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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 $6,310QUESTION E This is the first year a taxpayer has used a vehicle for business. They drive 6,000 business miles. They also drove 4,000 personal miles. They had the lowing expenses. Gas $1,400 Maintenance $200 Insurance $600 Parking Fees $100 The taxpayer olects the actual expense method for calculating transportation deductions. What is their transportation tax deduction? O $920 O $1,320 O $1,420 O $1,380Katie 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.
- 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 carPlease help meJoseph 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
- 6Please solve in accountsJon 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?