Mileage has its own home within GoDaddy Bookkeeping, where you can enter “Round-trip mileage”, and the trip’s description. This provides you with your mileage reimbursement rate, converted into a dollar amount, which you can use as a deduction on your Schedule C. Your total mileage, based on the dates you choose to filter, is displayed in the top right corner of the page.
To add a mileage deduction:
Starting from Overview page
1. Click “Mileage Deductions” in the left-hand column
2. Click the Mileage button to create a new entry
(Please note that the Mileage Rate is updated in the application when the rate is updated by the IRS. We will update the rate when the IRS updates this information. )
3. Enter “Date”, “Round-trip Miles”, “Trip Description"
4. Finally, click "Save"
- Its that Easy!
Though mileage has its own section on the Profit & Loss Report, it is still classified under the tax category “Car & Truck Expenses.” On your Schedule C worksheet, you’ll see your mileage rolled into the "Car & Truck Expenses" tab.