Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Ariana is a self-employed Instacart driver who works out of their home. Ariana does not have a designated work vehicle. During 2021, Ariana drove
Ariana is a self-employed Instacart driver who works out of their home. Ariana does not have a designated work vehicle. During 2021, Ariana drove their vehicle 15,430 miles for business, and 5,467 miles for personal use. Other costs associated with the vehicle for the year were: Operating expenses (depreciation, oil, gas, license, insurance, repairs...) -$15,000 Documented business-related tolls and parking fees $139 Interest expense on the loan for the vehicle www. $284 How much will Ariana deduct as a business expense for using this vehicle under each method? a) Standard rate= $20,089; Actual cost = $11,449 b) Standard rate = $11,449; Actual cost $8,989 c) Standard rate = $8,989; Actual cost = $11,449 d) Standard rate = $8,640; Actual cost = $11,100
Step by Step Solution
★★★★★
3.41 Rating (151 Votes )
There are 3 Steps involved in it
Step: 1
Particulars Amount Drove for Business 1543000 Drove for p...Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started