Ok, so in general. I have $10,000 profit from the Sole Proprietorship and $100,000 w2 income from another full-time job. My taxable income is currently $110,000. If I buy a $70,000 truck (6,000+ GVWR with 6' or greater inner bed dimensions), I can deduct the full cost of the truck ($70,000 from the $110,000)? That is ofcourse if I buy it today and 100% of the miles driven today are for business use. Is this correct? Thank you for your insight.
