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I've never had a client that has leased a vehicle, is there a formula to use to decide if leasing or buying would be more beneficial taxwise for the client?
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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And also consider the final payment at the end of the lease, at least present value of it. Depreciation is also limited for "luxury" cars, whereas leased cars only have a minor addback to the lease cost.
There were such programs in the 1990s to do such present value calcs, I recall.
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CFS has a module to compute/compare....do you have CFS Tax Tools?
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♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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I think you have to look at some key things like, is the vehicle over 6000 pounds, what is the purchase price, how many years are they planning on keeping it, and how many miles do they drive a year. Sometimes what may sound good for tax may not be so good on the financial side and vise versa.
Slava Ukraini!
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Client called and asked me which would be better, but he didn't have any details on how much lease payments would be for me to do any type of "what if" scenario.
Was hoping there was some kind of formula or a calculator somewhere that I could plug some figures into that would compare for me (Im asking a lot I know LOL)
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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Slava Ukraini!
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It was one of those "my friend gets to deduct their entire lease payment..." situations.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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With the increased limits for 2018, only vehicles over $50,000-ish get caught in the Luxury Limitations.