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Depreciation can be complicated. You have to deal with 5 items when calculating (Basis,Class,Recovery Period, Method).
If you are using a program then you will just have to enter the information about when purchased and how much it cost for the program to automatically apply the depreciation schedule to the item.
If you are doing your return using paper forms you can always use a depreciation calculator.
I will give you a link to a calculator
You first must enter your depreciation on Form 4562.
You then carry your depreciation form the 4562 to the Schedule C line 12.
So yes you will see that amount on the C line 12 after all your depreciation form the 4562 is calculated.
That line of the Schedule C is for the actual costs of operating the vehicle or the standard mileage rate. But if you are using depreciation you cannot claim standard so that is for your gas, repairs, oil.
That is the maximum you are allowed. That is the $500,000 you have read about.
Businesses exceeding a total of $2 million of purchases in qualifying equipment will have the Section 179 deduction phase-out dollar-for-dollar and completely eliminated above $2.5 million. Additionally, the Section 179 cap will be indexed to inflation in $10,000 increments in future years.
If that is your total depreciation from form 4562, you can.
The amount you can elect to deduct is not affected if you place qualifying property in service in a short tax year or if you place qualifying property in service for only a part of a 12-month tax year.
No those are under operating expenses. Actual expenses on line 9.
Sometimes that is best in the first year especially if you are attempting to do this on paper.
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