Tyler has the following auto expenses: Gas $1,500 Maintenance $250 Parking Fee for work $150 Depreciation $1,000 Tyler drove the car 12,000 miles total and has evidence of 9,000 business miles. What is Tyler's auto expense deduction if he elects actual expenses? $2,463 $2,175 $2,213 $2,900
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- . Tyler has the following auto expenses: Gas $1,500 Maintenance $250 Parking Fee for work $150 Depreciation $ 1,000 Tyler drove the car 12,000 miles total and has evidence of 9,000 business miles. What is Tyler's auto expense deduction if he elects standard mileage? $6, 265 $6,045 $6,415 $5,895 S $6,265 O $6,045 O $6,415 O $5,895 C Tyler has the following auto expenses: Gas $1,500 Maintenance $250 Parking Fee for work $150 Depreciation $1,000 Tyler drove the car 12,000 miles total and has evidence of 9,000 business miles. What is Tyler's auto expense deduction if he elects standard mileage?Fred, a self-employed taxpayer, travels from Denver to Miami primarily on business. He spends five days conducting business and two days sightseeing. His expenses are 400 (airfare), 150 per day (meals), and 300 per night (lodging). What are Freds deductible expenses?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
- Sam, an self employed individual, take 10 day trip from Texas to NewYork. She spends 6 days conducting business and 4 days visiting friends. Sam expenses: Airfare 600 Meal (10 days at $100) 1000 Lodging (10 days at $200) 2000 Entertainment of friends. 250 what actual amount may Sam deduct on form 1040, schedule C as a deduction for AGI?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?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.
- Joseph 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) 3,976Jon 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 $6,310Ving 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 $7,500
- Rocky repairs TV sets in the basement of his personal residence. Rocky uses 450 square feet (20%) of his residence exclusively for the repair business. Business profit is $4,000 before any office-in-home expenses are deducted. Expenses relating to the residence are as follows: Real property taxes $5,500 Interest on home mortgage 7,000 Operating expenses of residence 3,000 Depreciation (100% amount) 5,000 The maximum home office expense deduction he can take in 2020 using the regular (actual expense) method is _____. The amount of expenses Rocky would carryover to 2021 if he uses the regular method is _____. The amount of home office expense deduction he can take in 2021 using the simplified method is _____. The amount of expenses Rocky would carryover to 2021 if he uses the simplified method is ____. Rocky should use the regular method or the simplified method? _____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?Ted works for a large Accounting Firm. His normal commute to the office is 20 miles. Today, he drove 25 miles from home to a client. From the client, Ted drove 5 miles to the E&Y office. From the Accounting Firm office, he drove 20 miles home for the night. Accounting Firm reimbursed Ted for 50 miles of driving at $.57.5 per mile. How much of the 50 mile reimbursement should be taxable to Ted? 25 miles 50 miles 45 miles 20 miles
