You can use the Business Vehicle Worksheet to calculate the deductible amount of gas and other expenses for up to four vehicles per page.
To complete the Business Vehicle Worksheet:
- Go to Vehicle Wkt.
- Type the name of the individual or business at the top of the form.
- For each vehicle, enter the description of the vehicle, business miles, and total miles.
- UltimateTax calculates the percent of business use. You may skip the mileage entries and enter the percent of business use directly on the Business use percent line, if you wish.
- For each vehicle, enter your expenses.
- The worksheet totals the expenses and calculates the deductible amount based on the percent of business use.
- Parking fees and tolls are added in at 100%.
- This worksheet can be duplicated if you have more than four vehicles. Press Shift+F10 to duplicate the form.
- Depreciation for these vehicles must be entered by linking from Form 4562 to a Depreciation Worksheet. Use a separate worksheet for each vehicle.