Reference no: EM132667747
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
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?
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