There are several financial benefits to securing an Acura lease, including tax incentives. Whether you’re leasing for yourself or your business, you can take advantage of tax deductions after signing an auto lease. Learn about these Acura lease tax benefits and what you qualify for at Acura of Sherman Oaks.
Sales Tax Deduction
If you pay a sales tax on your lease, you can write off all or part of that payment on your taxes. Thanks to the SALT deduction, you can adjust your gross income on your federal tax report by subtracting up to $10,000 you’ve paid in state or local taxes. This includes sales taxes paid on leased or owned vehicles in California.
Business Tax Benefits
If you lease an Acura vehicle for your company, more tax benefits are available. For example, in addition to monthly vehicle expenses, you can also deduct total monthly lease payments from your business taxes if the car is strictly used for company work. If the vehicle’s use is split between personal and work use, you can only deduct a percentage of these expenses based on how much the car is used for official purposes.
Depreciation
Most business assets undergo some form of depreciation. Leased cars are a bit different in at least one respect; they don’t need their value adjusted on tax forms for the depreciation value, so you can claim this without having to buy the vehicle.
Explore Acura Lease Benefits in Sherman Oaks, CA
While we suggest consulting with your CPA or tax professional – we’re car people, not accountants – the Acura of Sherman Oaks team is always happy to help you understand your lease inside and out, including its potential tax benefits. Contact us today to learn about your Acura lease and what benefits you may qualify for.
