If I claim section 179 for a business vehicle a client bought, I can also claim Actual expenses right? Now, is the downside to doing that, is that I can't ever claim standard mileage in future year? My understanding is that if I claim standard mileage during the first year of service, I can switch between standard and actual afterwards? But if I claim actual expense, I can't go back to standard?
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Correct on all questions except maybe your last point. If you start with using the Standard Mileage, you can do either in future years and keep switching back and forth if you want to.
Correct on all questions except maybe your last point. If you start with using the Standard Mileage, you can do either in future years and keep switching back and forth if you want to.
Once you take section 179, you have set the future of the vehicle in stone.
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