Can we expense mileage as it incures?


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I have a multi-member LLC and we elected to go the mileage route instead of actual auto expenses. Can we enter mileage as it incurs each week as an expense on our books? Or do we have to track mileage separate, and then at tax time enter the total mileage driven to get the deduction?

LLC Accounting Bookkeeping Accounting Method Small Business

asked Aug 29 '17 at 02:56
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MissQB
1 point

1 Answer


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We use Abacus and enter in mileage ASAP. This system allows our bookkeeper to accept the expense as distance traveled quickly and properly account for it (we're accrual).

When we file our taxes (we're cash accounting, as it's often less than accrual) we add a line-item for mileage and report based on our bookkeeping account. Your CPA (tax) should be able to solve this -- I would hire someone. It may cost $1-2K/year, but is very cheap for putting your mind at-ease every year (not to mention the time savings!)

answered Sep 5 '17 at 22:31
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Dan Moore
11 points

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LLC Accounting Bookkeeping Accounting Method Small Business