Bo is self-employed and uses his personal automobile for bus…
Bo is self-employed and uses his personal automobile for business trips. during 2023, Bo drives his car 70% for business use and incurs the following total expenses (based on 100% use of car). Expenses: Gas and oil $14,000Repairs 2,700Depreciation 4,800Insurance and license fees 2,500Parking and tolls (business related) 70Total $24,070 The standard mileage rate method permits a deduction based on a mileage rate of 65.5 cents per mile for the year 2023. Melissa drives her car a total of 20,000 miles (14,000 business miles) during 2023. What amount is deductible if Bo uses the actual cost method? Round to the nearest dollar.