I'm a small business owner looking to buy or lease a fleet of trucks, about five to seven. When is comes to tax benefits, do I get more or better tax benefits from leasing a commercial fleet, or are there more or better tax benefits if I buy my fleet. Does anyone have a good answer(s), if so, can you explain in plain English, what are the tax advantages and disadvantages of both options. My many thanks.
Answer:
The two above gave great advise. All I can ad is, in Canada it does not matter if you lease or buy. You can write off up to $850 per month per vehicle.( great advise above regarding turning a profit or not).
If you're in a position to make a lease or purchase of this size, it's in your best interest to get the advice of a professional who will take the time to understand your tax situation and provide you with an educated recommendation rather than an off-the-cuff internet guess.
I agree with TaxGuru, without knowing your state of residence, how much costs are going to be incurred vs. how much income will be recognized, when will you start turning a profit, what your current tax situation is, no one here can give you an answer that will help you in anyway.
The answers post by the user, for information only, BAnswer.com does not guarantee the right.
Other Questions and Answers:Am I able to write off Health Insurance Premiums for tax purposes at the end of the year?
Low income and tax refund amount?
will i face any tax?
Is it correct for the service provider to extract the service tax from the customer in addition to the service
what is the latest on tax deduction for small business owners who purchase suv weighing over 6000 pouns?
Do Married People Get Less Taxes Taken Out of Paychecks?
Can I claim Single on W4 if am married and filed md. filing jointly. dont want anyone to know my marital statu
Can someone help me With windfall profit tax?