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!
I’m not an expert in the tax world so do your own research on this - but I have been selling cars for 10~ year now. A lot of business owners will lean more towards leasing, as they can write off the entirety of the monthly payment every month.