beckkl wrote:
- quote -

if you financed the purchase) of after tax funds to purchase the vehicle.

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I am a sole proprietor, and I drive my current personal car 95-100% of
the time for business use. Currently, I am taking the standard
mileage deduction, which has been significant in years where I've
driven over 20K miles. Now, I am looking to get a new vehicle. I
have another vehicle I can use for personal use, so I intend to only
use this vehicle for business purposes. I know that leasing has its
benefits, but I'm not sure the benefit is there for me unless I am
buying an expensive vehicle. I was looking at a car costing around
22K. So if I just purchased it, and continued to take the standard
mileage, I could be deducting anywhere from 7K and 10K per year. I
know the lease payment would be far less a deduction.

So, I'm assuming that taking the standard mileage deduction is a huge
benefit to those driving an cheaper vehicle that gets good gas
mileage.

Am I missing anything here?

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >