Like 99% of other sane taxpayers, you, a self-employed CPA, elect the standard mileage rate ($0.58 per mile for 2019, $0.575 per mile for 2020) for deducting the cost of your business-related excursions from your home office, not that crazy “actual cost method” that would have you keeping every single receipt for every single car-related expense. But, in addition to gas, you incur the following costs on your trips to see clients (etc.) – tolls, parking, interest on car loan, repairs, insurance, and speeding tickets. Which, if any, of these expenses can you deduct in addition to the standard mileage rate, and why?
Like 99% of other sane taxpayers, you, a self-employed CPA, elect the standard mileage rate ($0.58 per mile for 2019, $0.575 per mile for 2020) for deducting the cost of your business-related excursions from your home office, not that crazy “actual cost method” that would have you keeping every single receipt for every single car-related expense. But, in addition to gas, you incur the following costs on your trips to see clients (etc.) – tolls, parking, interest on car loan, repairs, insurance, and speeding tickets. Which, if any, of these expenses can you deduct in addition to the standard mileage rate, and why?
Chapter3: Business Income And Expenses
Section: Chapter Questions
Problem 6MCQ
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Like 99% of other sane taxpayers, you, a self-employed CPA, elect the standard mileage rate ($0.58 per mile for 2019, $0.575 per mile for 2020) for deducting the cost of your business-related excursions from your home office, not that crazy “actual cost method” that would have you keeping every single receipt for every single car-related expense. But, in addition to gas, you incur the following costs on your trips to see clients (etc.) –
- tolls,
- parking,
- interest on car loan,
- repairs,
- insurance, and
- speeding tickets.
Which, if any, of these expenses can you deduct in addition to the standard mileage rate, and why?
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT