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Jackson, a self-employed taxpayer, uses his automobile 70% for business and during 2022 drove a total of 22,000 business miles. Information regarding his car expenses
Jackson, a self-employed taxpayer, uses his automobile 70% for business and during 2022 drove a total of 22,000 business miles. Information regarding his car expenses is listed below. What is Jackson's deduction in 2022 for the use of his car if he uses: If required, round your answers to nearest dollar. a. The actual cost method? $ b. The automatic mileage method? c. What records must Jackson maintain? Keeping a written or electronic log of miles driven, the dates the automobile was used, the location of travel, and the business purpose is enough evidence for the . If the is used, keeping copies of receipts, canceled checks, and bills in addition to a mileage log is sufficient. Records and logs should be kept contemporaneously (e.g., updated weekly or daily)
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