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Posted on 12/23/16 at 10:05 am to jbgleason
quote:
Do you care to expand on the tax Implications of leasing vs buying for a small business owner?
I don't know much about it honestly. I do know that as a business owner you can deduct at least some, if not all, of the lease payments from your income just like any other itemized deduction. There are probably conditions on that deduction, like the vehicle actually being used in the course of doing business.
I'm not sure about financing or paying cash. I know you can deduct for depreciation on assets you own, including vehicles.
Assuming the deduction would be the same for both cases, then leasing would be better as it allows you to keep more of your capital for use elsewhere.
A CPA would be the one to ask about this, I'm really not an expert and that's why I only touched on it briefly in my write up.
This post was edited on 12/23/16 at 10:07 am
Posted on 12/23/16 at 10:07 am to jbgleason
quote:
Do you care to expand on the tax Implications of leasing vs buying for a small business owner?
you can write both off. leasing you just write off the full or partial amount of the monthly payment (gotta talk to your tax guy about it). if you own, you can write off the depreciation. i think most people that are conscious of this tend to lease.
This post was edited on 12/23/16 at 10:09 am
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