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Michele is an employee who must use her personal automobile for employment-related business trips. During 2012, Michelle drives her car 60% for business use and iincurs the following total expenses (100% use of the car):

Gas and oil $9,000
Repairs 1,400
Depreciation 4,700
Insurance and license fees 1,300
Parking and tolls (business related) 100
Total $16,500

Michelle drives her car a total of 40,000 (24,000 business miles) during 2012 and receives a reimbursement of 40 cents per business mile from her employer. Assume that an adequate accounting is made to MIchelle's employer.

What amount is deductible (before the 2% nondeductible floor) if Michelle uses the standard mileage method?

What amount is deductible (before the 2% non deductible floor) if Michelle uses the actual cost method?

Can taxpayers switch back and forth between the mileage and actual methods each year?

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M942739

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