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Old 11-30-2012, 06:06 PM
lacarnut lacarnut is offline
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Location: Baton Rouge LA
 
Join Date: Nov 2012
Posts: 18
Mein Auto: Infiniti G37
Quote:
Originally Posted by Chris90 View Post
Maybe someone can answer this: I always hear that leases are good if you own a small business since you can write it off. Well, a buddy of mine is a contractor, and he had an old GTI, and he writes off $8000 a year (16k miles * 55 cents/mile) driving that car.

That's higher than a typical lease payment, so what is the advantage of leasing vs taking the mileage writeoff on an old car?
Whether you buy the car or lease it, you have the option to use the IRS tables for mileage. Note, if you use the vehicle for personal use, you have to separate the two. Personal usage should not be used in figuring the mileage. The same principle applies to other assets.
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