I have been keeping mileage for the total year and not per job. I use Quick Books Contractor edition (QB).
Two questions (at least):
1: If I assign the actual cost in gas to get from Job A and back for example $100 in actual revenue minus say $10 in fuel= $90. I know there are other factors involved (insurance etc.) but to me Gas is a direct cost for that particular job. For tracking purposes in QB (just recently) I write an imaginary check for x amount of miles times actual gas costs so I can see exactly what was made. I tried using their mileage tracker but it wont show in reports unless I mark it as "billable". How do you handle it?
2. At tax time how should I run the report(s) without the mileage directly attached to the job and then seperatly enter in total mileage?
And yes, I do my own taxes. I am just trying to fine tune how I do things. I'm afraid if I start tracking like this all year I will have a tough time sorting out actual expenses and revenue. I guess one report would be for my benefit and the other would be for Uncle Sam? I know I probably haven't asked my question very clearly.
Two questions (at least):
1: If I assign the actual cost in gas to get from Job A and back for example $100 in actual revenue minus say $10 in fuel= $90. I know there are other factors involved (insurance etc.) but to me Gas is a direct cost for that particular job. For tracking purposes in QB (just recently) I write an imaginary check for x amount of miles times actual gas costs so I can see exactly what was made. I tried using their mileage tracker but it wont show in reports unless I mark it as "billable". How do you handle it?
2. At tax time how should I run the report(s) without the mileage directly attached to the job and then seperatly enter in total mileage?
And yes, I do my own taxes. I am just trying to fine tune how I do things. I'm afraid if I start tracking like this all year I will have a tough time sorting out actual expenses and revenue. I guess one report would be for my benefit and the other would be for Uncle Sam? I know I probably haven't asked my question very clearly.