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Deductions & credits
Maybe. Removing a car can be tricky. You may need to recapture depreciation or maybe just convert it to personal use or determine the depreciation. See Car expenses
Actual expenses taken -
Depending on the business percentage of the past and did it drop below 50% this year, all come into play. It doesn't hurt to review that section and make sure that only depreciation allowed for this tine has been taken and any excess recaptured.
Standard deduction taken -
Check your depreciation calculation if you used standard mileage. Rate of Depreciation Allowed in Standard Mileage Rate -Year(s) and Depreciation Rate per Mile
2024 $0.3
2023 $0.28
2021–2022 $ 0.26
2020 $0.27
2019 $0.26
2017–2018 $0.25
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March 8, 2025
1:59 PM