MarilynG1
Expert Alumni

Deductions & credits

You won't necessarily get audited if your Business has negative income for the first year or two.

 

If your Business Income will be about the same for the next five years, and you plan to use your Business Vehicle for five years, you could use Regular Depreciation, which will give you a known, set depreciation amount for the next five years.

 

This would make it easy for budgeting; and you won't have to worry about Depreciation Recapture in the event you don't fully depreciate the vehicle.

 

Click this link for a discussion on Managing Business Assets

 

I don't know what was included in the last update, but if your numbers are changing, it could have affected this area.  Also, making other entries since you looked at the depreciation options could have affected your return, too. 

 

 

 

 

 

 

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