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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 costs associated with it. You have two options for writing off a leased vehicle - the actual expense method and the standard mileage method. The actual expense method allows you to deduct the exact cost of the vehicle, including lease payments, sales tax, repairs, maintenance costs, and insurance payments. The standard mileage method allows you to write off mileage. No matter which option you choose, remember three things.