Andrew, a self-employed professional, used his personal vehicle for business trips this year. He paid $2,700 for gasoline. His car's depreciation for full business use would be $6, 200. Andrew drove a total of 18, 500 miles during the year, with 3,700 miles documented for business purposes. What business expense amount can Andrew deduct (if any) for these trips, considering that the IRS allows a standard mileage deduction of $0.56 per mile for business use? ***This question already posted and received correct answer. Kindly Don't answer this question again. If you answer i will give 10 dislikes. ****
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- 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? _________________________________________________ _______________________________________________________________________________ _______________________________________________________________________________odney, a resident taxpayer, is employed by Subiaco Function Centre as a marketing manager. During the 2023 income year, Rodney used his private car for work related travel to meetings. He maintained fuel receipts amounting to $4,000 and noted that he had travelled a total of 6,000 work related kilometres during the year. Rodney has not maintained a logbook. From the above information, calculate the maximum deduction available to Rodney for car expenses in respect of the 2023 income year Question 23Select one: $ 3,900 $ 4,000 $ 4, 680 $ 0Georgie has gross income of $5,000 from an activity that has been deemed to be a hobby by the IRS. Her expenses related to the activity include property taxes of $3,000, operating expenses of $1,500, and depreciation expense of $800. What would be Georgie's deductible expenses for the year and where would they be taken? $3.000 Schedule C (Profit or Loss from Business) $5,000 Schedule C (Profit or Loss from Business) $5.300 Schedule C (Profit or Loss from Business) $5.000 Schedule A (Itemized Deductions) $3.000 Schedule A (Itemized Deductions)
- Rodney, a resident taxpayer is employed by subiaco function center as a marketing manager. during the 2023 income year, Rodney used his private car for wpork related travel to meetings. he maintained fuel receipts amounting to $4000 and noted that he had travelled a total of 6000n work related kilometers during the year. rodney has not maintained a logbook. From the above information, calculate the maximum deduction available to Rodney for car expenses in respect of the 2023 income year. a)$3900 b) $4000 c) $4680 d) $0On November 1 of this year, Jaxon borrowed $42,000 from Bucksnort Savings and Loan for use in his business. In December, Jaxon paid interest of $3,780 relating to the 12-month period from November of this year through October of next year. How much interest, if any, can Jaxon deduct this year if his business uses the cash method of accounting for tax purposes?In January of year 0, Justin paid $6,200 for an insurance policy that covers his business property for accidents and casualties. Justin is a calendar-year taxpayer who uses the cash method of accounting. What amount of the insurance premium may Justin deduct in year O in each of the following alternative scenarios? (Leave no answers blank. Enter zero if applicable.) a. The policy covers the business property from April 1 of year 0 through March 31 of year 1. Deductible amount
- Cole purchased a car for business and personal use. In 2022, he used the car 60% for business (13,000 total use miles – ratably through the year) and used the standard mileage rate to calculate his vehicle expenses. He also paid $1,500 in interest and $360 in county property tax on the car. What is the total business deduction related to business use of the car rounded to the nearest dollar?In January of year 0, Justin paid $9,400 for an insurance policy that covers his business property for accidents and casualties. Justin is a calendar-year taxpayer who uses the cash method of accounting. What amount of the insurance premium may Justin deduct in year 0 in each of the following alternative scenarios? Note: Leave no answers blank. Enter zero if applicable. a. The policy covers the business property from April 1 of year 0 through March 31 of year 1. b. The policy begins on February 1 of year 1 and extends through January 31 of year 2. c. Justin pays $10,600 for a 24-month policy that covers the business from April 1, year 0, through March 31, year 2. Note: Do not round intermediate calculations. d. Instead of paying an insurance premium, Justin pays $9,400 to rent his business property from April 1 of year 0 through March 31 of year 1.Kimberly is a self-employed taxpayer. She recently spent $3,300 for airfare to travel to Italy. What amount of the airfare is deductible in each of the following alternative scenarios? (Leave no answers blank. Enter zero if applicable.) b. On the trip, she spent eight days on personal activities and two day(s) on business activities. Deductible amount
- Ryan is self-employed. This year Ryan used his personal auto for several long business trips. He paid $1,850 for gasoline on these trips. Ryan estimates that he drove approximately 2,220 miles on business trips, but he can only provide written documentation of the business purpose for trips totaling 1,400 miles. His depreciation on the car if he was using it fully for business purposes would be $3,000. During the year, he drove his car a total of 18,500 miles (a combination of business and personal travel). What business expense amount can Ryan deduct (if any) for these trips? (Do not found intermediate calculations. Round your final answers to the nearest whole dollar amount.) Maximum deductible amountIn January of year 0, Justin paid $6,200 for an insurance policy that covers his business property for accidents and casualties. Justin is a calendar-year taxpayer who uses the cash method of accounting. What amount of the insurance premium may Justin deduct in year O in each of the following alternative scenarios? (Leave no answers blank. Enter zero if applicable.) d. Instead of paying an insurance premium, Justin pays $6,200 to rent his business property from April 1 of year 0 through March 31 of year 1. Deductible amountThis year Randy paid $28,000 of interest on his residence. (Randy borrowed $450,000 to buy his residence, which is currently worth $500,000.) Randy also paid $2,500 of interest on his car loan and $4,200 of margin interest to his stockbroker (investment interest expense). How much of this interest expense can Randy deduct as an itemized deduction under the following circumstances? Randy received $2,200 of interest this year and no other investment income or expenses. His AGI is $75,000.