Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Amanda, a self - employed professional, used her personal car for business trips this year. She incurred $ 2 , 3 0 0 in gasoline

Amanda, a self-employed professional, used her personal car for business trips this year. She incurred $2,300 in gasoline expenses. Her car's depreciation for full business use would be $5,000. Amanda drove a total of 14,500 miles during the year, with 2,800 miles documented for business purposes. What business expense amount can Amanda deduct (if any) for these trips?
John is self-employed and used his personal vehicle for business purposes this year. He spent $2,050 on gasoline. John's car depreciation would have been $4,400 if fully used for business. If John can provide written documentation for 2,900 miles of business-related trips, what business expense amount can he deduct (if any) for these trips?
***This question already posted and received correct answer. Kindly Don't answer this question again. If you answer i will give 10 dislikes.****

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Principles Of External Auditing

Authors: Brenda Porter, Jon Simon, David Hatherly

2nd Edition

470842973, 470842970, 978-0470842973

More Books

Students also viewed these Accounting questions