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!
How is your cash situation? Buying outright requires a big cash outlay.
One argument in favor of leasing is spread the costs out over time, so it aligns with your revenue flow. But of course you’re paying more (interest) for this privilege.