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 officesAuto InsuranceAuto club DuesOil Changes and Tune-upsRepairs$ 1801,6001802801,160Depreciation allowable2,050Fines incurred while traveling for business 320Gasoline2,200a. 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Ⓒ$7,970O $4,660$7,650$6,310

The standard mileage rate, recognized as the default cost per mile established by the IRS, applies…

Answered: Jon uses his automobile 80% for his…

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter3: Business Income And Expenses

Section: Chapter Questions

Problem 21P: Cindy operates a computerized engineering drawing business from her home. Cindy maintains a home...

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Tim 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?
Linda is an employee of JRH Corporation. Which of the following would be included in Lindas gross income? a. Premiums paid by JRH Corporation for a group term life insurance policy for 50,000 of coverage for Linda. b. 1,000 of tuition paid by JRH Corporation to State University for Lindas masters degree program. c. A 2,000 trip given to Linda by JRH Corporation for meeting sales goals. d. 1,200 paid by JRH Corporation for an annual parking pass for Linda.
Jon 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?
Please solve in accounts
Milly operates a small business and incurs the following expenses: Annual dues Tampa Bay Golf Club $2,000 Meals with clients after golf 500 Meals with clients at the Club's dining room where business was conducted 600 Greens fees (personal and with clients) 700 Meals (personal) 250 Total $4,050 Calculate the portion of the $4,050 that Milly can deduct.
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Katie 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.
Tyson owns a condominium near Laguna Beach, California. This year, he incurs the following expenses inconnection with his condo:Insurance $ 1,000Mortgage interest 7,500Property taxes 3,200Repairs and maintenance 800Utilities 1,700Depreciation 5,700During the year, Tyson rented the condo for 100 days, receiving $25,000 of gross income. He personallyused the condo for 60 days. Assume Tyson uses the Tax Court method of allocating expenses to rental useof the property. Tyson itemizes deductions, and the sum of his itemized deduction for non-home businesstaxes and the real property taxes allocated to rental use of the home is less than $10,000. What is Tyson'snet rental income for the year (assume this is not a leap year)?
Milly operates a small business and incurs the following expenses: Annual dues Tampa Bay Golf Club $2,000 Restaurant meals with clients after golf 500 Meals with clients at the Club's diningroom where business was conducted 600 Greens fees (personal and with clients) 700 Meals (personal) 250 Total $4,050 Calculate the portion of the $4,050 that Milly can deduct.
A4
Olivia 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 car
Taxation question Auto Expenses. Amelie is self-employed and uses her personal automobile in connection with her business. During 2019, Amelie drove her car a total of 28,000 miles. Her business log shows that she drove 22,400 miles for business purposes. During 2019, Amelie incurred the following actual expenses based on 100% use, that is, 28,000 total miles: Gas and oil $7,800 Repairs and maintenance 1,200 Depreciation 5,800 Insurance 1,440 Licenses and fees 300 Total $$16,540 a. Compute Amelie’s deduction if she uses the actual cost method. b. Compute Amelie’s deduction if she uses the standard mileage method. c. Assume Amelie used the standard mileage method in 2019.

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