What is Tyler's auto expense deduction if he elects standard mileage?
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- Barney is self-employed and drove his vehicle 15,000 miles in 2019. 10,000 miles were for business. He has the following expenses Gas & oil $1,800. Car insurance $600. Depreciation $2,700. Taxes $300. How much can he deduct using actual expenses? Group of answer choices A.$5,750 B.$3,618 C.$4,806 D.$5,400Ving purchased a previously-owned vehicle which met all the qualifications for the Clean Vehicle Credit. He spent $23,000 on the vehicle. What is his allowable credit? $0 $4,000 $6,900 $7,500Tim uses his automobile 70% for his business that he operates as a sole proprietorship. He drove a total of 15,000 miles (business and personal combined) and paid the following amounts for his vehicle: Parking at client’s offices $ 240 Tolls while on business 100 Auto Insurance 1,500 Oil Changes and Tune-ups 280 Repairs 1,160 Depreciation allowable 2,050 Fines incurred while traveling for business 320 Gasoline 2,800 What is Jon’s 2023 deduction for using his car if he uses the actual method?
- Jon uses his automobile 80% for his business that he operates as a sole proprietorship. He drove a total of 10,000 miles (8,000 business, 2,000 personal) and paid the following amounts for his vehicle: Parking at client's offices Auto Insurance Auto club Dues Oil Changes and Tune-ups Repairs $ 180 1,600 180 280 1,160 Depreciation allowable 2,050 Fines incurred while traveling for business 320 Gasoline 2,200 a. What is Jon's 2021 deduction for using his car if he uses the automatic (standard milleage) method? The IRS standard mileage rate for 2021 is.56 cents per mile. O $4,480 Ⓒ$7,970 O $4,660 $7,650 $6,310Katie operates a ceramics studio from her garage. She incurs the following expenses: Clay and paint supplies $3,500 Painting technique seminars 400 Pottery wheel 75 Utilities for the ceramic studio 375 Advertising 50 Katie’s gross receipts from her business were $2,000.a. If the studio is deemed to be a hobby, then calculate the amount of expenses Katie may deduct, and describe how she may report the income and expenses on her tax return. b. If the studio is not a hobby, then calculate the amount of expenses Katie may deduct, and describe how she may report the income and expenses on her tax return.Joseph travels from his home in Massachusetts and flies to Paris to atterid meetings related to his business. He plans to spend 10 days (including 2 travel days) conducting business and 4 days sightseeing for personal pleasure. His trip is primarily for business. Assume he has the following expenses: Airfare and rail pass Lodging per day Meals per day (a) $3,560 $325 $182 x Your answer is incorrect. Deduction How much can Joseph deduct as a travel expense in 2023? (Round Intermediate percentage calculations to 0 decimal places, eg. 15% and final answer to 0 decimal places, eg. 5,125) 3,976
- In June on this year, Chase purchases a new car for $40,000. He uses the car 75 percent for business purposes. What is Chase's maximum depreciation deduction for the car this year? Group of answer choices $13,500 $6,000 $18,000 $7,500 $10,000Olivia and choir and tiredOlivia incurred 6,000 in qualify actual vehicle expenses related to her self- employment which includes depreciation she had no expenses for parking tolls or order loan interest during the year Olivia drove the vehicle for $10,000 miles out of that 2500 were business use only a thousand miles for commuting and the rest were personal miles what is Olivia's maximum deduction for her carJon uses his automobile 80% for his business that he operates as a sole proprietorship. He drove a total of 15,000 miles and paid the following amounts for his vehicle: Parking at client’s offices $ 240 Auto Insurance 1,500 Auto club Dues 180 Oil Changes and Tune-ups 280 Repairs 1,160 Depreciation allowable 2,050 Fines incurred while traveling for business 320 Gasoline 2,800 a. What is Jon’s 2020 deduction for using his car if he uses the automatic method? b. What is Jon’s 2020 deduction for using his car if he uses the actual method?
- Transportation (LO 3.3) Teresa is a self-employed civil engineer who uses her automobile for business. Teresa drove her automobile a total of 11,965 miles during 2020, of which 80% was business mileage. The actual cost of gasoline, oil, depreciation, repairs, and insurance for the year was $6,440. Teresa is eligible to use the actual or standard method. If required, round your answers to the nearest dollar. a. How much is Teresa's transportation deduction based on the standard mileage method?$fill in the blank f77e440a8016001_1 b. How much is Teresa's transportation deduction based on the actual cost method?$fill in the blank 4eb51bfe9039fc8_1 c. Which method should Teresa use to calculate her transportation deduction? Since the method yields the larger deduction, Teresa should use the method to determine her deduction.Rocky repairs TV sets in the basement of his personal residence. Rocky uses 450 square feet (20%) of his residence exclusively for the repair business. Business profit is $4,000 before any office-in-home expenses are deducted. Expenses relating to the residence are as follows: Real property taxes $5,500 Interest on home mortgage 7,000 Operating expenses of residence 3,000 Depreciation (100% amount) 5,000 The maximum home office expense deduction he can take in 2020 using the regular (actual expense) method is _____. The amount of expenses Rocky would carryover to 2021 if he uses the regular method is _____. The amount of home office expense deduction he can take in 2021 using the simplified method is _____. The amount of expenses Rocky would carryover to 2021 if he uses the simplified method is ____. Rocky should use the regular method or the simplified method? _____H1. profile-image Carlos owns a property which he has rented. During 2021, the property generated $24,000 in rental income. Carlos incurred the following expenses related to rental operations: • Depreciation $5,000 • Real estate tax 2,000 Utilities (water and electricity) Maintenance 3,000 • Boat expenses which Carlos uses to 1,500 meet clients and sign contracts 5,500 Determine the net income from rental operations that Carlos will include in his individual income tax return. Submit your computations.
