1. Kim has a written mileage log showing 3,000 miles for 2020: The log consisted of the following: (Standard mileage rate is $.575 per mile).

• 2,000 miles from home to work (her office) and to return each day (Commuting miles)
• 1,000 miles business miles

Kim also had actual car and truck expenses of $2,000. (Used exclusively for business)

Kim also had Parking and Tolls of $220

How much can Kim deduct for her car and truck expenses for business for 2020, using actual expenses? Show Calculations

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2. Kim has a written mileage log showing 3,000 miles for 2020: The log consisted of the following: (Standard mileage rate is $ .575 per mile).

• 2,000 miles from home to work (her office) and to return each day (Commuting miles)
• 1,000 miles business miles

Kim also had actual car and truck expenses of $2,000. (Used exclusively for business)

Kim also had Parking and Tolls of $220

How much can Kim deduct for her car and truck expenses for business for 2020, using the standard mileage rate? Show Calculations

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3. Based on your responses to the previous two questions, what is the car and truck expense that Kim would be claiming on her tax return?

4. In April 2019, Emma acquired a machine for $60,000 for use in her business. The machine is classified as 7-year property and uses the 200% double declining method. Emma's depreciation on the machine for 2020 is? [Be sure to use the depreciation tables].

(Show Calculations)