Follow these steps to calculate the vehicle expenses amount to report on Line 9 of Schedule C:
- From within your TaxAct return (Online or Desktop) click Federal. On smaller devices, click the menu icon in the upper left-hand corner, then select Federal
- Under Federal Quick Q&A Topics, click Business Income to expand the category and then click Business income or loss from a sole proprietorship (scroll down if necessary)
- Click +Add Schedule C to create a new copy of Schedule C.
- Continue through the screens until you reach Business Income - Expenses, click Yes and then click Continue
- On the next screen titled Would you like to review vehicle expenses for this business? click Yes.
- If you have not entered any vehicle information, click Continue or if you have entered vehicle information click add to add another vehicle or click review to review information for a vehicle already entered.
- On the screen titled Depreciation and Vehicle Expenses, the Asset Type must be either a Car or Light Truck/SUV to be able to enter the vehicle miles driven on the following screen to calculate the standard mileage rate
- Continue the Q&A process to enter information and when you reach the screen Vehicles - Actual or Standard, you can select the method you prefer to use