Business, 16.03.2020 17:57 pinkpearl20

During the year, Pablo keeps the following record of his travel: Miles Home to office 864 Office to home 864 Home to local clients to home 10,630 Home to out of town clients to home 2,650 The company reimburses Pablo for all his lodging, meals, and entertainment while he is on the road. If he used the standard mileage rate, what amount can he deduct as a business expense?

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Answer from: xxmimi7xx

$7,636

Explanation:

Pablo's travel records are as follows;

Distance in Miles :

Home to office = 864

Office to home = 864

Home to local clients to home = 10,630

Home to out of town clients to home = 2,650

Pablo is reimbursed for business expenses. Business expenses coukd be explained as cost incurred based on assignments or errands carried out for the organization. It doesn't include the individual's personal expenses while not on organizational duty.

Therefore from the data provided, business expenses only include;

Distance in miles :

Home to local clients to home = 10,630

Home to out of town clients to home = 2,650

Using the 2020 standard mileage rate which is : 57.5 cent per mile, equivalent to $0.575

Reimbursable business expense :

Home to local clients to home 10,630 x $0.575 = $6,112.25

Home to out of town clients to home 2,650 x $0.575 = $1,523.75

Total amount to be deducted as business expense = ($6,112.25 + $1,523.75) = $7,636

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Are legally capable of doing everything a neurologist can do with a patient in most states.

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The business cycle is the periodic but irregular up-and-down movement in economic activity, measured by fluctuations in real gross domestic product (gdp) and other macroeconomic variables. a business cycle is typically characterized by four phases—recession, recovery, growth, and decline—that repeat themselves over time. economists note, however, that complete business cycles vary in length. the duration of business cycles can be anywhere from about two to twelve years, with most cycles averaging six years in length. some business analysts use the business cycle model and terminology to study and explain fluctuations in business inventory and other individual elements of corporate operations. but the term "business cycle" is still primarily associated with larger (industry-wide, regional, national, or even international) business trends.

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During the year, Pablo keeps the following record of his travel: Miles Home to office 864 Office to...