The easiest thing to do is to delete the
vehicle and start fresh. Follow these steps and screenshots:
1.
Sign into your TurboTax account
2.
Select Federal Taxes (Business in the Home &
Business edition).
In
Online TurboTax Premier, click the bars at the upper left corner to show Federal
Taxes on the selection list; enlarge the screen if needed to show the left
side selection list. If you don't see the menu bars, you must first step
through each of the interview screens in TurboTax.
3.
Select Business Income and Expenses and in the next screen,
click I'll choose what I work on.
4.
On the Your Income Summary screen (TurboTax Premier edition)
or the Your Business Income screen (TurboTax Home &
Business edition).
5. Scroll down to Business Income and Expenses and click Update next to Profit or Loss from Business.
6. Click Edit next to your business. If you do not see this create your business.
7. Under Business Expenses click Start/Update on Business Vehicle Expense.
8.
You should see the vehicle you wish to remove and you can choose to Delete it.
(See the attached screenshot below. Click to enlarge.)
Next, you can add your new leased vehicle using the actual expenses method.
Actual
Expenses method
of deducting your car for work. It is based on the expenses you actually incur
in the operation of your vehicle. It includes things like:
·
gas purchases
·
repairs
·
oil changes
·
tire purchases
·
car washes
·
insurance
·
and even vehicle depreciation and lease payments
However,
you can only claim the percentage of expenses that apply to the business use
of your vehicle. To compute this, you must know how many miles you drove
for business purposes and how much you drove for personal reasons.
TurboTax
will walk your through this method.
To
enter your vehicle mileage for your business follow these steps:
1.
Click the Business tab then click I'll choose what i
work on.
2.
Scroll down to Business Income and Expenses and click Update next
to Profit or Loss from Business.
3.
Click Edit next to your business. If you do not see this
create your business.
4.
Under Business Expenses click Start/Update on Business
Vehicle Expense.
5.
This is the Vehicle Summary Screen.
·
Follow along the interview and select Actual Expenses
