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Maximum tax deduction-vehicle expenses

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Reference no: EM131290727

888 Company leased a car throughout 20X5 for $950 per month, $75 of which was for insurance. There was no down payment or refundable deposit. The manufacturer's suggested list price for the car is $38,000. Other costs incurred for the vehicle during 20X5 were $1,600 for gas and $420 for repairs.

The maximum tax deduction for 20X5 vehicle expenses is:

A. $11,753

B. $12,653

C. $12,672

D. $13,420

Reference no: EM131290727

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