If you use your car for your job or your business you have a few options on how to write-off the expense:
You can write-off the expense of a business-owned vehicle and take a depreciation deduction to write down the value of the vehicle.
If your car is financed with a loan, you can deduct the interest from each payment.
You can deduct the portion of the lease payment proportional to the business-use of the vehicle.
The McKelvey Group provides general finance and accounting support for businesses. We can work with your tax, payroll, and benefits specialists to find out the best options for you and your company. Contact us to learn more about how we can help you!