2018 tax: how to record a vehicle purchase correctly so that I can take advantage of the section 179 deduction for 2018 tax year ?
in the chart of accounts,m create fixed asset accounts
SUV
>> cost
>> accumulated depreciation
post the cost of the purchase to the SUV>cost account
year end fill out the section 179 on the tax form, and in QB do a journal entry
debit depreciation expense
credit SUV accumulated depreciation ‘
for the full amount in the cost […]
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