I have created a google collab, where I have slightly updated the code and added more comments
You can experiment with it https://colab.research.google.com/drive/1FRttWZWgphX5SSZnViF5GlV6FDPGhbbT On Wednesday, February 28, 2024 at 7:33:42 PM UTC+1 CD wrote: > Thanks for taking the time to do this! > > It does make sense. > > I don't fully understand the "pad" directive yet. I guess I do > theoretically - it's sort of like creating an opening balance? But in > practice it seems confusing to me. > > Everything else though makes sense to me, but couldn't the actual rate be > used and be put in as an expense, since it's going to be removed from the > gross income (I think - I'm not an accountant either). > > I guess that would make it tricky how to book them though and income would > seem necessary no matter what. > > > I'm going to play around with what you wrote and will reply more soon. > > Thanks again. > > On Wednesday, February 28, 2024 at 7:03:57 AM UTC-5 [email protected] > wrote: > >> Hi, >> >> disclaimer: I am not an accountant, I am not from the US. >> >> But let us just think together. >> >> The only reason you would want to use beancount to record the IRS >> deductible mileage instead of just writing it somewhere on a paper is to be >> able to track the future tax refund. >> >> So, this is how I would do it: >> >> ================================================================ >> >> ; https://groups.google.com/g/beancount/c/oBLRF71jDqY >> >> >> 2020-01-01 commodity MILE >> >> 2020-01-01 commodity USD >> >> 2020-01-01 open Assets:Bank:Checking USD >> 2020-01-01 open Assets:Deffered-Tax >> >> 2020-01-01 open Income:Tax-Refund:Car-Mileage >> >> 2020-01-02 * "Driving car somewhere, which is tax deductible" >> ; I think you need to put here not the actual rate (e.g. 65.5 >> cents/mile), but expected tax return you will get. Let us assume 0.3 >> USD/mile >> ; also cgeck this >> https://www.accaglobal.com/gb/en/student/exam-support-resources/fundamentals-exams-study-resources/f7/technical-articles/deferred-tax.html >> >> >> ; and this ; and this >> https://getswipe.in/blog/post/concept-of-deferred-tax-and-its-presentation-in-financial-statements >> >> >> Income:Tax-Refund:Car-Mileage -100 MILE @ 0.3 USD >> Assets:Deffered-Tax 30 USD >> >> 2020-03-02 * "Tax authorities" "Tax refund received" >> Assets:Bank:Checking 40 USD >> Assets:Deffered-Tax -40 USD >> >> ; You will probably never guess the tax return 100% correctly, so you >> will need to pad it >> 2020-03-02 pad Assets:Deffered-Tax Income:Tax-Refund >> 2020-03-03 balance Assets:Deffered-Tax 0 USD >> >> ;=============================================================== >> >> Does it make sense? >> >> On Monday, February 26, 2024 at 10:57:30 PM UTC+1 CD wrote: >> >>> I would have thought I would have found something on this from a search, >>> but I haven't. >>> >>> What is the best practice for recording mileage on business trips and >>> what are the accounts that are used for this if you are using the IRS >>> standard deduction per mile? >>> >>> Does a new commodity/currency need to be created for this? >>> >> -- You received this message because you are subscribed to the Google Groups "Beancount" group. To unsubscribe from this group and stop receiving emails from it, send an email to [email protected]. To view this discussion on the web visit https://groups.google.com/d/msgid/beancount/c3c5302a-1321-4506-85da-5627cffffd98n%40googlegroups.com.
