Mario owns his own business and drives his car 15,000 miles a year for business and 7,500

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Mario owns his own business and drives his car 15,000 miles a year for business and 7,500 miles a year for commuting and personal use. He wants to claim the largest tax deduction possible for business use of his car. His total auto expenses for 2018 are as follows:

a. What is Mario's 2018 deduction using the standard mileage rate?

b. What is Mario's 2018 deduction using the actual cost method?

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Concepts In Federal Taxation

ISBN: 9781337702621

26th Edition

Authors: Kevin E. Murphy, Mark Higgins

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