Lester uses his personal automobile in his business of selling insurances. He bought a new car in 2018 and drove it a total of 30,000 miles of which 3,000 miles were for commuting and other personal uses. Actual gas, oil, repairs, licensing, insurance, and depreciation totaled $16,500 for 2018. Actual parking expenses for business were $200. What is the maximum amount Lester can deduct for 2018?
A) $14,715
B) $14,850
C) $14,915
D) $15,050
E) $15,725
Correct Answer:
Verified
Q16: Donald operates an accounting firm and has
Q17: Discovery, Inc., a cash-basis consulting firm, can
Q18: A taxpayer may use either the actual
Q19: To be deductible, employee compensation must be
Q20: The Crown Howe Accounting firm rents a
Q22: Mercedes is self-employed and drives her
Q23: Olga is a technical sales consultant for
Q24: Donna is an audit supervisor with
Q25: Walker, an employee of Lakeview Corporation, drives
Q26: Julie travels to Mobile to meet
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents