Would you lease a car and can you write it off??

[Joel Owens]

Have an older car I have driven forever as a work horse.Looking at trading it in for a brand new car on a lease.

Normally I wouldn't look at a lease but I am thinking I can write it off in my corporation.

I am not a tax expert and I do not want to buy a gas guzzling truck just to get a deduction.If I bought say a new Camry would they let me deduct the lease off of my corp taxes OR would it be better to buy it through the corp and make payments without a lease??

Can I deduct either way??

Thanks

[Loc R.]

Yes, you can deduct all expenses associated with the car (lease, maintenance, insurance, etc.).

The amount you can deduct is a function of how much you use it for business (i.e., if you use it 50% of the time for business, then you get to deduct 50% of the expenses).

At least that is my understanding after having these types of discussions for years with my CPA.