Thank you very much again. I bought a new car in 2023 and used it for 75% of my business. I'm sorry I'm confused. In my understanding, there are 3 different kinds of depreciation for a vehicle including regular depreciation, Section 179 deduction, and Special bonus depreciation, am I correct? I think If I use the SMR, I'm unable to depreciate my new car and can't use Section 179 deduction or/and Special bonus depreciation.
To lower this year's tax liability, I am thinking of using one of the depreciation for my new car, the regular depreciation, vs Section 179, or Special bonus depreciation, but I'm not sure which is the best. Can I use 2 depreciation methods (Section 179 and bonus depreciation) in the same year? Will I pay tax on the depreciation of whatever depreciation method I used when I sell my car or my business use drop below 50%?
