Business auto expenses for teresa

Assignment Help Accounting Basics

Reference no: EM1364682

Teresa is a civil engineer who uses her automobile for business evenly throughout the year. Teresa drove her automobile a total of $22,650 miles evenly during 2011, of which 95% was business mileage. The actual cost of gasoline, oil, depreciation, repairs and insurance for the year was $8,300.

1. How much is Teresa's transporting deduction based on the standard mileage?

2. How much is Teresa's transporting deduction based on the actual cost method?

3. Which method should Teresa use to calculate transportation deduction and why?

Reference no: EM1364682

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