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Business, 07.03.2020 04:01 loveoneonly4379

Cassandra owns her own business and drives her van 15,000 miles a year for business and 5,000 miles a year for commuting and personal use. She purchases a new van in 2018 and wants to claim the largest tax deduction possible for business use. Cassandra's total auto expenses for 2018 are as follows:

Gas, oil, and maintenance $6,560
Insurance 775
Interest on car loan 1,200
Depreciation 3,160
License 180
Parking fees and tolls (all business) 240
Determine Cassandra's 2018 deduction for business use of the van. (Note: The standard mileage rate for 2018 is 54.5 cents per mile.)

Round all amounts to the nearest dollar.

Cassandra can maximize her deduction by using the standard mileage deduction. Via this method, she can deduct $ for her van. Her other allocable expenses amount to $.(answer here )

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