We ended up owing $14K in taxes this year and keep thinking we should have probably gotten the new business vehicle to counter this in expenses.
1) If Leasing a new vehicle: it would be used 100% for the business. From what we understand, the expenses for the lease, insurance, maintenance, registration would all be a dollar for dollar tax write-off expense. Is this correct?
2) To buy a vehicle seems to be complex. Does the purchase include loan and insurance coverage? Does depreciation get factored in? Mileage isn't beneficial option for us, so that is off the table. Considering 100% business usage, how does owning stack up against leasing in this situation?
It seems like it would have been advantageous to have the expense of the vehicle lease write off versus owning?
