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Auto Expenses (LO. 2) Cassandra owns her own business and drives her van 15,300 miles a year for business and 5,100 miles a year for

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Auto Expenses (LO. 2) Cassandra owns her own business and drives her van 15,300 miles a year for business and 5,100 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 55,725 Insurance 740 Interest on van loan 1,000 3,120 Depreciation (unallocated) License 180 Parking fees and tolls (all business) 235 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 deduction. Via this method, she can deduct 9,032.5 X for her van. Her other allocable expenses amount to $ 7,558.75 X Feedback Check My Work One method, which requires more record keeping, may result in a larger deduction. The other is easier to calculate but often results in a smaller deduction

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