Hello everyone, I have been using my personal car for my janitorial business for the last 2 years. I am (thank god) financially capable to buying a truck for business use exclusively. My question is, for tax purposes, what is my best option. Paying for truck in cash, loan, or a lease?

The business profits about 5k a month and it’s very low maintenance. Plus I bring another 6K in my personal 9-5 income.

Thanks I’m advance!

  • Its-a-write-off@alien.topBEnglish
    1·
    10 months ago

    The tax treatment is the same whether you use cash or loan.

    The overall least out of pocket expenses are usually owning versus leasing.

    Your overall out of pocket will go down with any method, over the sweet deal you had in the past, of being able to deduct the per mile rate of any business us of the vehicle you already had the carrying costs on already.