New business owner here in Idaho and looking for a company vehicle. We will be expanding to another location that is 45 minutes away and because of that we will need to drive materials to the other store probably 2-3 times/week. For this reason, I’d really like to get an EV, if possible.
So my questions are:
Does leasing provide any extra tax benefits for a business (Idaho)?
Are there any cheap leases on smaller SUVs that would make sense? I don’t need a big vehicle but something with SOME space for moving stuff around is needed. I’d also like to get as close to $200/mo if possible.
I’m not an accountant, so you should definitely talk to one, but I leased an SUV that qualified for Section 179 (look it up) and was able to depreciate the whole thing in the first year. The downside was that the insurance was much more expensive for a business vehicle than a personal one.
The other option is just lease it yourself and then have the business pay for it. That keeps the insurance cost lower.
