New vehicle, want deduction, not depreciation..
I bought a new 9600 GVW utlity body truck for my sole proprietor plumbing business in Dec 2007. Instead of taking depreciation, I want to take the $32,000 off my bottom line as a deduction on this years taxes. I paid for the vehicle in full. I own it. I am using Turbo tax home and business and onlty see in the ASSET area where I might be able to do this. Can I do this and list it as "other" in the asset area?
Thanks