Originally Posted by daycare:
I am using MMK to do all of my accounting
I use my personal vehicle to take kids on field trips, which we do a ton..
I have a new CPA this year and she told me that I should only be inputting the monthly interest into MMK, not the payments?
I am really lost.................
Help....
DO I claim the actual payments and use the T/S% , the interest or both???
Thanks in advance....
You can only claim the business portion of interest, not the monthly payment. The business portion is based on your business miles divided by the total number of miles you drove. Don't use your T/S%.