If I want to use the Section 179 deduction for my car in my small business, do I have to choose "actual expenses" as opposed to "standard mileage deduction"? And if so, am I stuck with using actual expenses for the duration of time that I use this car for my business?
This is the screen I got:
"You Get a Bigger Deduction by Using The Standard Mileage Rate
Based on our projections, your deductions over a 5 year period are greater using the standard mileage rate. Learn More
Your standard mileage deduction is $25,810.
Your actual expenses are $13,473.
Select the method you want to use.
Note: Remember that if you use the actual expenses method this year, the first year you used the vehicle for business, you must use that method for the entire time you use the vehicle for business."
I'm bummed that I might not be able to use the Section 179 deduction, because it seemed like a good deal. I don't want to screw over my future self though and make me use actual expenses (which might be less than standard mileage and also be more work to keep all receipts for gas, etc).
Thanks!
posted
last updated
May 31, 2019
4:56 PM