I recently spoke about taking a 1 year depreciation + bonus for a new under 6000lb. vehicle I used in my LLC business last year. I want to fill out form 4562 to claim the depreciation, then fill out schedule C and finally Schedule 1 (form 1040) Then write in my business loss on line 10 of Form 1040 to deduct the loss from the rest of W-2 earnings, to lower my Adjusted Taxable earnings. I am still doing my taxes on paper and have not purchased a tax software, Yeh I know. So I kept a record of the miles driven for business use and legally used the car in My LLC Business 60-61% of miles driven. How good is my case?
Armond