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Car and Truck Expense. (Obj. 3)Keith is self-employed. During 2018, he drove his car a total of 9,169 miles for work. He drove a total
Car and Truck Expense. (Obj. 3)Keith is self-employed. During 2018, he drove his car a total of 9,169 miles for work. He drove a total of 21,468 miles during the year. His car expenses for the year were as follows.
Business parking and tolls 360
Depreciation 1475
Gas 2557
Insurance 940
License tags 50
Repairs and maintenance 52
5434
a. Compute Keiths car expense deduction using the standard mileage rate.
b. Compute Keiths car expense deduction using the actual cost method.
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