Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

He paid the ticket on December 30, 2018 $250 may Richard deduct as a business expense on his 2018 return? $250 $200 $125 $0 Mark

image text in transcribed
He paid the ticket on December 30, 2018 $250 may Richard deduct as a business expense on his 2018 return? $250 $200 $125 $0 Mark for follow up Question 21 of 45. Lee operates a consulting business. He uses his personal vehicle for both business and personal use. He purchased his Toyota Highlander on July 4, 2017, for $35,000. Lee immediately began using it for his business. (He did not claim special (bonus) depreciation or a $179 deduction). He keeps a specific mileage log for his business use. His mileage records for 2018 indicate that he drove his car a total of 17,824 miles with 4,839 miles of this being for his business. The total cost of all his operating, repair, and insurance expenses for 2018 was $2,888. What amount can he deduct using the standard mileage rate? $784 $2,589 $2,637 $2,888 Mark for follow up Question 22 of 45. Raymond is an accrual-basis, self-employed real estate broker. On November 1, 2018, while running late to a meeting with a major client, Raymond was stopped for speeding and issued a ticket for $250. He paid the ticket on January 15, 2019. How much of the $250 may Raymond deduct as a business expense on his 2018 return? $0 O $125

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

Step: 3

blur-text-image

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

Auditing Cases An Interactive Learning Approach

Authors: Mark S. Beasley, Frank A. Buckless, Steven M. Glover, Douglas F. Prawitt

4th Edition

0132423502, 978-0132423502

More Books

Students also viewed these Accounting questions