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To lease a car in the name of your business, there is a correct way to do it. The car becomes a business asset, allowing you to deduct its associated costs. You have two options for writing off a leased vehicle: the actual expense method, which deducts exact costs like lease payments, sales tax, repairs, and insurance; and the standard mileage method, which deducts mileage. No matter which option you choose, remember these three things.