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Are You Using QuickBooks’ Custom Fields? Should You Be?
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QuickBooks was designed to be used by numerous types of small businesses. Custom fields help you tailor it to meet your own needs.One of the reasons that QuickBooks is so popular is that it can be used by a wide variety of business types, from pet stores to landscaping companies to coffee shops. Many companies are satisfied with the software as is and don’t need to make any modifications.But have you ever needed to include more information in your customer records? Do your transaction forms need an additional field or two? QuickBooks makes this possible by supporting custom fields that you can define for yourself. It’s not difficult to do, and it can help you, for example:Generate more focused reports.Make customer and vendor records more detailed.Create records for similar-but-different inventory items.Here’s how it works.Changing QuickBooks FormsYou may already know that you can change the structure and content of some QuickBooks forms, including invoices, estimates, sales receipts, statements, and purchase orders. To see what’s possible, open the Lists menu and select Templates. Right-click on the screen and select New. Choose the form you want to create and click OK. You can make changes in the window that opens and click Additional Customization to make more modifications. You have tremendous control over the content and structure of your forms in QuickBooks.Creating Custom Fields for RecordsQuickBooks does not include custom field creation in the Basic Customization and Additional Customization windows, although your new fields will appear in the Additional Customization window. Rather, you go to the Customer Center, Vendor Center, or Employee Center, depending on what kind of records you want to change. You can add up to 15 custom fields for those three types of records (no more than seven per type).Open the Customers menu and select Customer Center. Make sure the Customers & Jobs tab is highlighted. Double-click on any record to open its Edit Customer window and then click on Additional Info. In the lower right corner, click Define Fields. The window that opens displays four columns. In the first, Label, you’ll enter the names of your new custom fields. Click in any or all of the next three columns to indicate which records should contain them: customer, vendor, or employee. You can create up to 15 custom fields in QuickBooks Pro and Premier, but you’re limited to seven per record type.
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Tax and Financial Insights
by NR CPAs & Business Advisors
2026 IRS Mileage Rates: Key Updates and Insights
The IRS has rolled out the inflation-adjusted mileage rates for 2026, offering taxpayers an efficient way to claim deductions for vehicle-related expenses incurred for business, charity, medical, or moving purposes. These adjustments reflect the continued economic shifts impacting car operation costs.
Effective January 1, 2026, the new standard mileage rates are established as follows:
- Business Travel: Increased to 72.5 cents per mile, inclusive of a 35-cent-per-mile depreciation allocation. This marks a rise from the 70 cents per mile rate set for 2025
- Medical/Moving Purposes: Reduced slightly to 20.5 cents per mile, down from 21 cents in the previous year, reflecting the variable cost considerations.
- Charitable Contributions: Consistent at 14 cents per mile, a fixed rate unchanged for over a quarter-century.
As is typical, the business mileage rate considers the integral fixed and variable costs of automobile operation. Meanwhile, the medical and moving rates remain contingent on variable expenses as determined by the IRS study.
It is critical to note that the One Big Beautiful Bill Act (OBBBA) held firm on disallowing moving expense deductions except for specific cases within the Armed Forces and intelligence community, marking a substantial shift since 2017.
When engaging in charitable work, taxpayers might opt for a direct expense deduction over the per-mile method, covering gas and oil costs. However, comprehensive upkeep and insurance costs are non-deductible expenses.
Business Vehicle Use Considerations: Taxpayers can alternatively compute vehicle expenses using actual costs, which might benefit from shifting depreciation rules, particularly through bonuses and first-year advantages. Keep in mind, however, reverting from actual cost calculations to standard rates in subsequent years is restricted, particularly per vehicle protocol and when exceeding four vehicles in concurrent use.
Additionally, parking, tolls, and property taxes attributable to business can be deducted independently of the general rate, an often-overlooked advantage by many business owners.
Tax Strategies for Employers and Employees: Reimbursements based on the standard mileage framework, providing the right documentation is in place, remain tax-free for employees. Meanwhile, the elimination and continued prohibition of unreimbursed employee deductions continue, with particular exceptions offered to qualified personnel across specific occupations.
Opportunities for Self-employed Individuals: Entrepreneurs remain eligible for deductions on business-related vehicle use via Schedule C, with potential to account for business-use interest on auto loans.
Heavy SUVs and Deduction Advantages: Heavier vehicles exceeding 6,000 pounds but under 14,000 pounds open opportunities for substantial tax deductions through Section 179 and bonus depreciation avenues. The lifecycle of such a vehicle bears implications on recapturing initially claimed deductions, urging cautious tax planning.
For professional guidance on optimizing your vehicle-related tax deductions and understanding their implications on tax strategies, contact our office in Coral Gables, Florida, where expert advice and strategic insights are just a call away.
Educator's Deduction Reform: Key Changes Under OBBBA
The One Big Beautiful Bill Act (OBBBA) introduces significant enhancements for educators' tax deductions starting in 2026, offering both strategic opportunities and planning considerations for educators who qualify. With the reinstated itemized deduction for qualified unreimbursed expenses, educators have a broader spectrum of financial relief. This is complemented by the retention of the $350 above-the-line deduction, allowing educators to maximize their tax benefits by selectively allocating expenses between these avenues.
Understanding the nuances of these changes is crucial for educators and financial advisors alike. The dual-option deduction strategy can potentially enhance tax efficiency, thereby aligning with broader financial planning goals.
At NR CPAs & Business Advisors, based in Coral Gables, Florida, our expertise in tax preparation and planning provides invaluable support to educators navigating these changes. Our comprehensive approach, combined with personalized advice from our experienced team, ensures compliance and optimization in line with the latest tax legislations.
Given these updates, it is imperative to engage with seasoned professionals to fully leverage your deduction strategies. Contact us today to streamline your tax planning under OBBBA's new guidelines and maximize your deductions for upcoming tax years.
