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Jackson, a self-employed taxpayer, uses his automobile 90% for business and during 2022 drove a total of 14,000 business miles. Information regarding his car expenses
Jackson, a self-employed taxpayer, uses his automobile 90% for business and during 2022 drove a total of 14,000 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: 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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