Complete the calculation for both Actual Vehicle Expense and the Standard Mileage rate (57.5/mile): Total Miles =
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Total Miles = 25,000
Business Miles = 12,500
Personal Use Miles = 12,500
Gas = $1,664 for the year
Insurance = $154 monthly
Tires= $600
Oil Changes= 4 at $40 each
Vehicle Registration Fees = $240
Tolls incurred during business activity = $360
Actual Vehicle Expense =
Standard Mileage Deduction =
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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