In TaxSlayer Pro, in the Car & Truck menu you can choose from among four menu options based on (a) if the taxpayer is using standard mileage or actual expenses to determine their deduction for car and truck expenses, and (b) if they are required to file Form 4562:
- Car & Truck (Std Mileage Rate - Schedule C) - Select if the taxpayer is claiming standard mileage and is not required to file Form 4562 any other reason. The vehicle(s) entered will be itemized in Schedule C Part IV.
- Car & Truck (Actual Expenses - Schedule C) - Select if the taxpayer is claiming actual expenses but you're not using the TaxSlayer Pro depreciation module to calculate depreciation. You'll enter the mileages and actual expenses here, and you'll enter the depreciation amount(s) in the Form 4562 menu under the Depreciation menu.
- Car & Truck (Std Mileage Rate - Form 4562) - Select if the taxpayer is using standard mileage and is required to file Form 4562. You'll enter mileages and other info for the Listed Property section of Form 4562.
- Car & Truck (Actual Expenses) - This menu is a shortcut to the depreciation module to enter information about the vehicle to calculate depreciation and also enter its actual expenses.
- Amount to Adjust Actual Expenses - For a business using standard mileage, enter the total of parking fees and tolls here.
The first and second menus share the same vehicles. Under the second option, if you select a vehicle but don't see a field to enter actual expenses, most likely the vehicle was originally entered under the first option. To be able to enter actual expenses in the second option, remove the vehicle from the first option, then re-add it under the second option.
Additional Information: