If you use your leased vehicle for business purposes, you can generally directly deduct the costs as business expenses — monthly payments, insurance, mileage, maintenance — based on the percentage of business use versus non-business use. The actual benefits depend on the specifics of your business situation. For this reason and because tax rules are never simple, you should get the advice of a CPA or tax advisor before making any decisions. If you don’t use your vehicle for business reasons, there are no tax benefits.

Posted in: General