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To lease a car in the name of your business, it is important to follow the correct steps. This involves considering insurance and what to do if you already own a car that you want to use for your business. When you lease a car in the name of your business, the car becomes a business asset that allows you to deduct associated costs. There are two options for deducting expenses: the actual expense method, which lets you write off the exact cost of the vehicle including lease payments, sales tax, repairs, maintenance costs, and insurance; and the standard mileage method, which allows you to write off mileage. No matter which option you choose, keep in mind these three key things.