Good day where do you go in turbotax to enter section 179 deduction for truck for schedule C / sole prop business? Truck is over 6000 lbs
I have home and business
When I go into Business Expenses under Business Vehicle Expenses it keeps wanting me to take standard mileage deduction
When I go to Business Assets I see:
Computer Video Photo and Telephone Equipment
Tools Machinery Equipment Furniture
Intangible Other Property
I don't see vehicles or anything there.
You have the choice in the year the vehicle is placed in service to take the standard mileage rate OR the actual expenses + depreciation and/or 179 deduction (currently there is a 100% bonus depreciation which is better than the 179 deduction ... 1check both ways to make an educated choice).
Note that if you take the standard mileage rate you can flip flop between the options in the following years HOWEVER if you start with the actual expenses option you are STUCK with that option until you retire that vehicle.