So as I've been reading, it looks like I really do need to amend my 2022 because if I didn't take Bonus SDA and didn't elect out of it, I'm "using an improper accounting method", which is unsettling. Alternatively, I'd have to file Form 3115 to change accounting method entirely, which looks like a huge headache.
To amend, I should only need to include any form that has changed, correct? 1040X, Schedule C, Schedule SE, and 4562, from what I can tell.
In calculating the Bonus SDA, my vehicle cost $37,770, business use 66.48%, for a basis of $25,109 on 4562 Column (e) since Section 179 deduction is now 0.
According to 4562 instructions, limit on depreciation and section 179 expense for passenger automobiles is $19,200 if taking SDA.
So does this mean I take a full $19,200 and depreciate the remaining $5909 over 5 years, starting with 2022 ($5909 * 0.20)? That huge deduction would put me at a net loss for 2022.
If this is just as simple as recalculating depreciation and adjusting a few forms, looks like I'll be able to do it myself. But it seems like amending is certainly the thing to do here.
