Lara uses the standard mileage method for determining auto expenses. During 2023, she used her car as follows: 13,200 miles forbusiness, 2,640 miles for personal use, 3,960 miles for a move to a new job, 1,320 miles for charitable purposes, and 660 miles for medicalvisits. Presuming that all the mileage expenses are allowable (i.e., not subject to percentage limitations), what is Lara's deduction for:If required, round your answers to the nearest dollar.a. Business?$b. Charitable?c. Medical?

According to IRS, standard mileage rates for 2023 are:Self-employed & business = 65.5 cents/mile…

Answered: Lara uses the standard mileage method…

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter9: Deductions: Employee And Self- Employed-related Expenses

Section: Chapter Questions

Problem 28P

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Similar questions

In 2017, Emma purchased an automobile, which she uses for both business and personal purposes. Although Emma does not keep records as to operating expenses (e.g., gas, oil, and repairs), she can prove the percentage of business use and the miles driven each year. In March 2019, Emma seeks your advice as to what income tax benefit, if any, she can derive from the use of her automobile. What would you suggest?
am.102.
In 2020, Mary Kelly drove her personal car 2,800 miles for business purposes. She also incurred $182 in parking fees and $191 in turnpike tolls connected with her business trips. Compute Mary’s deduction for automobile expenses on her current year tax return, assuming all of the above expenses are valid and she elects to use the standard mileage allowance method to compute her deduction for automobile expenses. Assume Mary is self-employed.
Clark moved from Salt Lake City, Utah to Los Angeles, California in November 15, 2022, where he was stationed in the military. He drove his own car for the move, covering a total of 1,250 miles. During the trip, he spent $180 on parking and tolls, $680 on lodging, and $300 on meals. If he chooses to use the Standard Mileage Rate, what amount of his moving expenses can he deduct as an adjustment to income on his 2022 tax return? a) $ 1,220.50 b) $ 1,135.00 c) $ 781.25 d) $1,160.00
In 2020, Britt drove her automobile 16,200 miles for business. She incurred $900 in gas expenses and $235 in tolls associated with the business mileage. Assuming Britt uses the standard mileage method, her deduction is $
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Amelie is self-employed and uses her personal automobile in connection with her business. During 2020, Amelie drove her car a total of 28,000 miles. Her business log shows that she drove 22,400 miles for business purposes. During 2020, Amelie incurred the following actual expenses based on 100% use, that is, 28,000 total miles: (The standard mileage rate method permits a deduction based on a mileage rate of 57.5 cents per mile for the year 2020.) (Click the icon to view the expenses.) Read the requirements. Requirement a. Compute Amelie's deduction if she uses the actual cost method. The amount deductible using the actual cost method is $13,232 Requirement b. Compute Amelie's deduction if she uses the standard mileage method. The amount deductible using the standard mileage method is i Data Table Gas and oil Repairs and maintenance Depreciation Insurance Licenses and fees Total Print Done $ - X 7,800 1,200 5,800 1,440 300 $ 16,540
. Paul is a self-employed investment adviser who uses his automobile for business. Paul drove his automobile a total of 20,000 miles during 2019; 75 percent was business mileage. The actual cost of gasoline, oil, depreciation, repairs, and insurance for the year was $6,200. a. How much is Paul's transportation deduction based on the standard mileage method? b. How much is Paul's transportation deduction based on the actual cost method? c. Which method should Paul use to calculate his transportation deduction, assuming he used the standard mileage method in the prior tax year? Why? d. Where should he deduct the transportation expense on his current year tax return?
Each of the following taxpayers purchased furniture online in September of 2022, and had it delivered to their home. Which taxpayer has correctly calculated their use tax for 2022? Chandler lives in Crook County. Her furniture cost $2,221 and was delivered to her home. She calculates that she owes $133 in use tax. Landon lives in Big Horn County and he had the furniture delivered there. His cost was $869, and he thinks his use tax is $19. Cilfford lives in Niobrara County. His furniture cost $6,449 and was delivered to his home. He has determined his use tax is $258. Samantha, who lives in Laramie County, paid $4,932 for her furniture, which was delivered to her home. She believes her use tax is $493.
Teresa is a civil engineer who uses her automobile for business. Teresa drove her automobile a total of 11,965 miles during 2019, of which 80 percent 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. How much is Teresa's transportation deduction based on the standard mileage method? $______________ How much is Teresa's transportation deduction based on the actual cost method? $______________ Which method should Teresa use to calculate her transportation deduction? __________________________________________________________________________ Why? _____________________________________________________________________ __________________________________________________________________________
Martha is a self-employed tax accountant who drives her car to visit clients on a regular basis. She drives her car 4,000 miles for business and 10,000 for commuting and other personal use. Assuming Martha uses the standard mileage method, how much is her auto expense for the year? Where in her tax return should Martha claim this deduction? _________________________________________________ _______________________________________________________________________________ _______________________________________________________________________________
Jose purchased a vehicle for business and personal use. In 2022, he used the vehicle 20,000 miles (80% of total) for business and calculated his vehicle expenses using the standard mileage rate (mileage was incurred ratably throughout the year). He paid $1,800 in interest and $175 in property taxes on the car. Required: Calculate the total business deduction related to the car. Do not round intermediate calculations. Round your final answer to the nearest whole number. Schedule C Schedule A Total Deduction

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