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Business, 24.10.2019 20:43 veroushkarose7326

Jackson, a self-employed taxpayer, uses his automobile 76% for business and during 2019 drove a total of 20,600 business miles. information regarding his car expenses is listed below. business parking $ 300 auto insurance 3,000 auto club dues (includes towing service) 360 toll road charges (business-related) 450 oil changes and engine tune-ups 480 repairs 330 depreciation allowable 6,000 fines for traffic violations (incurred during business use) 600 gasoline purchases 6,600 what is jackson's deduction in 2019 for the use of his car if he uses: if required, round your answers to nearest dollar. a. the actual cost method? $ b. the automatic mileage method? $ c. what records must jackson maintain? keeping a written or electronic log of miles driven, the dates the automobile was used, the location of travel, and the business purpose is enough evidence for the . if the is used, keeping copies of receipts, canceled checks, and bills in addition to a mileage log is sufficient. records and logs should be kept contemporaneously (e. g., updated weekly or daily).

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