Question
how to calculate vechile expenses in tax return form On March 5, 2013, Bill purchased a new Ford Focus for use in his job.The Car
how to calculate vechile expenses in tax return form
On March 5, 2013, Bill purchased a new Ford Focus for use in his job.The Car cost $34,000 (including sales tax), with no trade-in involved.The car was driven 12,000 miles in 2013 and 18,000 miles in 2014 and 12,000 miles in 2015 with usage as follows:25% for commuting to the office and 75% for business trips.The mileage for 2015 was evenly distributed throughout the year.Bill uses the actual operating cost method, and for depreciation purposes uses 200% declining-balance with a half-year convention.In addition, Bill did not claim any sec. 179 expensing or additional first-year depreciation when he bought the car.Bills expenses related to operation the Ford Focus for 2015 are as follows:
Gasoline $3,500
Oil change and lubrication 250
Auto insurance 2,000
Repairs 600
Auto club dues 100
License and registration 160
Interest on car loan 500
Parking and tolls 300
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