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Calculate the maximum tax deduction for vehicle expense

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Reference no: EM132060872

Question - Company leased a car throughout 2015 for $950 per month, $75 of which was for insurance. There was no down payment or refundable deposit. The manufacturer's suggested list price for the car is $38,000. Other costs incurred for the vehicle during 2015 were $1,600 for gas and $420 for repairs.

Calculate the maximum tax deduction for 2015 vehicle expenses.

1) $11,753

2) $12,653

3) $12,672

4) $13,420

Reference no: EM132060872

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