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re: Thinking about leasing a vehicle
Posted on 12/23/16 at 10:05 am to jbgleason
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 10:10 am to CptRusty
Everything CptRusty says.
I leased once and will never do it again.
I leased once and will never do it again.
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