Track income from reimbursed miles
About tracking income from reimbursed milesIf your company reimburses you for miles traveled at a rate higher than that of the IRS, you could essentially be earning income—which could be taxable—by traveling. You can track this extra income.
- Open the Mileage Tracker.
- From the Business tab
Click the Business tab, then click the Business Tools button and choose Mileage Tracker.
- From the Rental Property tab
Click the Rental Property tab, then click the Add Transactions and choose Mileage Tracker.
- Enter your trip as usual.
- Under Trip Type, select Other.
- Edit the rate so it equals the difference between the rate at which your company reimbursed you and the rate used by the IRS. Enter the difference using a minus sign (for example, -.045).
- Can you give me an example?
For example, say you went on a business trip of 100 miles. Your company reimbursed you at .60/mile, while the current IRS rate was .555/mile.
When you record your trip, enter -.045 in the Rate field. This captures the .045/mile difference between your company's reimbursement rate and the IRS rate, for a total difference of $4.50. That difference may be taxable.
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