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Automobile Busness usage % meals -50% Dedoctine Entertinment - N/D. a iftos - Limited 25gr/Dong BUSINESS EXPENSES: bill is self employed. He uses his automobile
Automobile Busness usage % meals -50% Dedoctine Entertinment - N/D. a iftos - Limited 25gr/Dong BUSINESS EXPENSES: bill is self employed. He uses his automobile in his business. During 2019, he had the following automobile expenses: - Business use of his personal auto - Total miles driven 15,000 miles 25,000 miles Bill's records of TOTAL automobile costs for 2019 are as follows: Actual Gasoline 5,000 Interest on auto loan 1,500 Insurance 1,000 Repairs and maintenance 2,100 Licenses, registration etc. 400 Depreciation on car purchased 1-1-19 (assume depreciation figure is correct) 5,000 - Total & Bususay + Business Related Parking and Tolls 1,000 Bill also incurred the following other business expenses: 800 500 - Business meals Business entertainment Professional association dues/publications Identical gifts to 8 customers at Christmas Office supplies 400 100 REQUIRED: Calculate Bill's MAXIMUM allowable deduction for the bisiness expenses listed above. Check answer $11,000
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