... you cannot defer them.  What you do have control over is how fast assets are depreciated ... that is the only legal way to control the bottom line of the Sch C. 

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