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