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Meghan is self-employed and uses her personal automobile for business trips. During 2020, Meghan drives her car 80% for business use and incurs the following total expenses (based on 100% use of car):
Gas and oil $10,000,
Repairs $1,800,
Depreciation $4,100,
Insurance and license fees $2,300,
Parking and tolls $150.Meghan drives her car a total of 30,000 miles (24,000 business miles) during 2020.
Requirement:
Problem 1: What amount is deductible if Meghan uses the actual cost method?
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