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Deductions & credits
@ZoltanB45 I purchased my '19 leased vehicle last month and don't want to complicate next year's filing. I'm looking for the easiest method, even if it doesn't give me the highest write off this year. For the old business, I used the standard mileage rate, not actual expenses in '19 & 20. The vehicle was put in use in '19.
For the new business, if I use actual vehicle expenses, I know it's a higher right off for '21 because I have lease payments but I have to stick with that method for 2022 taxes and don't want to deal with any recapture issues or ATM. The new business really just a little side gig that I hope will be profitable soon, but it had a loss for '21.
‎April 6, 2022
10:15 AM