Question
Jackson, a self-employed taxpayer, uses his automobile 80% for business and during 2020 drove a total of 25,000 business miles. Information regarding his car expenses
Jackson, a self-employed taxpayer, uses his automobile 80% for business and during 2020 drove a total of 25,000 business miles. Information regarding his car expenses is listed below.
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What is Jackson's deduction in 2020 for the use of his car if he uses:
a) The actual cost method?
b) The automatic mileage method?
Answer (show the details for credits):
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