Small Business - vehicle purchase

[Rubia]

What is the name of your state? Oregon

Hello,

I just started a new service business in 2006 and I purchased a vehicle that I use 80% to get to my clients. Besides to standard mileage deduction, can I treat this car purchase as a capital expenditure and depreciate it? Can I somehow expense it? If yes, how do I do it?
I really appreciate your help.

Thank you!

Rubia

 

[LdiJ]

What is the name of your state? Oregon

Hello,

I just started a new service business in 2006 and I purchased a vehicle that I use 80% to get to my clients. Besides to standard mileage deduction, can I treat this car purchase as a capital expenditure and depreciate it? Can I somehow expense it? If yes, how do I do it?
I really appreciate your help.

Thank you!

Rubia

You either take the standard mileage deduction or you take depreciation and actual expenses, not both.

 

[Rubia]

Thank you for your quick response!