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Cassandra owns her own business and drives her van 15,900 miles a year for business and 5,300 miles a year for commuting and personal use.
Cassandra owns her own business and drives her van 15,900 miles a year for business and 5,300 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 $5,420 Insurance 740 Interest on van loan 1,080 Depreciation (unallocated) 3,050 175 License Parking fees and tolls (all business) 230 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. deduction. Via this method, she can deducts Cassandra can maximize her deduction by using the expenses amount to $ for her van. Her other allocable
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