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To lease a car in the name of your business, you must follow the correct steps. The car becomes a business asset, allowing you to deduct associated costs. You have two options for writing off a leased vehicle: actual expense method or standard mileage method. Actual expense method includes lease payments, sales tax, repairs, maintenance, and insurance payments. Standard mileage method only allows you to write off mileage. No matter which option you choose, remember these three key points.
