If you incur the same expenses or mileage for a qualified organization on a regular basis, you can have DeductionPro enter all these deductions at once instead of entering each one manually. We call this a recurring deduction.
To set up a recurring deduction:
On the Enter Deductions tab, click Expenses & Mileage, and then click New Recurring Deduction.
From the Charity Name drop-down list, select the charity that received your donation, or select Enter New and type the name of a charity.
Note: If you enter a new charity, make sure to enter its address on the Manage Charities tab.
In the Start Date box, type the date (in mm/dd/yyyy format) that you first incurred the expense or mileage.
Tip: You can also click the calendar icon beside the box to display a calendar from which you can select a date.
In the End Date box, type the date (in mm/dd/yyyy format) that you last incurred the expense or mileage.
From the Frequency drop-down list, select the option that describes the frequency of your recurring deduction.
In the Description box, type a description of the expense that you incurred (up to 40 characters).
Tip: Use this field to keep notes that have enough detail to remind you of why you incurred the expense in case the IRS questions your deduction.
In the Miles box, type the total number of miles traveled to and from the charity.
Tip: The amount you enter should be equal to the round-trip mileage for each trip you made, not the total number of miles for all trips. For example, if you traveled 30 miles to the charity each month, you should enter "30" in the box.
In the Expenses box, type the dollar amount of the expense you incurred, and then click Finished.
Tip: The amount you enter should be equal to each individual expense, not the total.
DeductionPro automatically:
Calculates the Deduction Amount for you.
Deduction Amount = Miles X Mileage Rate + Expenses
The mileage rate is 14 cents per mile.
Saves your entry and updates Total Deductions and Est. Tax Savings when you leave the row.
To enter another expense, click either New Deduction or New Recurring Deduction.
To print the list of expenses and mileage deductions, click Print. When the Print Preview window appears, click the printer icon, and then click OK in the Print dialog box.
Tip: To print the details of a recurring deduction, click the Recurring button beside the deduction for which you want to print the details before you click Print.
When you’re done entering expenses and mileage, click Save.
Note: DeductionPro automatically saves the entry as you complete each row. However, you must click Save to save the information entered in the last row.