Mario owns his own business and drives his car 15,000 miles a year for business and 7,500
Question:
Gas, oil, and maintenance .................................. $ 8,900
Insurance ......................................................... 800
Interest on car loan .............................................. 480
Depreciation ................................................... 3,160
License ........................................................... 180
Parking fees and tolls (all business) .......................... 290
a. What is Mario's 2016 deduction using the standard mileage rate?
b. What is Mario's 2016 deduction using the actual cost method?
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Related Book For
Concepts In Federal Taxation 2017
ISBN: 9781305965119
24th Edition
Authors: Kevin E. Murphy, Mark Higgins
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