Is it better to take the standard mileage or actual expense with Sec.179 for a new to me vehicle purchased in 10/19 used 100% for business?
You'll need to sign in or create an account to connect with an expert.
It depends. Will you need the deduction every year for the next five years and then regret taking it all at once? Will you keep the car for its useful life? If you dispose of it early, (or if business use drops below 50%) you will have to recapture the depreciation you took prematurely.
What is better, grape Jello or Strawberry Jello? The answer is that it depends on the individual person.
As Colleen indicated, there are MANY factors involved based on a person's individual circumstances. What is right for one person may not be right for you. This is one of many reasons why a tax professional often saves taxes for a business. They know how to analyze a situation and prepare the tax return in accordance with that.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
hcgma2020
Level 2
Tamlyn74
New Member
Fuzzy Red Baron
Returning Member
katehailey
New Member
discover98
Returning Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.