Business parking $ 260 Auto insurance 2,600 Auto club dues (includes towing service) 312 Toll road charges (business-related) 390 Oil changes and engine tune-ups 416 Repairs 286 Depreciation allowable 5,200 Fines for traffic violations (incurred during business use) 520 Gasoline purchases 5,720 What is Jackson's deduction in 2020 for the use of his car if he uses: If required, round your answers to nearest dollar. a. The actual cost method?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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please correct my mistake and show me where i went wrong, this is for a taxation class 

b. The automatic mileage method?
2$
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Problem 9-22 (Algorithmic) (LO. 2)
Jackson, a self-employed taxpayer, uses his automobile 88% for business and during 2020 drove a total of 22,000 business miles.
Information regarding his car expenses is listed below.
Business parking
$ 260
Auto insurance
2,600
Auto club dues (includes towing service)
312
Toll road charges (business-related)
390
Oil changes and engine tune-ups
416
Repairs
286
Depreciation allowable
5,200
Fines for traffic violations (incurred during business use)
520
Gasoline purchases
5,720
What is Jackson's deduction in 2020 for the use of his car if he uses:
If required, round your answers to nearest dollar.
a. The actual cost method?
5,217,030 X
Transcribed Image Text:Problem 9-22 (Algorithmic) (LO. 2) Jackson, a self-employed taxpayer, uses his automobile 88% for business and during 2020 drove a total of 22,000 business miles. Information regarding his car expenses is listed below. Business parking $ 260 Auto insurance 2,600 Auto club dues (includes towing service) 312 Toll road charges (business-related) 390 Oil changes and engine tune-ups 416 Repairs 286 Depreciation allowable 5,200 Fines for traffic violations (incurred during business use) 520 Gasoline purchases 5,720 What is Jackson's deduction in 2020 for the use of his car if he uses: If required, round your answers to nearest dollar. a. The actual cost method? 5,217,030 X
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