Mileage Rate for 2006 in pp: What & How?

[pcjulie]

First of all, what mileage rate should we use for the year 2006? Secondly, how do we go back and change that information (besides changing each show indiviually) in PP?
Thanks!

 

[Bexs50]

Sorry, I am no help, but I was wondering the same thing!

 

[jrstephens]

I did not have to put anything in. PP automatically figured it for me when I put in the amount of miles. I assume when we install PP upgrades it would change that correctly, BUT now I am wondering too!

 

[Kanne]

To change it in PP, go under Update, Income/Expense Codes. A box will pop up, double click on Mileage and you can change the default. The problem is that it won't correct anything already in your income/expense list, so you have to go back into each individual line entry and change it. I know this because mine was wrong for the whole year and I didn't know it until January! I had to go to each mileage line for 2006 and change it there.

The rate for 2006 is 44.5 cents and for 2007 it's 48.5 cents.

 

[jrstephens]

To change it in PP, go under Update, Income/Expense Codes. A box will pop up, double click on Mileage and you can change the default. The problem is that it won't correct anything already in your income/expense list, so you have to go back into each individual line entry and change it. I know this because mine was wrong for the whole year and I didn't know it until January! I had to go to each mileage line for 2006 and change it there.

The rate for 2006 is 44.5 cents and for 2007 it's 48.5 cents.

Mine now has .315, so, I need to go back and change it to 44.5 for 2006? Will it automatically change all of my totals or do I need to go in and change them all individually? and then make the defalt .485 for 2007?

 

[jrstephens]

Mine now has .315, so, I need to go back and change it to 44.5 for 2006? Will it automatically change all of my totals or do I need to go in and change them all individually? and then make the defalt .485 for 2007?

I just went back and read in the Help section that it apply to all future entries and that prior entries would not change.

I am glad you posted these b/c this will make a big difference in my mielage deduction. Thanks!!

I am so glad I saw this thread!!!

 

[chefann]

If you use a computer program to do your taxes, it should ask for a number of miles and automatically compute the proper amount.

 

[jrstephens]

If you use a computer program to do your taxes, it should ask for a number of miles and automatically compute the proper amount.

I do not know why I did not think of that! thanks! I cannot wait to get my 1099 to start doing my taxes.