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Sunday
Dec182011

New IRS mileage rate

The new mileage rate has been published for 2012 by the IRS .  The amount will be 55.5 starting January 1.    If you use QuickBooks, why not track your expenses for mileage this year in the program? Here is how:

First, set up a 'dummy' customer called "Terrys Mileage" (insert your name) for yourself unless you will be  job costing per client.

Go to the Company file and open the 'Enter Vehicle Mileage' window. Open the Mileage rates window at the top, enter 0101/2012 and put in the new rate.  Your all set now.

When you drive, keep your records and come back to QuickBooks either every week, or once a month.

Open the Enter Vehicle Mileage, enter your vehicle (add new will show the first time) and continue with the form.  You don't have to put in the odometer reading if you would rather not- you can put in the dates and the total miles driven and then tie it to "Terrys Mileage" for the customer (unless of course you really would like to enter per client... Add any notes and click Save and Close.

When you are ready to run your report, go to the Report Center under Jobs, Time and Mileage and run your report for Mileage Summary or Detail,etc.  for the dates you would like.   It will tally all your entries per vehicle for you there. This is a great tool for year end tax - no more having to add up columns trying to figure out what you did all year! 

 

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References (3)

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  • Response
    Response: Justin Peatling
    QuickBook Training: Virtual Accounting: Wilmington, NC - Accounting: QuickBooks: Bits of Silver Blog - New IRS mileage rate
  • Response
    QuickBook Training: Virtual Accounting: Wilmington, NC - Accounting: QuickBooks: Bits of Silver Blog - New IRS mileage rate
  • Response
    Response: Kion Kashefi
    QuickBook Training: Virtual Accounting: Wilmington, NC - Accounting: QuickBooks: Bits of Silver Blog - New IRS mileage rate

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