Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Lauren, a self - employed individual, used her personal car for business travel this year. She paid $ 2 , 1 8 0 for gasoline.

Lauren, a self-employed individual, used her personal car for business travel this year. She paid $2,180 for gasoline. If Lauren can provide written documentation for 3,100 miles of business-related trips, what business expense amount can she deduct (if any) for these trips, considering her car's depreciation for full business use would have been $4,800?
James, who is self-employed, used his personal vehicle for business purposes. He spent $1,900 on gasoline. His car's depreciation for full business use would be $4,300. James drove a total of 13,500 miles during the year, with 2,600 miles documented for business purposes. What business expense amount can James deduct (if any) for these trips?
***This question already posted and received correct answer. Kindly Don't answer this question again. If you answer i will give 10 dislikes.****

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing and Assurance services an integrated approach

Authors: Alvin a. arens, Randal j. elder, Mark s. Beasley

14th Edition

133081605, 132575957, 9780133081602, 978-0132575959

More Books

Students also viewed these Accounting questions

Question

b. A workshop on stress management sponsored by the company

Answered: 1 week ago