Owned a car for business and used standard mileage rate, can i switch to the actual expense method due to leasing a car now?

Indeed, judd658054. You can shift from the Standard to Expense deduction method to track your business mileage. I'm delighted to shed more details about this in QuickBooks Self-Employed (QBSE).

Although QBSE uses the Standard method to calculate your mileage deductions, you can switch to the Expense method after filing and settling your taxes for this year. Once changed, the chosen method will be your default deduction method when you file your taxes for the following year.

In doing so, Turbo Tax can help you with this task. You may also seek assistance from your Tax personnel to guide you with your tax calculations. They can also advise you on which mileage deduction would suit you best.

For more information about altering from the Standard to the Expense method, please review this link: Can I switch between the standard mileage rate and the actual expense method?

You may also check these articles to learn more about the mileage methods, calculations, and how QuickBooks handles them:

• Learn about standard mileage and actual expense deduction methods.
• Learn how QuickBooks Self-Employed calculates mileage deductions.

Feel free to hit the Reply button if you have more concerns with your mileage or other QuickBooks transactions and data. I'm always ready and available to help you.