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To make changes to the Vehicle you use for your Self-Employed Business, in your Federal return, click on 'Wages & Income'.
On the list of Your Income topics, go to Self-Employment Income and Expenses and click Add/Edit.
On the Summary page, click Edit next to your business. When your business info page opens, scroll down to your Vehicle entry and click Review (screenshot). At the Vehicle Summary page, click Edit (screenshot).
You can 'write off' assets less than $2500 as business expenses (like a computer or tools, for example).
If you have a good amount of Business Miles each year, it is often better to take the Standard Mileage deduction. You only need to keep track of total miles for the year, and how many were business miles. You don't need to figure any depreciation with this method.
You can also take the option of claiming Actual Expenses (repairs, insurance, maintenance, gas). You need to save all your receipts for this and add them together, and take the % that the vehicle is used for business.
Here's an article on business use of vehicles you will find helpful:
https://turbotax.intuit.com/tax-tips/small-business-taxes/business-use-of-vehicles/L6hi0zzzh
To make changes to the Vehicle you use for your Self-Employed Business, in your Federal return, click on 'Wages & Income'.
On the list of Your Income topics, go to Self-Employment Income and Expenses and click Add/Edit.
On the Summary page, click Edit next to your business. When your business info page opens, scroll down to your Vehicle entry and click Review (screenshot). At the Vehicle Summary page, click Edit (screenshot).
You can 'write off' assets less than $2500 as business expenses (like a computer or tools, for example).
If you have a good amount of Business Miles each year, it is often better to take the Standard Mileage deduction. You only need to keep track of total miles for the year, and how many were business miles. You don't need to figure any depreciation with this method.
You can also take the option of claiming Actual Expenses (repairs, insurance, maintenance, gas). You need to save all your receipts for this and add them together, and take the % that the vehicle is used for business.
Here's an article on business use of vehicles you will find helpful:
https://turbotax.intuit.com/tax-tips/small-business-taxes/business-use-of-vehicles/L6hi0zzzh
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