Anyone have any advice on leasing a car and writing off the payments for tax purposes?

Discussion in 'Accounting and Legal Advice' started by kehk05, Mar 17, 2008.

  1. kehk05

    kehk05 New Member

    Aloha! I need to get a van and was thinking of leasing it and writing off the monthly payments since it'll be used for my business as well. Am I able to write off the entire monthly payment or a portion of it? Does anyone have any suggestions on how I should go about doing this?

    Mahalo!
     
  2. mountainmom5

    mountainmom5 Gold Member

    I would ask my cpa on it as it will probably depend on how much you use it for business. I know if you put a magnetic sign on the side as an advertisement, you can deduct most of the payment...

    Also go to IRS.com as there is a lot of info on there for small business deductions.

    Welcome, by the way![​IMG]
     
  3. mountainmom5

    mountainmom5 Gold Member

    ...if you put before and after your link it will make it clickable...[​IMG]
     
  4. kehk05

    kehk05 New Member

    Thank you for the information! I really appreciate it. [​IMG]
     
  5. dmitch31

    dmitch31 New Member

    kehk,
    Please come back and let us know what you find out. What you are about to learn could be useful for all of us.

    Thanks!
     

Share This Page