Tax Deduction Leasing Car
March 30th, 2010Question: Car: Leasing better for small business owner?
Does the owner of a small business gain any tax deduction or other financial advantage by leasing a car rather than buying it with cash or through an auto loan?
Answer: If you can pay cash, always pay cash. You might get a better price.
It never EVER makes sense to lease a car. Some might tell you differently, but you can take my answer straight to the bank.
Sure, your payments will be less. But at the end of the lease, guess what? You owe a boatload of money. Basically, you’ve been renting the car.
Tax implications don’t matter, although you can write off a purchased car as easily as a leased one. The bottom line is, do you want a rented fancy car with a small payment, or a nice car that’s paid for?
People get rich by keeping the same car for years. People stay in debt by getting new cars every 3-4 years—-by leasing.
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From Investopedia More>>
Virtually everyone has suffered a loss at one time or another from either a casualty disturbance of some sort, which can be covered by casualty insurance , or outright theft.
No repayments on SMSF car lease
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