| 1) Do I have to drive a certain number of miles to be able to lease a company car as a legitimate write-off?=======>>No I do not think so; but, you can choose between deducting your actual expenses or taking the standard mileage deduction(whichever gives you higher deductible amount), which was 55.5 cents per mile for business miles as of Jan. 1, 2014, I guess. You can add parking fees and tolls to either method.you can usually write off amounts associated with the business use of your vehicle, regardless of whether you lease the car. Only the portion of your leased vehicle that you use for business purposes is tax-deductible; however, if your business is incorporated, you yourself will generally be treated as an employee for income tax purposes, so the discussion of "employees" can apply to you as a shareholder/employee as well.if the biz does not reimburse your vehicle expenses, you will generally be able to deduct these expenses on your individual item tax returns, as a miscellaneous itemized deduction on Sch A of 1040. You can not claim it UNLESS you itemize deductions on Sch A of 1040. So, as said, you want to take a write-off for operating your leased vehicle for business purposes as an EE, an employee, you'll have to itemize your deductions. Add your business use of car expenses to your other unreimbursed EE business expenses and report the total amount on Line 21 of Sch A, Form 1040. Unreimbursed EE business expenses, including business use of car, are subject to the IRS' 2 % of AGI rule. You can deduct only the amount of those expenses that exceeds 2 % of your agi. Even if the biz pays the lease for you, and if amounts are paid under a nonaccountable plan , then the reimbursed lease is income to you and must be included in your wages with appropriate tax withholdings. And then you need to file form 2106 to claim dedcutions on your return by itemizing them on Sch A; aslongas the lease is paid under accountable plan, then it is not income and is not included in your wage so you do not need to claim on f2106 and Sch A of 1040 since it is not treated as your taxable income.
2) What happens in a down year where the business can no longer pay the lease? Can I leave extra money in the business from a good year to pay for the lease in what appears to be an upcoming lean year?===>I guess you need to follow/ rely on the corporate decision-making process.
Or, do you not recommend that because of tax implications? Can I pay the lease ahead of time in the year I have the money to do so?=====>I am not sure of it; it is beyond my decision As mentioned above;
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