Business & farm

Here are the steps for entering your vehicle lease expense:

1. Click the Federal Taxes tab
2. Click Wages and Income
3. Click Edit next to Self-employment income
4. Click Edit next to your company name
5. Scroll down to the Expenses section and click Add Expenses for this work
6. Select Vehicle and then Continue.
7. Answer Yes: Did you use a car or truck for your business?
8. Proceed through the interview
9. Once you get to the "You've got a standard mileage deduction…" screen, click Yes to enter your actual expenses.
10. Continue through the interview until you get to the "Enter the lease expenses" page and enter your vehicle lease expenses.
11. Proceed through the rest of the interview to complete your vehicle expenses.

There are two methods to claim vehicle expenses.  TurboTax gives you the option to enter either method.  Listed below is the explanation of each method:

• Actual Expenses - Expenses related to owning and operating your vehicle as a business owner, such as depreciation, lease payments, gas and oil, tires, repairs, insurance, registration fees, parking fees and tolls, and garage rent.
• Standard Mileage Rate - The IRS had two rates for 2022.  For the first half of 2022 (January - June), the rate was 58.5 cents.  For the second half of 2022 (July - December), the rate was 62.5 cents.

For more information on Vehicle Expenses, see the link below:

Standard Mileage vs. Actual Expenses

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