Running a business isn’t easy. Every penny counts, including choosing the right tools – like your next business vehicle. πŸš—πŸ’Ό

Is buying or leasing the smarter move? The answer’s surprising: it’s not just about the monthly payment. In 2024, the biggest factor could be your tax bill. πŸ’°πŸ’‘

Leasing Benefits:

  1. Tax Advantage: In 2024, lease payments for business vehicles are fully deductible, providing immediate tax savings and boosting your bottom line. πŸ“ˆπŸ’΅
  2. Bonus Depreciation: Investing in a qualified SUV or truck? Enjoy a 60% bonus depreciation deduction in 2024, significantly exceeding typical depreciation rates for purchased vehicles. πŸššπŸ’Έ
  3. Low Upfront Cost: Leasing conserves capital, allowing you to reinvest in your business or cover operating expenses. πŸ’ΌπŸ’°
  4. Predictable Costs: Lease agreements often include maintenance, reducing surprise repair bills, and simplifying budgeting. πŸ› οΈπŸ“†
  5. Flexibility: Easily upgrade to a new vehicle every few years with the latest technology and avoid worrying about resale value. πŸ”„πŸš—

Buying Benefits:

  1. Ownership: You own the vehicle outright, gaining the potential for trade-in value or long-term savings after paying off the loan. πŸ πŸ’Έ
  2. Control: No mileage restrictions or return requirements – customize the vehicle and use it according to your needs. πŸ›£οΈπŸ”§
  3. Potential Long-Term Savings: Buying can be cheaper than leasing, especially if you keep the vehicle for a long period. πŸ’²β³
  4. No Lease Restrictions: Avoid potential penalties for exceeding mileage or exceeding wear and tear limitations. πŸš«πŸ“‰
  5. Equity Building: As you make payments, you build equity in the vehicle, which can later be used as collateral for a loan or sold for a profit. πŸ“ˆπŸ’Ό

Ready to Make the Smart Choice?

Our team of experts can help you navigate the 2024 tax landscape and choose the perfect business vehicle – lease or purchase – that slashes your tax bill and drives your business forward.

Contact us today! πŸ“žπŸ“Š

Book Your Free Tax Assessment