I am a sole proprietor, and I drive my current personal car 95-100% of the time for business use. Currently, I am taking the standard mileage deduction, which has been significant in years where I've driven over 20K miles. Now, I am looking to get a new vehicle. I have another vehicle I can use for personal use, so I intend to only use this vehicle for business purposes. I know that leasing has its benefits, but I'm not sure the benefit is there for me unless I am buying an expensive vehicle. I was looking at a car costing around
22K. So if I just purchased it, and continued to take the standard mileage, I could be deducting anywhere from 7K and 10K per year. I know the lease payment would be far less a deduction.
So, I'm assuming that taking the standard mileage deduction is a huge benefit to those driving an cheaper vehicle that gets good gas mileage.
Am I missing anything here?