Yes, you can claim your vehicle payments and insurance by electing to deduct actual expenses. You must have TurboTax Self-Employed in order to deduct expenses for your business. Please follow the directions below to enter your vehicle expenses:
- Type Schedule C in the Search box.
- Select the Jump to link.
- If this is your first time working in this section: You’ll be asked some questions about your self-employment work and income and then have a chance to enter your expenses.
- If you have already entered some information about your self-employment work:
- Select Edit next to your business and confirm your general business info if asked.
- Select Add expenses for this work.
- Select vehicle from the list of expenses.
- On the next screen, answer Yes and click continue to enter your vehicle information.
- On the screen titled Now Let's Select Your Vehicle Deduction, you can select to enter your actual vehicle expenses.
Note: Once you use actual expenses for the vehicle (even if it's the first year you used it for business), you can't switch to the standard mileage rate. You must continue using actual expenses as long as you use that car for business.
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