Hello,
I purchased an used vehicle for my own LLC in 2021. I enter the vehicle in Business Income and Expense -- Business vehicle expense, and selected Actual Expense. Then TTax calculated Virginia Section 179 deduction expense $8080, which was lower than the IRS maximum amounts $10,100 and $18,100 with bonus depreciation. I also check the form 4562, there is no carryover deduction for next year.
Is there any way I can check and see if I can meet the IRS maximum amount of $10,100 and $18,100?
Thanks,
Jenny
