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Deductions & credits
When you see "Business Expenses", click Start on Business Vehicle Expense (or Update).
Screen 2 or 3 asks Tell us about your business vehicle. Make sure you mark Heavy SUV over 6,000 lbs, and the 2018 date you put the vehicle into service.
After about 4 screens, you will be asked if you documented your work miles, then you enter your miles, how many vehicles you own for your business, and you get a standard mileage deduction summary. ON THIS SCREEN, select the radial "Yes, I'd like to see if my actual expenses give me a bigger deduction". If you do not select yes, you will not have the next screens open up to select the Section 179 or Special Depreciation on the vehicle.
Your next screen will allow you to enter other expenses (gasoline, oil, tires, repairs, insurance, etc.)
You will answer yes to the question if you were more than a 5% owner of the business
Yes or no if you used the vehicle for hire
Yes or no if you purchased the vehicle new
Yes or no if you traded in a vehicle to purchase the vehicle
Enter the date you acquired the vehicle
Next screen you will enter the base value of the vehicle
Now you will be on the screen I reference above
Screen 2 or 3 asks Tell us about your business vehicle. Make sure you mark Heavy SUV over 6,000 lbs, and the 2018 date you put the vehicle into service.
After about 4 screens, you will be asked if you documented your work miles, then you enter your miles, how many vehicles you own for your business, and you get a standard mileage deduction summary. ON THIS SCREEN, select the radial "Yes, I'd like to see if my actual expenses give me a bigger deduction". If you do not select yes, you will not have the next screens open up to select the Section 179 or Special Depreciation on the vehicle.
Your next screen will allow you to enter other expenses (gasoline, oil, tires, repairs, insurance, etc.)
You will answer yes to the question if you were more than a 5% owner of the business
Yes or no if you used the vehicle for hire
Yes or no if you purchased the vehicle new
Yes or no if you traded in a vehicle to purchase the vehicle
Enter the date you acquired the vehicle
Next screen you will enter the base value of the vehicle
Now you will be on the screen I reference above
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‎June 4, 2019
8:15 PM