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Nd Lease Tax Worksheet Form

Nd Lease Tax Worksheet Form

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all right for this video i wanted to talk about what are the business tax deduction limitations for company vehicles that are leased through your business okay so you as a business owner you can lease vehicles through your business name tax id number address that's all okay you can lease them for yourself as an owner or employees but if you do so there are certain limitations on what amounts you might be able to deduct at the end of the year on your tax return and so that's what we're going to go over in this video so there's really two limitations that could apply here the first one is the business versus personal use limitation right so when you when you use a vehicle for both business and personal uses you can't deduct the total cost of the lease payment right the piece of the deduction that's attributed to personal use is a non-deductible expense so for example if john is a business owner and he uses a vehicle 75 for business 25 for personal and his monthly lease payment is a thous

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