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What is Jackson deduction

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Reference no: EM132658059

Problem - Jackson, a self-employed taxpayer, uses his automobile 90% for business and during 2019 drove a total of 14,000 business miles. Information regarding his car expenses is listed below.

Business parking

$140

Auto insurance

1,300

Auto club dues (includes towing service)

180

Toll road charges (business-related)

200

Oil changes and engine tune-ups

210

Repairs

160

Depreciation allowable

2,850

Fines for traffic violations (incurred during business use)

320

Gasoline purchases

2,800

Required - What is Jackson's deduction in 2019 for the use of his car if he uses:

a. The actual cost method?

b. The automatic mileage method?

c. What records must Jackson maintain?

Reference no: EM132658059

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