What is bills 2023 deduction for using his car


Question: In 2023, Bill used his automobile 80% for his business that he operates as a sole proprietorship. He drove a total of 20,000 miles (15,000 business, 5,000 personal) and paid the following amounts for his vehicle: Parking at client's offices $ 200 Auto Insurance 1,500 Gasoline 2,800 The standard mileage rate for 2023 was 65.5 cents per mile. What is Bill's 2023 deduction for using his car if he uses the automatic (standard mileage) method? Group of answer choices $9,825 $14,125 $12,460 $10,025 $6,720

 

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Accounting Basics: What is bills 2023 deduction for using his car
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