I’ve always heard people say that if you lease a vehicle, you can write off the payment on your business taxes?
I’m sure it might not be that simple.
What details am I missing, and is it possible?
Thanks in advance guys!
Steve
The vehicle must be used for business. Personal use is never deductible.
100% business??
This is what happens when you get tax advice from “people.”
business mileage is deductible. personal mileage is not.
If you personally lease the vehicle, you can deduct business mileage at whatever rate the IRS allows each year on your Sch C OR you can submit an expense report to the company for reimbursement.
If the company leases the vehicle, then it should send you a W-2 for the value of the miles you used personally.
Either way you need to track mileage with a log and keep good records.