Car: Leasing better for small business owner?
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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?
Car: Leasing better for small business owner?The advantages and disadvantages of leasing or buying are the same for a business owner as a regular person. Your lease payments will be lower than purchase payments but your equity buildup is zero. If a new car is good for your business image, lease. If you drive your car until it is scrap iron, it is better to buy.
Car: Leasing better for small business owner?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.
Car: Leasing better for small business owner?It's probably simpler to do the tax paperwork if you deduct the lease as opposed to depreciating the car.
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