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Auto Expenses (LO. 2) Cassandra owns her own business and drives her van 15,600 miles a year for business and 5,200 miles a year
Auto Expenses (LO. 2) Cassandra owns her own business and drives her van 15,600 miles a year for business and 5,200 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 Insurance Interest on van loan: Depreciation (unallocated) License > Parking fees and tolls (all business) $5,255 705 1,060 3,035 165 220 Determine Cassandra's 2020 deduction for business use of the van. Note: The standard mileage rate for 2020 is 57.5 cents per mile. Round all amounts to the nearest dollar. Cassandra can maximize her deduction by using the standard mileage Via this method, she can deduct $ to $ deduction. for her van. Her other allocable expenses amount
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