MEDSTUDY.COM
AFSP FINAL ACTUAL EXAM /
140 + WELL STRUCTURED
M
QUESTIONS AND CORRECT
ED
ANSWERS LATEST STUDY GUIDE
ST
2026 GRADED A+ .
U
D
Y
,MEDSTUDY.COM
1. standard mileage rate enables a taxpayer to ✔✔ CORRECT ANSWER deduct vehicle expenses on per mile rate basis rather than deducting
actual car expenses.
2. Accordingly, the standard mileage rates differ from one another depending on whether the vehicle is
used for ✔✔ CORRECT ANSWER ✔✔ CORRECT
ANSWER Business purposes; Charitable purposes; or
Obtaining medical care.
3. Can taxpayer deduct unreimbursed employee expenses? ✔✔ CORRECT ANSWER no
4. the 2018 alternative
M
standard mileage rate applicable to eligible business use of a vehicle is ✔✔ CORRECT ANSWER 54.5¢ per mile, up from
53.5¢
ED
in 2017.
5. (Business Use of a Taxpayer's Personal Vehicle)
In order for such expenses to be deductible, they must have been ✔✔ CORRECT ANSWER ✔✔ CORRECT ANSWER
ST
Paidorincurred during the tax year;
For the purpose of carrying on the taxpayer's trade or business; and Ordinary and necessary.
6. Provided the vehicle expenses meeting the three criteria are not reimbursed, the deductible
personal vehicle expenses include those incurred while traveling ✔✔ CORRECT ANSWER ✔✔ CORRECT ANSWER
U
Betweenwork- places;
D
To meet with a business customer;
To attend a business meeting located away from the taxpayer's regular workplace; or From the taxpayer's home to a temporary place
Y
of work.
7. In addition to using the standard mileage rate, a taxpayer may also deduct any ✔✔ CORRECT ANSWER business-
related
parking fees and tolls paid while engaging in deductible business travel.
8. parking fees paid by
a taxpayer to park his or her vehicle at the usual place of business are consid- ered ✔✔ CORRECT ANSWER commuting
expenses and are not deductible.
, 9. The standard mileage rate applicable to a taxpayer's
use of a personal vehicle for charitable purposes is based on statute and remains unchanged at ✔✔ CORRECT
ANSWER 14¢
per mile
10. use of Personal Vehicle for Charitable Purposes, The taxpayer may also deduct ✔✔ CORRECT ANSWER parking
fees and tolls regardless of whether the actual
expenses or standard mileage rate is used.
M
11. The vehicle expenses a taxpayer may include as
medical and dental expenses are ✔✔ CORRECT ANSWER the amounts paid for transportation to obtain medical care for the taxpayer, a spouse or a
ED
dependent.
12. A taxpayer may also include as medical and dental expenses those transportation costs
incurred ✔✔ CORRECT ANSWER
and
ST
The taxpayer may also deduct ✔✔ CORRECT ANSWER By a parent who must accompany a child needing medical care;
By a nurse or other person who can administer injections, medications or other treatment required by a patient traveling to obtain medical care
and unable to travel alone; or
U
For regular visits to see a mentally-ill dependent, if such visits are recommended as a part of the mentally-ill dependent's treatment.
and
D
any parking fees or tolls,
Y
regardless of whether actual expense or the standard mileage rate is used.
13. For 2018, the standard medical mileage rate is ✔✔ CORRECT ANSWER
18¢ per mile, an increase of 1¢ from 2017.
14. Under the
federal education savings bond program, a taxpayer may exclude some or all interest income received
on qualified U.S. savings bonds if the taxpayer ✔✔ CORRECT ANSWER ✔✔ CORRECT ANSWER Paid qualified education expenses
for the taxpayer, a spouse or a dependent claimed as an
exemption;
Has a modified adjusted gross income (MAGI) not exceeding specified maximum amounts that are adjusted for inflation each year; and
AFSP FINAL ACTUAL EXAM /
140 + WELL STRUCTURED
M
QUESTIONS AND CORRECT
ED
ANSWERS LATEST STUDY GUIDE
ST
2026 GRADED A+ .
U
D
Y
,MEDSTUDY.COM
1. standard mileage rate enables a taxpayer to ✔✔ CORRECT ANSWER deduct vehicle expenses on per mile rate basis rather than deducting
actual car expenses.
2. Accordingly, the standard mileage rates differ from one another depending on whether the vehicle is
used for ✔✔ CORRECT ANSWER ✔✔ CORRECT
ANSWER Business purposes; Charitable purposes; or
Obtaining medical care.
3. Can taxpayer deduct unreimbursed employee expenses? ✔✔ CORRECT ANSWER no
4. the 2018 alternative
M
standard mileage rate applicable to eligible business use of a vehicle is ✔✔ CORRECT ANSWER 54.5¢ per mile, up from
53.5¢
ED
in 2017.
5. (Business Use of a Taxpayer's Personal Vehicle)
In order for such expenses to be deductible, they must have been ✔✔ CORRECT ANSWER ✔✔ CORRECT ANSWER
ST
Paidorincurred during the tax year;
For the purpose of carrying on the taxpayer's trade or business; and Ordinary and necessary.
6. Provided the vehicle expenses meeting the three criteria are not reimbursed, the deductible
personal vehicle expenses include those incurred while traveling ✔✔ CORRECT ANSWER ✔✔ CORRECT ANSWER
U
Betweenwork- places;
D
To meet with a business customer;
To attend a business meeting located away from the taxpayer's regular workplace; or From the taxpayer's home to a temporary place
Y
of work.
7. In addition to using the standard mileage rate, a taxpayer may also deduct any ✔✔ CORRECT ANSWER business-
related
parking fees and tolls paid while engaging in deductible business travel.
8. parking fees paid by
a taxpayer to park his or her vehicle at the usual place of business are consid- ered ✔✔ CORRECT ANSWER commuting
expenses and are not deductible.
, 9. The standard mileage rate applicable to a taxpayer's
use of a personal vehicle for charitable purposes is based on statute and remains unchanged at ✔✔ CORRECT
ANSWER 14¢
per mile
10. use of Personal Vehicle for Charitable Purposes, The taxpayer may also deduct ✔✔ CORRECT ANSWER parking
fees and tolls regardless of whether the actual
expenses or standard mileage rate is used.
M
11. The vehicle expenses a taxpayer may include as
medical and dental expenses are ✔✔ CORRECT ANSWER the amounts paid for transportation to obtain medical care for the taxpayer, a spouse or a
ED
dependent.
12. A taxpayer may also include as medical and dental expenses those transportation costs
incurred ✔✔ CORRECT ANSWER
and
ST
The taxpayer may also deduct ✔✔ CORRECT ANSWER By a parent who must accompany a child needing medical care;
By a nurse or other person who can administer injections, medications or other treatment required by a patient traveling to obtain medical care
and unable to travel alone; or
U
For regular visits to see a mentally-ill dependent, if such visits are recommended as a part of the mentally-ill dependent's treatment.
and
D
any parking fees or tolls,
Y
regardless of whether actual expense or the standard mileage rate is used.
13. For 2018, the standard medical mileage rate is ✔✔ CORRECT ANSWER
18¢ per mile, an increase of 1¢ from 2017.
14. Under the
federal education savings bond program, a taxpayer may exclude some or all interest income received
on qualified U.S. savings bonds if the taxpayer ✔✔ CORRECT ANSWER ✔✔ CORRECT ANSWER Paid qualified education expenses
for the taxpayer, a spouse or a dependent claimed as an
exemption;
Has a modified adjusted gross income (MAGI) not exceeding specified maximum amounts that are adjusted for inflation each year; and
