Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Ryan is self-employed. This year Ryan used his personal auto for several long business trips. Ryan paid $1500.00 for gasoline on these trips. His depreciation

image text in transcribed

Ryan is self-employed. This year Ryan used his personal auto for several long business trips. Ryan paid $1500.00 for gasoline on these trips. His depreciation on the car if he was using it fully for business purposes would b $3000. During the year, he drove his car a total of 12,000 miles (a combination of business and personal travel) 1. Ryan can provide written documentation of the business purpose for trips totaling 3,000 mils. What business expense amount can Ryan deduct (if any) for these trips. 2. Ryan estimates that he drove approximately 1300 miles on business trips, but he can only provide written documentation of the business purpose for trips totaling 820 miles. What business expenses amount can Ryan deduct (if any) for these trips

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Accounting questions

Question

Excel caculation on cascade mental health clinic

Answered: 1 week ago