Homework Answers
a. Deductible auto expense is 4,000×$0.58 per mile = $2,320
Travel for personal use is not deductible
B. Expense should be deducted in schedule C
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Transportation (LO 3.3) Martha is a self-employed tax accountant who drives her car to visit clients...
Martha is a self-employed tax accountant who drives her car to visit clients on a regular...
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 deductible auto expense for the year? a. The deductible business auto expense is $ . b. Where in her tax return should Martha claim this deduction? The expense should be deducted on Martha's .
During the year 2019, Ricki, who is not self-employed and does not receive employer reimbursement for...
During the year 2019, Ricki, who is not self-employed and does not receive employer reimbursement for business expenses, drove her car 5,200 miles to visit clients, 10.200 miles to get to her office, and 500 miles to attend business-related seminars. All of this mileage was incurred ratably throughout the year. She spent $330 for airfare to another business seminar and $210 for parking at her office. Using the automobile expense rates in effect for 2019, what is her deductible transportation...
Art is a self-employed installer of home entertainment systems, and he drives his car frequently to...
Art is a self-employed installer of home entertainment systems, and he drives his car frequently to installation locations. Art drove his car 11,800 miles for business purposes and 27,000 miles in total. His actual expenses, including depreciation, for operating the auto are $15,950 since he had to have the car repaired several times. Art has always used the actual cost method in the past. How much is Art's deductible auto expense for the year? Round any interim division calculations to...
During the year 2018, Ricki, who is not self-employed and does not receive employer reimbursement for...
During the year 2018, Ricki, who is not self-employed and does not receive employer reimbursement for business expenses, drove her car 5,800 miles to visit clients, 10,800 miles to get to her office, and 500 miles to attend business-related seminars. All of this mileage was incurred ratably throughout the year. She spent $420 for airfare to another business seminar and $240 for parking at her office. Using the automobile expense rates in effect for 2018, what is her deductible transportation...
Problem 3-6 Transportation (LO 3.3) Teresa is a civil engineer who uses her automobile for business....
Problem 3-6 Transportation (LO 3.3) Teresa is a civil engineer who uses her automobile for business. Teresa drove her automobile a total of 11,965 miles during 2017, of which 80% was business mileage. The actual cost of gasoline, oil, depreciation, repairs, and insurance for the year was $6,440. If required, round your answers to the nearest dollar. a. How much is Teresa's transportation deduction based on the standard mileage method? $ b. How much is Teresa's transportation deduction based on...
Problem 3-6 Transportation (LO 3.3) Teresa is a civil engineer who uses her automobile for business....
Problem 3-6 Transportation (LO 3.3) 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% 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?...
Stella is a single taxpayer and operates a self-employed business that provides pet-sitting services. The business is...
Stella is a single taxpayer and operates a self-employed
business that provides pet-sitting services. The
business is considered a sole proprietorship for income tax
purposes and represents Stella's only source of income. In 2018,
the standard deduction amount was greater than Stella's total
itemized deductions. Stella does not have any available tax credits
nor did she make any estimated tax payments for her 2018 tax
return.
Stella reports her income and expenses from the business using
the cash method. Stella's automobile was...
Problem 2 Problem 2 (15 points) A curt is self-employed as a real estate salesman and drives his car frequently to take...
Problem 2
Problem 2 (15 points) A curt is self-employed as a real estate salesman and drives his car frequently to take clients to uently to take clients to see homes for sale Curt drove his car 20,000 miles for business purposes and 25,000 miles in total His actual expenses for operating the auto including depreciation are $10,000 since he drove it so much during the year. Curt has used the actual cost method since he started his business in...
ransportation (LO 3.3) Teresa is a civil engineer who uses her automobile for business. Teresa drove...
ransportation (LO 3.3) 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% 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? Meals and...
Art is a self-employed installer of home entertainment systems, and he drives his car frequently to...
Art is a self-employed installer of home entertainment systems, and he drives his car frequently to installation locations. Art drove his car 16,200 miles for business purposes and 23,000 miles in total. His actual expenses, including depreciation, for operating the auto are $13,475 since he had to have the car repaired several times. Art has always used the actual cost method in the past. How much is Art's deductible auto expense for the year? Round any interim division calculations to...
During the year 2019, Ricki, who is not self-employed and does not receive employer reimbursement for business expenses, drove her car 5,200 miles to visit clients, 10.200 miles to get to her office, and 500 miles to attend business-related seminars. All of this mileage was incurred ratably throughout the year. She spent $330 for airfare to another business seminar and $210 for parking at her office. Using the automobile expense rates in effect for 2019, what is her deductible transportation...
Problem 3-6 Transportation (LO 3.3) 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% 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?...
Stella is a single taxpayer and operates a self-employed
business that provides pet-sitting services. The
business is considered a sole proprietorship for income tax
purposes and represents Stella's only source of income. In 2018,
the standard deduction amount was greater than Stella's total
itemized deductions. Stella does not have any available tax credits
nor did she make any estimated tax payments for her 2018 tax
return.
Stella reports her income and expenses from the business using
the cash method. Stella's automobile was...
Problem 2
Problem 2 (15 points) A curt is self-employed as a real estate salesman and drives his car frequently to take clients to uently to take clients to see homes for sale Curt drove his car 20,000 miles for business purposes and 25,000 miles in total His actual expenses for operating the auto including depreciation are $10,000 since he drove it so much during the year. Curt has used the actual cost method since he started his business in...
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