Should You Own Your Business Vehicle?

With car dealerships offering amazing bargains, now may be a good time to get a new business car, truck, or van. Decide whether to buy or lease the vehicle, and who should hold title to it. If you own or lease the car: If a personal vehicle is used for business, you can deduct the actual expenses of business use, including gas, maintenance, and depreciation if you own the car or lease payments if you lease it, or use the standard mileage rate set by the IRS ($.55 per mile in 2009). If you are... Read more »