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Deductions & credits
You will need to decide ( and the program will help you ) between using the standard mileage rate OR the actual expenses + depreciation on any new vehicle placed in service. If you choose actual expenses in the first year of use you must use the actual expenses method going forward. And you cannot use a 179 deduction on a vehicle but you can take the bonus depreciation as allowed. Let the program walk you thru your options and make the best choice for you.
May 31, 2019
5:47 PM