During 2022, she drove the car 16,200 miles. 12,325 of those miles were for business purposes (7,300 miles through 6/30, 5,025 miles through 12/31). She paid a total of $650 of insurance, $1,280 of interest on her car loan, $830 for repairs & maintenance, $270 for licensing, and $2,310 for fuel. She also paid $225 for parking and tolls exclusively on business trips. She uses the standard mileage rate to compute her transportation deduction for the year. What is her total deduction for expenses related to her car for 2022.
During 2022, she drove the car 16,200 miles. 12,325 of those miles were for business purposes (7,300 miles through 6/30, 5,025 miles through 12/31). She paid a total of $650 of insurance, $1,280 of interest on her car loan, $830 for repairs & maintenance, $270 for licensing, and $2,310 for fuel. She also paid $225 for parking and tolls exclusively on business trips. She uses the standard mileage rate to compute her transportation deduction for the year. What is her total deduction for expenses related to her car for 2022.
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
Related questions
Question
During 2022, she drove the car 16,200 miles. 12,325 of those miles were for business purposes (7,300 miles through 6/30, 5,025 miles through 12/31). She paid a total of $650 of insurance, $1,280 of interest on her car loan, $830 for repairs & maintenance, $270 for licensing, and $2,310 for fuel. She also paid $225 for parking and tolls exclusively on business trips. She uses the standard mileage rate to compute her transportation deduction for the year. What is her total deduction for expenses related to her car for 2022.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 2 images
Recommended textbooks for you
Essentials Of Investments
Finance
ISBN:
9781260013924
Author:
Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:
Mcgraw-hill Education,
Essentials Of Investments
Finance
ISBN:
9781260013924
Author:
Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:
Mcgraw-hill Education,
Foundations Of Finance
Finance
ISBN:
9780134897264
Author:
KEOWN, Arthur J., Martin, John D., PETTY, J. William
Publisher:
Pearson,
Fundamentals of Financial Management (MindTap Cou…
Finance
ISBN:
9781337395250
Author:
Eugene F. Brigham, Joel F. Houston
Publisher:
Cengage Learning
Corporate Finance (The Mcgraw-hill/Irwin Series i…
Finance
ISBN:
9780077861759
Author:
Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor
Publisher:
McGraw-Hill Education