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Business & farm
You have the choice in the year the vehicle is placed in service to take the standard mileage rate OR the actual expenses + depreciation and/or 179 deduction (currently there is a 100% bonus depreciation which is better than the 179 deduction ... 1check both ways to make an educated choice).
Note that if you take the standard mileage rate you can flip flop between the options in the following years HOWEVER if you start with the actual expenses option you are STUCK with that option until you retire that vehicle.
‎September 10, 2022
10:45 AM