Cassandra owns her own business and drives her van 15,000 miles a year for business and 5,000
Question:
Cassandra owns her own business and drives her van 15,000 miles a year for business and 5,000 miles a year for commuting and personal use. She purchases a new van in 2020 and wants to claim the largest tax deduction possible for business use. Cassandra’s total auto expenses for 2020 are as follows:
Gas, oil, and maintenance ...........$ 6,560
Insurance ............................................775
Interest on car loan ........................1,200
Depreciation ...................................3,160
License ...............................................180
Parking fees and tolls (all business).. 240
Determine Cassandra’s 2020 deduction for business use of the van.
Step by Step Answer:
Concepts In Federal Taxation 2021
ISBN: 9780357141212
28th Edition
Authors: Kevin E. Murphy, Mark Higgins, Randy Skalberg