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 of6,000 work related kilometres during the year. Rodney has not maintained a logbook. Fromthe above information, calculate the maximum deduction available to Rodney for car expensesin respect of the 2023 income year Question 23Select one: $ 3,900 $ 4,000 $ 4, 680 $ 0

Car expenses deductions are deductible from income to determine taxable income

Answered: odney, a resident taxpayer, is employed…

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter3: Business Income And Expenses

Section: Chapter Questions

Problem 8P: Martha is a self-employed tax accountant who drives her car to visit clients on a regular basis. She...

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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? _________________________________________________ _______________________________________________________________________________ _______________________________________________________________________________
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) $0
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. ****
In 2022, Alania is a self-employed taxpayer and also an investor in the stock market in her spare time. In the current year, she incurs $2,500 of travel expenses and $1,000 in registration fees related to attending investment seminars. Can Alania deduct the expenses for attending an investment seminar? Select answer from below: a.) The travel expenses related to attending the seminars are not deductible since they are related to the production of income under Sec. 212 rather than a trade or business. The registration fees of $1,000 are deductible from AGI. b.) The travel expenses related to attending the seminars are deductible from AGI since they are related to the production of income under Sec. 212. The registration fees of $1,000 are not deductible since they are related to the production of income under Sec. 212 rather than a trade or business. c.) The travel expenses related to attending the seminars and the registration fees of $1,000 are not deductible since they…
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.
In 2020, Britt drove her automobile 16,200 miles for business. She incurred $900 in gas expenses and $235 in tolls associated with the business mileage. Assuming Britt uses the standard mileage method, her deduction is $
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.) 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 amount
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
Andrew is employed as a salesperson of a solar company. His employer requires him to travel extensivelyduring the year for work-related purposes. With reference to relevant legislation, discuss the ways (methods)Andrew might be able to claim deductions for his car expenses
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.) d. Her trip was entirely for business purposes. Deductible amount
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.) a. Her trip was entirely for personal purposes. Deductible amount
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.) b. The policy begins on February 1 of year 1 and extends through January 31 of year 2. Deductible amount

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