How do I take the vehicle mileage deduction in TT Business? It only gives you the option to enter actual expenses. There's a section to include miles, but it's for informational purposes only.
Do we self calculate based on the standard mileage deduction and enter as a vehicle expense?
If you opted to use the actual cost method in the first year, the standard mileage deduction is not available for any subsequent year. Does this happen to be the case?
The software will calculate the standard mileage deduction based on the rate for the applicable tax year. You do not need to enter that information. You must, however, enter the miles and indicate that you kept mileage logs. If you did not maintain documentation of the business miles driven, the deduction is disallowed.
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Glad i saw your reply- thought i would get a notification.
I don't believe i've ever entered actual vehicle expenses- it's always been mileage. But i don't seem to see that option anymore. I might have to stick with actual expenses then.