Originally Posted by oifmarine2003
Lease payments are fully deductible whereas only the interest on a mortgage is deductible. So, all the money you pay on a lease for the year is taken off of your gross profit at the end of the year and can keep you from paying a lot of taxes if you are successful.
How does that work???? You cant write off any of the principle payment as a business expense? Doesn't make sense to me. Would it be "creative accounting" to put the old lady as the owner of the business and then lease it to her while you pay the mortgage?