New Car Depreciation Help Hi, I'm 33, and have been able to do my taxes on my own for my entire life until now. For the first time, I'm looking for help from people much smarter than me.
I've owned a small business for 8 years (single-member LLC) and on Nov. 30, 2016, I bought my first company car. I bought it IN the company's name. The full cost was $49,985. I paid $28,835 up front (and an additional $7,000 came from a trade-in). I plan to pay the remainder in April. I would like to take the maximum possible off of my taxes for 2016... as much of the $29k as I can. I know I need to fill out a 'Form 4562- Depreciation' for this. My question is: Which depreciation method should I use? And if you are willing, please tell me exactly what should go in each box underneath this.
I would be forever grateful for any and all response to my inquiry. Like seriously, I'll send you a Christmas card if you help me out. Thanks in advance.
-Ben |