How to calculate tax savings

[Charles Giovanniello]

I own a rental home that pulls in ~$400 / month or $4800 / year. I need a new car which is going to cost about $310 / month to lease (including insurance) or $3720 / year. I'm planning on putting this car under my business and list as a business expense, and want to know how much i'd be saving in taxes by paying for it with my business rather than income from my job. I know that the business gets taxed on whatever's left over come tax time, so i'd theoretically be only taxed on (4800 - 3720 = ) $1080. Is this correct? If so, how much would i save in taxes if i had $4800 in the account verses 1080? Im not sure the % that the government takes come tax time.

P.S. I live in New York

[Eamonn McElroy]

Generally taxable income won't be the same as cash flow.  Cash flow doesn't include non-cash items such as depreciation and amortization.

If the vehicle is going to be mixed use, which it sounds like it is, generally it's more advantageous to keep it in your name.  Commercial auto insurance is much more expensive than personal auto insurance.  You won't be able to deduct the entire amount of auto expenses, just a pro-rata amount.

No one here can say what you'll owe as there's not enough information provided.  We don't know your marginal tax rate or other sources of taxable income and deduction.