ow do I amend and add form 4562 to 2024 Return filed on FreeTaxUSA?

Chris3528
Chris3528 Member Posts: 1 Newcomer
in After you file

I filed last minute this year because I submitted my documentation but the CPA never responded and I kept following up but got nothing - it wasn't something I really wanted to do at the time, so I just didn't put much effort in it. I ended up with a significant payment due. I have been doing some research and am trying to complete an amendment through FreeTaxUSA since I filed this way when the CPA didn't respond. I didn't know about Section 179 Deduction when I filed my taxes and I cannot figure out where to go to address this portion for a vehicle purchased last year. Can anybody please help me with where to go in the software to address this specific deduction when preparing an amendment?

Answers

  • rachels
    rachels FreeTaxUSA Agent Posts: 128 image
    Hi Chris3528,

    Please follow these steps to indicate that you wish to claim the Section 179 deduction for a vehicle:

    1. Log into your FreeTaxUSA account.
    2. Go to Income > Business Income (Schedule C) and click "Edit" next to your business. This will bring you to the "Your Business" screen.
    3. From here, click "Edit" next to "Vehicle Expenses."
    4. Click "Edit" next to the vehicle for which you wish to claim the Section 179 deduction. Make sure that your mileage is entered correctly on this screen. In order to claim the Section 179 deduction, you would need more than half of your total miles for the year to have been Business Miles. If that is not the case, you will not be able to claim the Section 179 deduction for your vehicle.
    5. Save and Continue until you reach the screen titled, "Which method do you want to use?" You can only claim Section 179 if you choose the "Actual" option.
    6. Continue through a few more screens (entering any relevant information as you go) until you reach the screen titled, "Let's check for Section 179 expense." This is where you would enter the amount of Section 179 you want to take for the vehicle.
    7. Make sure to click "Save and Continue" to save your changes.

    For more information on the Section 179 deduction, please see:
    https://community.freetaxusa.com/kb/articles/47-what-is-section-179-and-bonus-depreciation?

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