To calculate the vehicle expenses amount to report on Line 9 of Schedule C (Form 1040) Profit or Loss From Business:
- From within your TaxAct return (Online or Desktop), click Federal. On smaller devices, click in the upper left-hand corner, then click Federal.
- Click Business Income in the Federal Quick Q&A Topics menu to expand, then click Business income or loss from a sole proprietorship.
- Click + Add Schedule C to create a new copy of the form or click Edit to review a form already created.
- Continue with the interview process to enter all of the appropriate information.
- On the screen titled Great! Let's get started on expenses for..., click Enter expenses.
- On the screen titled Would you like to review vehicle expenses for...?, click Yes.
- On the screen titled Depreciation and Vehicle Expense - Asset Description, select either "Car" or "Light Truck/SUV" from the Asset type drop-down, then click Continue.
- On the screen titled Vehicles - Actual or Standard, select the appropriate expense method, then click Continue.
Note that any link in the information above is updated each year automatically and will take you to the most recent version of the document at the time it is accessed.