I am a real novice when it comes to bookkeeping, so please excuse my ignorance. I run a small electrical contracting business. When I bill the client, I usually just enter the amount of materials, permits, etc., used. I have not been entering anything in my materials for gas. It all goes as labor. When I get my taxes done, I get a deduction off for mileage. For this reason, I have not been posting anything for gas. In other words, if my labor for a job is
$500.00 and I have to drive 60 miles, I have been recording $ 500.00 and not taking in consideration that part of that was taken up in gas. Can I deduct part of that for gas, so when I enter it into my "Quick Books" it will not all show up as income, since it isn't all income? Thanks for the help.
$500.00 and I have to drive 60 miles, I have been recording $ 500.00 and not taking in consideration that part of that was taken up in gas. Can I deduct part of that for gas, so when I enter it into my "Quick Books" it will not all show up as income, since it isn't all income? Thanks for the help.
