2002 Ad

Entrepreneur,  Dec, 2002  by Jill Amadio

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Small-business owners can enjoy a significant tax advantage by leasing rather than buying company vehicles. Whether you opt for a closed-end or open-end lease, if the cars and trucks are used solely for business purposes, monthly payments can be fully deductible--it all depends on the level of their business use.

Consult your company's accountant or tax advisor, who will be able to work out the figures for your particular fleet, or ask your fleet management service if their tax experts monitor your fleet to ensure they remain in compliance with current tax laws. For more information, call the IRS at (800) 829-3676 or visit www.irs.gov for Publication 535, Business Expenses.

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