Hi @BizCoach Thanks for bringing this to our attention! We've followed up with our compliance team on this and it turns out that while you need to track the mileage for every business mile you claim a deduction for, and logging the odometer reading at the beginning and end of trip is one way of doing that, but you could also technically use a distance tracking app. The article has been updated to reflect this information.
@AlexL I am trying to pay the bill I've created for mileage but the Payment Account of "Owner’s Equity" is not available. I am trying to take this as a tax deduction but not remove money from the business. How can that be done?
Hey @DFord , that looked to be a mistake on our end. We've made the necessary changes so that "Owner's Equity" now reads "Owner Investment/Drawing" which is a more accurate workflow.
You should be good to continue with the mileage process steps listed in the article. Thanks for your patience!
Comments
Note that the IRS does NOT require odometer readings for each trip. That detail in the article was incorrect.
Hi @BizCoach Thanks for bringing this to our attention! We've followed up with our compliance team on this and it turns out that while you need to track the mileage for every business mile you claim a deduction for, and logging the odometer reading at the beginning and end of trip is one way of doing that, but you could also technically use a distance tracking app. The article has been updated to reflect this information.
Thank you again
Embedded link for doing a Journal Transaction is broken.
Hey @twm01 , thanks for putting this on our radar. I've fixed the link in the Help Center article so that it's no longer broken. Thanks again!
@AlexL I am trying to pay the bill I've created for mileage but the Payment Account of "Owner’s Equity" is not available. I am trying to take this as a tax deduction but not remove money from the business. How can that be done?
Hey @DFord , that looked to be a mistake on our end. We've made the necessary changes so that "Owner's Equity" now reads "Owner Investment/Drawing" which is a more accurate workflow.
You should be good to continue with the mileage process steps listed in the article. Thanks for your patience!
I'd pay for an add-on feature that allows for start and stop tracking as Zoho Expense does!