R Tyler

I'm self employed, and my business is incorporated in California. Which is better for me?

1) lease the car from Lexus

2) buy the car under my name, and write off the "expense" of the monthly payments to my business? The credit union giving me the loan will not allow me to buy the car under the business. They would only do it under my personal name.

What are the advantages and disadvantages for leasing? Thanks in advance.

yoji6365

Depends on how many miles you would be able to claim and how you file your taxes.

I would take your previous years tax return and simulate the numbers. You should get a good estimate on your tax advantages. Im doubting you drive much for business purposes since you are considering a lease. In that case leasing would probably be better if you claim it as a business expense.

Some other considerations:
Do you drive over 15k a year--if so, youd bust the mileage cap.
Do you keep cars over 4 years--if not, leasing can be beneficial
Do you leave your car stock--any modifications will have to be back to original at turn in

There a bunch of websites with pros and cons of leasing.