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Ricardo uses his automobile 85% for business and during 2017 drove a total of 32,200 business miles. Information regarding his car expenses is listed below.
Ricardo uses his automobile 85% for business and during 2017 drove a total of 32,200 business miles. Information regarding his car expenses is listed below.
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Business parking Auto insurance Auto club dues (includes towing service) Toll road charges (business-related) Oil changes and engine tune-ups Repairs Depreciation allowable Fines for traffic violations (incurred during business use) Gasoline purchases $345 2,800 275 205 180 1,890 3,600 95 4,125 What is Ricardo's deduction in 2017 for the use of his car if he uses: If required, round your final answers to the nearest dollar. a. The actual cost method? 114,896 b. The automatic mileage method? 17,777Step by Step Solution
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