The last report to cover is your Tax Report. This report is the one that you will download to print or email to give to your tax preparer. This report was designed to make it as easy as possible for your tax preparer to prepare your taxes. It is set up in the same format and uses the same wording as the Schedule C.
As you look at the report you will see your income and expenses along with your Per Diem and personal vehicle mileage deductions. Your Per Diem and personal vehicle mileage deductions are generated from everything you entered in the boxes under 'How many nights were you away' and 'Personal vehicle miles' on the first page of your monthly expenses. You do not have to do any calculations, the program does that for you.
Any truck or trailer loan payments are not added to your tax report because they are depreciated. On the other hand, lease payments are directly deductible but no depreciation so you will see those amounts on your Tax Report. If you have a lease payment you need to enter it into ProfitGauges as a lease payment, not a loan payment. You do this by selecting ‘Lease’ from the drop-down menu when creating the subcategory.
To download your Tax Report, simply click on the green 'Tax Report for email or print' button at the top of the page. This will download the report to your computer for you to print or save to email to your tax preparer.