Hi,
There is an asset area, where you can add assets, and depreciated them.
Here is an article regarding bonus depreciation on vehicles: https://turbotax.intuit.com/tax-tips/small-business-taxes/managing-assets/L18WqppFX
Depreciation and expensing for a car or truck you use for business is a little trickier than for other types of business assets because IRS has special rules for vehicles.
No matter how much you pay, the standard depreciation first-year write-off for a new or used car or truck is $11,200 in 2022. (These figures assume 100% business use.)
Under the bonus depreciation rules, another $8,000 can be depreciated during the first year. The expensing is no longer limited to new vehicles. Used vehicles are eligible for bonus depreciation beginning in 2018.
In 2022, automobile depreciation limits are $18,000 for the second tax year; $10,800 for the third tax year; and $6,640 for each successive tax year until the cost is fully depreciated.
Here is another article regarding your question: https://turbotax.intuit.com/tax-tips/small-business-taxes/depreciation-of-business-assets/L4OStLQEL
Special Bonus Depreciation and Enhanced Expensing for 2022
Because business assets such as computers, copy machines and other equipment wear out over time, you are allowed to write off (or "depreciate") part of the cost of those assets over a period of time. These tips offer guidelines on depreciating small business assets for the best tax advantage.
An asset is property you acquire to help produce income for your business.
For tax purposes, there are six general categories of non-real estate assets. Each has a designated number of years over which assets in that category can be depreciated. Here are the most common ones:
- Three-year property (including tractors, certain manufacturing tools, and some livestock)
- Five-year property (including computers, office equipment, cars, light trucks, and assets used in construction)
- Seven-year property (including office furniture, appliances, and property that hasn't been placed in another category)
Please call 1-800-446-8848 if you have further questions.
