Domestic Ryan is self-employed. This year Ryan used his personal auto for several long business trips. Ryan paid $2,250 forgasoline on these trips. His depreciation on the car if he was using it fully for business purposes would be $3,000. Duringthe year, he drove his car a total of 13,200 miles (a combination of business and personal travel).Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.Problem 9-51 Part-a (Algo)a. Ryan can provide written documentation of the business purpose for trips totaling 3,960 miles. What business expense amount canRyan deduct (if any) for these trips?Maximum deductible amount

Tax is the amount that is charged by the government to individuals and businesses on the income…

Answered: Ryan is self-employed. This year Ryan…

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter6: Deductions And Losses: In General

Section: Chapter Questions

Problem 46P

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Ryan is self-employed. This year Ryan used his personal auto for several long business trips. Ryan paid $1,500 for gasoline on these trips. 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 12,000 miles (a combination of business and personal travel). Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. b. Ryan estimates that he drove approximately 1,300 miles on business trips, but he can only provide written documentation of the business purpose for trips totaling 820 miles. What business expense amount can Ryan deduct (if any) for these trips? Maximum deductible amount
Ryan is self-employed. This year Ryan used his personal auto for several long business trips. Ryan paid $2,400 for gasoline on these trips. His depreciation on the car if he was using it fully for business purposes would be $3,300. During the year, he drove his car a total of 19,800 miles (a combination of business and personal travel). (Round your final answers to the nearest whole dollar amount.) a. Ryan can provide written documentation of the business purpose for trips totaling 3,960 miles. What business expense amount can Ryan deduct (if any) for these trips?
Ryan is self employed. This year Ryan used his personal auto for several long business trips. Ryan paid $1,850 for gasoline on these trips. 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 14,600 miles. Ryan estimates that he drove approximately 1,560 miles on business trips, but he can only provide written documentation of the business purpose for trips totaling 1,400 miles. What business expense amount can Ryan deduct (if any) for these trips?
Jos is a Sales Manager. He uses his own car to travel to various locations. He acquired the car on 1 October 2021 for $60,000. The acquisition cost was funded entirely by a loan at an interest rate of 15%. He has determined that the depreciation deduction on the car would be $2,300 for the year. In addition, Jos incurred the following expenses during the year: Registration and insurance = $2,000; Repairs and maintenance = $1,000; and Oil and fuel costs = $1,500. For the period 1 October 2021 to 30 June 2022, Jos estimates that the car travelled 15,000 kilometres, 12,000 of which were for business purposes. You may assume that Jos has maintained all necessary records and a logbook. Required: Calculate Jos's deduction for car expenses under the two methods (cent per kilometre rate 0.72 and logbook) in Div 28 of Income Tax Assessment Act 1997. Assume that depreciation has been adjusted for part-year use and the impact of the car limit
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 amount
Jose purchased a vehicle for business and personal use. In 2022, he used the vehicle 20,000 miles (80% of total) for business and calculated his vehicle expenses using the standard mileage rate (mileage was incurred ratably throughout the year). He paid $1,800 in interest and $175 in property taxes on the car. Required: Calculate the total business deduction related to the car. Do not round intermediate calculations. Round your final answer to the nearest whole number. Schedule C Schedule A Total Deduction
Required information [The following information applies to the questions displayed below.] Ryan is self-employed. This year Ryan used his personal auto for several long business trips. Ryan paid $2,080 for gasoline on these trips. His depreciation on the car if he was using it fully for business purposes would be $4,800. During the year, he drove his car a total of 12,600 miles (a combination of business and personal travel). Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. a. Ryan can provide written documentation of the business purpose for trips totaling 2,520 miles. What business expense amount can Ryan deduct (if any) for these trips? Maximum deductible amount
Required information [The following information applies to the questions displayed below.] Ryan is self-employed. This year Ryan used his personal auto for several long business trips. Ryan paid $2,080 for gasoline on these trips. His depreciation on the car if he was using it fully for business purposes would be $4,800. During the year, he drove his car a total of 12,600 miles (a combination of business and personal travel). Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. b. Ryan estimates that he drove approximately 1,360 miles on business trips, but he can only provide written documentation of the business purpose for trips totaling 840 miles. What business expense amount can Ryan deduct (if any) for these trips? Maximum deductible amount
. Paul is a self-employed investment adviser who uses his automobile for business. Paul drove his automobile a total of 20,000 miles during 2019; 75 percent was business mileage. The actual cost of gasoline, oil, depreciation, repairs, and insurance for the year was $6,200. a. How much is Paul's transportation deduction based on the standard mileage method? b. How much is Paul's transportation deduction based on the actual cost method? c. Which method should Paul use to calculate his transportation deduction, assuming he used the standard mileage method in the prior tax year? Why? d. Where should he deduct the transportation expense on his current year tax return?
Jordan took a business trip from New York to Denver. She spent two days in travel, conducted business for nine days, and visited friends for five days. She incurred the following expenses: Airfare Lodging Meals Entertainment of clients. $ 550 3,000 900 750 Required: How much of these expenses can Jordan deduct? Note: Do not round intermediate calculations. Round your final answer to the nearest whole dollar value. Deduction
Curt is self-employed as a real estate salesman and drives his car frequently 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 2015. How much is Curt’s deductible auto expense for the year?
Shellie purchased a passenger automobile on March 2, 2018. She paid $65,000 for the automobile and can support business use of 85 percent. Calculate the amount of depreciation on the automobile for 2018 using the accelerated MACRS method (if available), assuming Shellie does not make the election to expense or claim bonus depreciation

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