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Old 06-17-2016, 05:41 PM
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Join Date: May 2016
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Car lease - write off

Hello. I have a question about car lease. I own an S corporation and I want to buy a new car, I am considering leasing because I think it would be better in my situation. As some people informed me, I can write off part or full lease payment from my final tax and in that case I pay for the car lease instead of paying tax so I basically drive for free because I would have to pay that amount for tax anyways. The other version is that I cannot write off the lease from final payable tax, I can only make auto expansions (the best way is putting it under mileage which is $0.55 per mile), so it is considered as any other business expenses which are subtracted from my income, so it saves me just some little % from payable tax. My accountant is that there is no such thing as the first option and it doesn't make any difference if I buy or lease a car. I am really confused. I hope you understand what is on my mind. Could you please clear it out for me?



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