Lease vs. buy WRT a vehicle and a small business

Sort of off Quicken related but I've been thinking about leasing a new car. Now I run a small business and I've heard that often leasing is not the right thing to do but in certain conditions and involving small business leasing can be advantageous. Anybody know what are those conditions when leasing is better than buying? If one has a corporation, would it be better to put the lease under the corporation instead? If there are better places for this question kindly point me in that direction.

Oh and to make it semi-Quicken related, how would one best account for a car lease in Quicken Home & Business?

Thanks in advance.

Reply to
Andrew DeFaria
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AFAIK the only advantage for a small business is the same for an individual: you trade buying the vehicle outright for paying more over time. You also don't have to deal with disposing the vehicle later.

Either way, the IRS is pretty strict about personal use. If you plan on using it to drive to and from work and on weekends, be prepared to document every trip in a log book and pay taxes on the imputed value...

-- "Tell me what I should do, Annie." "Stay. Here. Forever." - Life On Mars

Reply to
Rick Blaine

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