Looking for a quality new vehicle for less? You may want to consider a Dodge lease from Brunswick Auto Mart. And, you’ll be pleased to see, you’ll gain from tax benefits too.
Why Consider a Lease?
For starters, there are so many benefits to leasing a vehicle. Leasing is more affordable than financing. Since you’re technically borrowing the vehicle, you only have to pay for the depreciation of its value during your lease.
Leasing is also a much easier way to continuously upgrade your vehicle. There’s no selling hassle involved. When your lease is up, you can simply return your vehicle and then apply for a new lease.
Are They Considered a Tax Write-Off?
Yes! When it comes time to file your taxes, your lease is an eligible vehicle tax deduction. This is for either self-employed people or business owners. A lease payment can serve as a business expense.
How Do I Calculate My Costs?
Keep in mind, in order for a vehicle to be considered a business expense, it needs to be strictly used for business purposes. However, if you use it for personal use as well, you can still claim it. You just need to determine the percentage of time it is used for work or personally.
What Else Can I Claim?
You can also add your vehicle expenses, like:
- Mileage
- Fuel
- Insurance
- Oil changes
- Auto repairs
What About My Sales Tax?
Yes, in the same way you claim sales tax on a vehicle you purchased, you can also deduct your lease’s sales tax. If you’re unsure of your tax costs, check your lease statements to see a breakdown of your lease payments.
Still have questions? Reach out to our Dodge dealership in Brunswick, OH, we’d be happy to sit down with you and answer your questions.
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