Answered step by step
Verified Expert Solution
Question
1 Approved Answer
2. Carolyn, who is self-employed, drove her car 22,000 miles in total during the year; 13,200 of those miles pertained to business. Total expenses related
2. Carolyn, who is self-employed, drove her car 22,000 miles in total during the year; 13,200 of those miles pertained to business. Total expenses related to the car for the year were as follows: Gas and oil Insurance Car repairs Personal property tax (ad valorem) Tolls and parking paid during trips (100% business) $5,000 1,400 3,000 600 100 The maximum amount she can deduct this year as a business expense using the standard mileage method is: a $7,392 b. $7,492. C. $7,852. d. $8,092 e. none of the above
Step by Step Solution
There are 3 Steps involved in it
Step: 1
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