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Ted Purchased a Vehicle for Business and Personal Use

question 70

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Ted purchased a vehicle for business and personal use. In 2015, Ted used the vehicle 70% for business (10,000 business miles) and used the standard mileage rate to calculate his vehicle expenses. Ted also paid $1,200 in interest and $380 in county property tax on the car. What is the total business deduction related to business use of the car in 2015?

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Definitions:

Beyond Work

Activities, interests, or responsibilities that individuals engage in outside of their professional duties or employment.

Sustainable Competitive Advantage

A unique attribute or position a company sustains over time, which allows it to outperform competitors.

Competitive Advantage

A condition that allows a company or country to produce goods or services at a lower price or in a more desirable fashion for customers.

Consulting Company

A business that provides expert advice to other organizations or individuals in a professional field.

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