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Question on Leasing / Auto expenses Deductions

Question on Leasing / Auto expenses Deductions

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I am not clear about this....

Can a small biz write off "both" :

  1. the full leasing costs of the vehicle and
2.standard mileage deduction ( .55 cents per mile for 2009)

or is one allowed to deduct only one of the above ?

Please let me know.

Thanks, Irfan Robbins

Reply to
irfan robbins
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You use one or the other. Please note, that if you plan on using the std mileage rate for a leased vehicle used in your business, you must use that method for the entire lease period. For more details on deducting travel expenses, see IRS Pub 463.

Reply to
Alan

Either the standard deduction or leasing costs, gasoline, repairs, etc. In either case, other costs not directly related to mileage (tolls, parking, and the like) may be added.

Seth

Reply to
Seth

A business is entitiled to either acutal costs or a standard cents per mile determined by the IRS annually.

If taking actual deductions on a leased auto, there are several other things you need to be aware of, such as the lease inclusion amount for personal use.

You should consult your own CPA/tax advisor to see how to maximize deductions for the business use of your auto.

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Reply to
Benjamin Yazersky CPA

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