Andrew is a sole proprietor and drove his car a total of 10,000 miles this year. 3,000
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Andrew is a sole proprietor and drove his car a total of 10,000 miles this year. 3,000 of these miles were for business purposes. He incurred the following expenses related to his car:
Gas: .......................................$1,200
Insurance: ...............................$500
Interest on his car loan: .......$800
Tolls to get to his clients: .....$100
Depreciation: .....................$2,000
Using the standard mileage method (rate $0.58 per mile) what is Andrew’s total automobile deduction this year?
Related Book For
Concepts in Federal Taxation
ISBN: 9780324379556
19th Edition
Authors: Kevin E. Murphy, Mark Higgins, Tonya K. Flesher
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