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Tax advantages of leasing vs. buying a car Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial decisions by providing you with interactive financial calculators and tools that provide objective and original content, by enabling you to conduct your own research and compare information at no cost and help you make financial decisions with confidence. Bankrate has agreements with issuers such as, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are advertised on this website come from companies that compensate us. This compensation can affect the way and where products appear on this site, including such things as the order in which they be listed within the categories of listing and other categories, unless prohibited by law for our mortgage, home equity and other products for home loans. But this compensation does affect the content we publish or the reviews you read on this site. We do not cover the entire universe of businesses or financial offerings that might be available to you. SHARE: andresr/Getty Images

4 min read Published June 14, 2022

Written by Mia Taylor Written by Contributing Writer Mia Taylor is a contributor to Bankrate and an award-winning journalist who has two decades of experience and worked as a staff reporter or contributor for some of the nation’s leading newspapers and websites including The Atlanta Journal-Constitution, the San Diego Union-Tribune, TheStreet, MSN and Credit.com. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to manage their finances by providing concise, well-studied information that breaks down complex topics into manageable bites. The Bankrate promise

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We are compensated in exchange for the placement of sponsored products and, services, or by you clicking on specific links on our site. Therefore, this compensation may impact how, where and in what order products are displayed within the categories of listing, except where prohibited by law. This is the case for our loan products, such as mortgages and home equity and other products for home loans. Other elements, such as our own proprietary website rules and whether a product is available within the area you reside in or is within your personal credit score can also impact how and where products appear on this website. Although we try to offer the most diverse selection of products, Bankrate does not include information about every financial or credit product or service. As a business owner you likely need to put more thought into whether you should buy or lease your vehicles as opposed to the typical driver. The usual questions you have that you have to answer about whether you should lease or buy take place, but there is an additional consideration — namely, how do you get tax benefits? Tax deductions on business vehicles If you are using a vehicle for business purposes, there are two approaches accepted from the IRS to claim the expense on the federal tax form. You may use what’s known by the “standard mileage deduction, or you can choose to take advantage of the deduction for actual expenses. You can switch from standard to actual expenses from year to an year with a car you have purchased but you must stick the same vehicle you initially chose when leasing. Mileage deduction The standard mileage method lets you claim miles driven for your business on your federal tax return. The IRS announces the standard mileage rate which is used to calculate the tax-deductible costs of running a vehicle for reasons of business each year. In 2022, the standard mileage rate is 58.5 cents for every mile for business purposes. This means if you drive 15,000 miles for your business, you can claim a deduction of up to $8,775. Lease payments You can be able to deduct the expense of lease payments per month making use of the actual expense deduction on the federal taxes you file. The specific amount of the lease payment deduction is contingent on the amount you use the vehicle exclusively for business. For instance, if the monthly lease payment is $400 and your vehicle is used 50 per cent of the time to work you are able to claim $200 per month in expenses. This benefit is only available when you sign on to the standard lease. You cannot claim a federal tax deduction on monthly lease payments if you take on an agreement to purchase the vehicle, which means you’ll own the car after the contract ends instead of having to return the vehicle back to the dealership. Depreciation Only cars purchased are eligible to deduct the cost of depreciation and only when the actual expense deduction is used. The method of determining the amount your car has depreciated during the year is generally Modified Accelerated Cost Recovery System (MACRS). Similar to the mileage deduction, the depreciation deduction is subject to change each year. For 2021 the maximum depreciation you could deduct was $10,000, but there are options to increase this amount depending on the time when the vehicle was placed in service. You should review by the IRS to be familiar with the various ways to depreciate your vehicles and other assets as the owner of a business. Operating and maintenance expenses expense rules also include the deduction of other expenses like oil and gas changes repair of vehicles, and tire purchases for your leased or purchased vehicle. If your vehicle needs urgent repairs or maintenance due to business use make sure you keep a meticulous note of it. So, you’ll know precisely what you paid for and how much your company can reduce tax costs during tax season. Expense differences between leased and purchased vehicles. Costs upfront could be lower when you lease a car with the same brand and model as well as year, in comparison to purchasing it. If you are a business owner you can use those savings to be used for investment and other needs for your business. As long as you’re sure you’ll adhere to the lease terms for wear and tear as well as the expected mileage, you could see that the less expensive payments open up more cash to your business. If you are comparing the same vehicle in a lease and a purchase, the monthly payments as well as your initial deposit may be lower for a lease. There may be a reduction in maintenance costs if your lease covers the cost of routine services, such as oil adjustments. Purchasing is the best option in the fact that you’ll eventually own the car however leases will have to be terminated at some point, and your business will be left without equity. The cost of early termination when you want to terminate the lease earlier and the excess mileage fees incurred if you exceed the limit of mileage can cause significant expenses with leases. Both of these options have interest and other fees and, in the end, it is dependent on what your company’s needs to use the vehicle. Should you lease or purchase a business vehicle? The tax advantages that could be derived from it are only one of the considerations that business proprietors must consider. Ultimately, a vehicle purchase or lease is a big expense for your business take a consider the issue from all angles prior to committing. Lease contracts typically restrict the amount of miles that a vehicle can be driven up to 10 or 20 miles annually. When you go beyond that limit, the lease may be subject to a fine of between 10 and 50 cents for each additional mile. If you are driving a good deal for your business then purchasing a vehicle may be the best option. also require that the vehicle be kept in good condition. If you fail to meet up your end of the contract or if there’s excessive wear and tear on the car after you return it, there may be additional charges. It’s important to keep in the mind that when you lease one vehicle after another and you’ll always be required to pay monthly payments for your car, in contrast to the case when you buy a car and later own the vehicle in full. If you want to have access to the latest automobiles with the latest technology features available and available, leasing a car could be a way to do this, which allows you to get a brand new vehicle every three years or so. Furthermore, since lease payments tend to be lower than a traditional car loan, you may be capable of affording a more expensive vehicle. The bottom line is that, like all aspects of running your company, there isn’t a one size fits all answer when it comes to if leasing or purchasing a car has more tax advantages. Take into consideration how the vehicle will be used, upfront costs, long-term expenses and the possibility of additional charges along with the number of deductions that you may be eligible for before you purchase the right vehicle for your business. Find out more about SHARE:

Written by Contributing Writer Mia Taylor is a contributor to Bankrate and an award-winning journalist who has two decades of experience and worked as a staff reporter or contributor for some of the nation’s leading newspapers and websites including The Atlanta Journal-Constitution, the San Diego Union-Tribune, TheStreet, MSN and Credit.com. Written by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate from late 2021. They are passionate about helping readers gain confidence to take control of their finances by providing precise, well-studied information that breaks down otherwise complex topics into manageable bites.

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