In 2023 March I bought a new Toyota Camry in My LLC name. My business is a side hustle and I have another full time W-2 earner Job. I have 3 cars all under 6000lbs. I used the Toyota for 60% of the 6300 ,miles driven. My side business only collected about $1150 , mainly because a large client has not paid and is in collections. My question, I want to take the 1 year depreciation +Bonus depreciation, and not the mileage using form 4562. Lets say max is $20200 x 60% use = 12120$ - my profit of $1150 not even adding any other expensed items =$10970 deduction. I’m filing 1040 married jointly can I somehow deduct the $10970 off the Form 1040, to reduce my W-2 taxable income?
Thanks Armond.