Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

corect someone indvidual Tax Procedures Section 001 a 2020 Saved Help apter 9) Subm. Save & Exit Required information [The following information applies to the

image text in transcribed
image text in transcribed
corect someone indvidual Tax Procedures Section 001 a 2020 Saved Help apter 9) Subm. Save & Exit Required information [The following information applies to the questions displayed below) Ryan is self-employed. This year Ryan used his personal auto for several long business trips, Ryan paid $1,800 for gasoline on these trips. His depreciation on the car if he was using it fully for business purposes would be $3,000. During the year, he drove his car a total of 20,300 miles (a combination of business and personal travel. (Do not round intermediate calculations. Round your final answer to the nearest dollar amount.) a. Ryan can provide written documentation of the business purpose for trips totaling 4,060 miles. What business expense amount can Ryan deduct (if any) for these trips? Madmum deductible amount Required information [The following information applies to the questions displayed below.) Ryan is self-employed. This year Ryan used his personal auto for several long business trips. Ryan paid $1,800 for gasoline on these trips. His depreciation on the car if he was using it fully for business purposes would be $3,000. During the year, he drove his car a total of 20,300 miles (a combination of business and personal travel). (Do not round intermediate calculations. Round your final answer to the nearest dollar amount.) b. Ryan estimates that he drove approximately 1,725 miles on business trips, but he can only provide written documentation of the business purpose for trips totaling 1,140 miles. What business expense amount can Ryan deduct (if any) for these trips? Maximum deductible amount

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting For Decision Makers

Authors: Mark DeFond

2nd Edition

1618533142, 9781618533142

More Books

Students also viewed these Accounting questions

Question

1. Describe the Good Lives Model of offender rehabilitation

Answered: 1 week ago