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yes it is taxation. i try to solve for it, but my solution is wrong. I need help. . Richard has a detailed mileage log
yes it is taxation. i try to solve for it, but my solution is wrong. I need help.
. Richard has a detailed mileage log reporting: - Mileage from his home to his 1st client's home and mileage from his last client's home to his home - 620 miles. In addition, on the days Richard worked for multiple clients, he kept track of the mileage from the first client's home to the second client's home in case that mileage was also deductible. He logged 312 miles (not included in the 620 miles) The total mileage on his car for tax year 2020 was 9,543 miles. Of that, 8,611 were personal miles. He placed his only vehicle, a pick-up truck, in service on 3/15/2020. He will take the standard mileage rate. 39 Other costs 39 ugust 7,2 40 40 41 42 43 Add lines 35 through 39 Inventory at end of year Cost of goods sold. Subtract line 41 from in 40. Enter the result here and on line 4 Part IV Information on Your Vehicle. Complete this part only if you are claiming car or truck expenses on line 9 and are not required to file Form 4562 for this business. See the instructions for tine 13 to find out if you must file Form 4562 When did you place your vehicle in service for business purposes? (month, day, year) / of the total number of miles you drove your vehicle during 2019, enter the number of miles you uned your vehicle for Business b Commuting (see instruction) Was your vehicle available for personal use during off-duty hours? Yes 46 Do you for your spouse) have another vehicle available for personal use? 470 Do you have evidence to support your deduction? 44 a e Other 45 Yes No No Yes No Yes No b. If "Yes" is the evidence written? Part V Other Expenses. List below business expenses not included on lines 8-26 or line 30. . Richard has a detailed mileage log reporting: - Mileage from his home to his 1st client's home and mileage from his last client's home to his home - 620 miles. In addition, on the days Richard worked for multiple clients, he kept track of the mileage from the first client's home to the second client's home in case that mileage was also deductible. He logged 312 miles (not included in the 620 miles) The total mileage on his car for tax year 2020 was 9,543 miles. Of that, 8,611 were personal miles. He placed his only vehicle, a pick-up truck, in service on 3/15/2020. He will take the standard mileage rate. 39 Other costs 39 ugust 7,2 40 40 41 42 43 Add lines 35 through 39 Inventory at end of year Cost of goods sold. Subtract line 41 from in 40. Enter the result here and on line 4 Part IV Information on Your Vehicle. Complete this part only if you are claiming car or truck expenses on line 9 and are not required to file Form 4562 for this business. See the instructions for tine 13 to find out if you must file Form 4562 When did you place your vehicle in service for business purposes? (month, day, year) / of the total number of miles you drove your vehicle during 2019, enter the number of miles you uned your vehicle for Business b Commuting (see instruction) Was your vehicle available for personal use during off-duty hours? Yes 46 Do you for your spouse) have another vehicle available for personal use? 470 Do you have evidence to support your deduction? 44 a e Other 45 Yes No No Yes No Yes No b. If "Yes" is the evidence written? Part V Other Expenses. List below business expenses not included on lines 8-26 or line 30 Step by Step Solution
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