Question

Am I'm missing out on vehicle deduciton? My IntuitQuickbooks selfemployed says my vehicle expenses are over $900 but when I input to turbo tax, it isn't the same.

Forum|Forum|6 years ago
January 29, 2020
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TurboTax Live Self Employed

There can be a difference in what you track as expenses in net income for your business and what is deductible for tax purposes. Meals expense is a perfect example of this. While you may deduct 100% of your meals in QuickBooks as a business expenses, only 50% is deductible for tax purposes.

For vehicle expenses, it depends on how you are tracking items in QuickBooks. You may be tracking actual expenses for gas, maintenance, etc., while taking the standard mileage rate per mile for tax purposes. Here is a guide on how business vehicle deductions work for taxes:

Business Use of Vehicle

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