It’s really never too early to get ready for Tax Day, as the sooner you prepare, the better outcome you can get. If you have a Mazda lease, it’s possible that you can write off some of these expenses, and this guide will let you know how to do it.
Using Your Leased Car for Business
If your car is only used as a personal vehicle, you won’t be able to take advantage of tax incentives. However, if it’s used as part of a business, that changes things.
Let’s say for example you’re a ride-share driver or a delivery person. If you use your vehicle exclusively for this type of endeavor, you’re in luck. Not only will you be able to deduct your lease payments, you can deduct maintenance, gas, insurance, and other related expenses.
Using Your Leased Car for Business and Pleasure
So, what happens if you use your car for everything, both for business and personal reasons? You will still be able to deduct expenses but only when it is used for business.
Perhaps the best way to do this is to keep a mileage log. Once you subtract the business miles from the total miles, whatever that percentage ends up being, you can then deduct that amount from your driving expenses.
Find a Great Car to Lease at Patrick MAZDA
If your lease is expiring soon, you don’t want to wait until the last minute to decide what to do. If you’re not sure what to do, the team at Patrick Mazda can help you decide. Get in touch with us to learn about our new and pre-owned vehicles, as well as our current lease specials.
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