View Exterior Photos of the 2025 GMC Terrain
Read the Full Review | see interior photos
The GMC Terrain underwent a thorough redesign for the 2025 model year, but the SUV is still essentially a clone of the Chevrolet Equinox.
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You may use what's known as the standard mileage rate deduction, or you can opt to use the actual expenses deduction. You can swap from standard to actual expense from year to year for a purchased vehicle. However, you must stay with what you first pick when leasing. The standard mileage approach allows you to claim miles driven for your business on your federal taxes. The IRS announces the standard mileage rate that can be used to calculate the deductible cost of operating a car for business purposes every year. How much can you write off on a leased vehicle? For 2025, the rate is 70 cents per mile driven for business purposes. This means if you drive 15,000 miles for your business, you can deduct a total of $10,500. You can deduct state and local sales tax whether you buy or lease a vehicle. The way your business calculates it will differ. Sales tax is paid upfront for purchases and in monthly increments for leases. 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You must record every business trip, odometer reading and car loan payment to verify the amount of interest you pay. Like other deductions, car loan interest can only be included in your taxes if you opt for an actual expense deduction. Only purchased vehicles qualify for the depreciation deduction — and only when the actual expense deduction is used. The method of determining how much your car depreciated over the year is usually Modified Accelerated Cost Recovery System (MACRS). Like the mileage deduction, the depreciation deduction changes every year. For the 2025 tax year, the maximum depreciation you could deduct is $12,200 for standard depreciation. If you choose the special depreciation allowance, it is up to $20,200. It varies widely based on when the vehicle was placed in service. Review Publication 946 by the IRS to learn about the ways you can depreciate your vehicles and other property as a business owner. Actual expense rules also include the deduction of other expenses for your leased or purchased vehicle, including: Gas Oil changes. Vehicle repairs. Tire purchases. If your vehicle needs extensive maintenance or repairs because of business-related use, keep a careful record of it. This way, you'll know exactly how much you spent — and how much your business can save during tax season. The up-front and monthly costs for leasing a vehicle of the same make, model and year are often less than when buying it. Those savings can be redirected to other business needs and investments. But, leases have to end eventually — and your business is left without equity. With purchasing, you will someday own the vehicle and could sell it to recoup some funds. Leasing costs can also include early termination expenses if you need to end the contract early and excess mileage fees. Both options come with interest and other fees. The choice depends on your business's cash flow and how your business will need to use the vehicle. As with many aspects of running your business, there's no one-size-fits-all answer to whether leasing or buying has more tax advantages. Before investing in a car for your business, consider: How the vehicle will be used. Whether you can afford the upfront and long-term costs. The potential added fees. The tax benefits of leasing a car vs buying a car for business. You can use the auto lease calculator to see if it makes financial sense for you to lease. Alternatively, you can take a look at current auto loan rates. It's always wise to talk with a tax professional if your situation is complicated. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Washington Post
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Musk says Tesla's robotaxi service to 'tentatively' launch in Austin on June 22
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