Thank y'all guys for this video.I was looking for several different ways to start up a couple of companies. One of them is a car rental.I'll be looking for the next video.
Hey bro I wanna this is a great vid and very information! I was wondering if all these tax write offs apply to the car being under your personal name or LLC while renting it out through Turo. For example I recently created my first LLC and would like to start Turo rental next year, Which is more beneficIal for me to buy a vehicle through my LLC or personal name while renting it out to guest through TURO?@@LYFEAccounting
Great morning, Lyfe Accounting family! I am actually on the cusp of starting a rental car company so, this video is right on time. Please expound upon this topic on a step by step basis. It will be greatly appreciated. Much kudos to all of you for the valuable infocation that has been provided this far 👍
Awesome video. I’m definitely looking forward for the step by step video. As I am looking to open a rental car company to put on the TURO platform and create some additional income. Also, I love the fact that you don’t just tell your audience what steps to follow in your videos. You also give examples of what your explaining to clarify and confusions one might have. Again, thank you for sharing your wisdom and knowledge with us. Looking forward for the TURO step by step video.
I would love to see you guys step by step breakdown. I have started with one car and am 100% looking to incorporate and operate a small rental company out of the dealership I work at. Any info a tax pro can provide would greatly appreciated!
Agree with most of this. The insurance during the trip is generally covered by Turo (for a commission/fee of course) so your personal car insurance wouldn't be included. Keep in mind that if you sell the car, the depreciation could be treated as income.
Turo offers the insurance for the guest while they are renting the vehicle. However, delivery charges does offer more income. So my question is how do we write off these expenses. It's our personal insurance because we are driving the car during these times and the gas used to deliver and return to the fleet location. Do we track miles driven or what is the suggested process for this? These trips to an airport or train station, or port is all business. As well as returning it to the garage for cleaning especially sanitizing before the next guest use. Yes, I have a car listed with Turo for about 2 months now. More tax tips would be helpful.
I say if you only have one vehicle stick with Turo insurance and pick which plan out of the 3 is best for you ( 60, 70, 85) maybe later on with more fleet you can get insurance for your LLC
I want to start a Turo rental business. Since this video is over 3 years old, how about any updates you may have since filming this video. Obviously we are now in 2024 and I’m sure some things have changed in that time. Thanks 🙏🏾
I really appreciate every video y’all make. I will be very appreciative if you can do a complete video on car rentals. I’m correctly with turo and I started with one car. And that car basically bought the other one I just bought. I’m looking forward to making this a big thing in my town. I will be reaching out to you guys after my vacation this month. I will definitely pay for y’all service 💪🏽🏆
You can definitely, do entirely contactless dropoffs. People on the main Turo Channels definitely don't talk enough about tax implications of Turo. I track everything that can be a writeoff monthly and all mileage that matters from a tax perspective, and the percentage of miles used in Turo.
Are %age of miles driven by Turo guests considered as 'business miles'? Can I use these guest-driven miles with the actual expenses method to file taxes?
Super informative and helpful! If I've already started renting my vehicle on Turo but don't have LLC set up is it possible to retrograde any of the mentioned write-offs and to register my car under the LLC? I've been renting for a little over a month now and want to make sure I'm setting myself up for long-term success on this app. Hopefully that question makes sense lol
Great channel. Awesome content. Looking to start building a rental fleet for the Boston area, and always thought creating an LLC to start is the way to go. Would love such a video to help understand how to do it. Hope you still considering. Many thanks!
please make the step by step video that would be awesome, thank you for all the great content you guys have been extremely helpful to me in the last year.
Why does nobody list in the write off's the ACTUAL PURCHASE of the car? Nobody is talking about that, but I assume that if you spend 30k on buying the car you can write the purchase price off?
Hey, can you please answer this question, I recently opened my LLC, but my cars are financed and registered on my name? Can I still run it as rental company or need to transfer my cars to Llc? Please advise
Great tips and Great vid. Starting in the next few weeks! Waiting on my business license paperwork, EIN and then I can purchased under my business name and get going. Excited!
👉The vehicle's insurance policy does not cover car while it is rented. All insurance is covered through Turo. 👉Getting a "Top Tier Insurance" will do nothing to protect the vehicle's ower while with the Guest. Please do your homework before giving advice...
So if a guest is in an accident while they are renting out your vehicle, what happens? You file the claim with Turo, or your personal insurance. I thought Turo covers it but you pay a deductible. (I'm not too knowledgable about the subject so I'm asking.)
@@annieartist1101 yeah you file a claim through Turo I believe. Its best you go through there terms and conditions. All your answers are in there. And they have more information on their website
I’m new to Turo I have 1 car trying to go to 2 cars but I want to do something where I’m not gonna be paying taxes I need help please dm me or reply to comment
Also if you have as you suggest a fleet manager how are we paying them and what is the process for claiming the money that you give it to them. Can we treat them as a 1099 soul proprietor? I know bookkeeping is important but how do we actually capture the tax liability from this expense to pay a Fleet manager do we send them a 1099 or is it a flat expense. How do we avoid treating them as an employee with taxes taken out of their pay? I’m a novice but very interested and motivated as my business is gone beyond my ability to manage it efficiently
If you rent your personal car on Hyrecar and you don't have a registered LLC or Sole proprietorship and you use your home as your place of operation. Can you still write off your expenses like Maintenance, Operation cost, Home office cost etc. from your taxes? Especially, if you have another 9 to 5 remote job. Also, will this be done on the form C after receiving your 1099 from Hyrecar?
I have a multi member LLC, can I purchase a Tesla Model 3 for $60,000 and write of the entire car on my taxes? I will only use the car for renting it on Turo. Zero personal use. Will a section 179 deduction apply to this?
If I bought a car, and was making payments on it, would a percentage equal to the milage be considered a tax write off? Ie: 20% of my milage was used as rental miles, so 20% of my payments would be considered a write-off.
Hey great video. Did you guys create the step by step video for Turo? Do i call my car a fleet car or simply rental car for tax purposes? Oh and can i use section 179 for my 100% turo car? Lastly, if i gift the car in less than 5yrs of use, will i be safe from my previous bonus depreciation use? Thanks for your help!
That differs for everyone, but any entity can take the write-offs mentioned. We have a ton of videos on the channel that go deep into entity selection - Check them out.
I WOULD LIKE TO START A TURO RENT A CAR COMPANY I HAVE A 2020 CHEVROLET EQUINOX LT AWD HOW WOULD I GET STARTED THANK YOU VERY MUCH KEEP UP THE GOOD WORK!!!!!!!
Please do the video how to set up the Turo rental car business....Please. I loved this video. What a GREAT job on explaining how to do tax deductions for this business.
I am would like a step by step video. I'm a photography who primary works on the weekend, carrying equipment. I plan on purchasing (maybe leasing because I've learned you can write off 100%) a suv in my business name, and renting it on Turo during the week. I have a personal car that is already paid off so I won't need the suv during the week. I would love a step by step video. From this video I learned that you have to make sure per your lease agreement you can rent the car out, so thank you. I'm open to advise. I signed up to be put on your waitlist as a client. My current cpa is overly reactive, I need a beast in the game that will plan the year with me.
Peace King I’ve been doing Turo in Jersey for about 10 months. I have 12 cars. This is my first tax year do you think I should do it myself or hire a professional? I pretty smart. I’ve looked into “book keeping “ some of those people want $700 a month which I think is crazy. Do you feel a professional is needed? I have my LLC business account linked to turo but the cars are in my personal. Also will I still get the vehicle write offs even if they are in my personal name? Thank you
I’m in my 20’s and have been contemplating this for a year now. I live in AZ and ordered the Tesla Cyber truck (I have no emotional connection to the car) and hope to do all this with my first business 🤗 The truck weighs 6,500lbs my question to you is: can I do a bonus depreciation on it?
You guys are great. Your services would go a long way to encourage young and new entrepreneurs. I'm planning a turo rental car company. Kindly, do a video for starting turo company for newbies. Thanks
You mentioned Turo fees. What about the base turo fees. 10% --deductible is $2500. 15%~~~ deductible is $2000 Etc. are these 10, 15, 20% fees tax deductible???
![14 Biggest Tax Write Offs for Small Businesses! [What the Top 1% Write-Off]](/img/n.gif)
Thank y'all guys for this video.I was looking for several different ways to start up a couple of companies. One of them is a car rental.I'll be looking for the next video.
Glad to hear it, Germaine! When are you thinking about getting started?
Hey bro I wanna this is a great vid and very information! I was wondering if all these tax write offs apply to the car being under your personal name or LLC while renting it out through Turo. For example I recently created my first LLC and would like to start Turo rental next year, Which is more beneficIal for me to buy a vehicle through my LLC or personal name while renting it out to guest through TURO?@@LYFEAccounting
I'd love to hear more about LLC vs sole prop and multimember LLC vs single member LLC
Great suggestions, Brook, this is noted!
Thanks, yes more videos on Turo/ LLC setup. Thanks again
Thanks for sharing!
Great morning, Lyfe Accounting family! I am actually on the cusp of starting a rental car company so, this video is right on time. Please expound upon this topic on a step by step basis. It will be greatly appreciated. Much kudos to all of you for the valuable infocation that has been provided this far 👍
Thank you for sharing! This is noted and we’ll see how well this video does
Awesome video. I’m definitely looking forward for the step by step video. As I am looking to open a rental car company to put on the TURO platform and create some additional income.
Also, I love the fact that you don’t just tell your audience what steps to follow in your videos. You also give examples of what your explaining to clarify and confusions one might have. Again, thank you for sharing your wisdom and knowledge with us. Looking forward for the TURO step by step video.
I would love to see you guys step by step breakdown. I have started with one car and am 100% looking to incorporate and operate a small rental company out of the dealership I work at. Any info a tax pro can provide would greatly appreciated!
Subbed! Great info and no hype! Keep em flowing!
I’m interested in starting a rental car company. I look forward to the next video on how to set everything up.
Noted! Thanks for sharing this with me
Great video man. Really helped me understand what I was getting myself into with Turo.
I just started renting on Turo in September 2021. I'm a realtor and have 2 teens so needed more cars. I now have 5, the teens drive the older cars :)
rent the old ones to your family? kids?
Agree with most of this. The insurance during the trip is generally covered by Turo (for a commission/fee of course) so your personal car insurance wouldn't be included.
Keep in mind that if you sell the car, the depreciation could be treated as income.
I am thinking about starting a turo business. i will look forward to your step by step video.
Solid info, very professional. Thanks!
I've been waiting on someone to do a tax video on Turo. Thank you !
More to come!
Yes!! Me too!! I have been looking for this video! Thank you 🙏
Thank you for making this video. I just barely started and recently established a multimember LLC
Great information! I liked and subscribed. Step-by-step please!
Noted! & Welcome to LYFE!
I would love to get started in the Turo Business!
Noted! When are you thinking about starting?
Well I'm taking this entrepreneurial business start-up course. So I'm looking about 2 or 3 months from now.Im looking to raise about 50,000 to start.
Thank you for sharing this information 👍
Thank you for watching!
Great start off info! I Would like to know more step by step videos. Thank You for this..
Turo offers the insurance for the guest while they are renting the vehicle. However, delivery charges does offer more income. So my question is how do we write off these expenses. It's our personal insurance because we are driving the car during these times and the gas used to deliver and return to the fleet location. Do we track miles driven or what is the suggested process for this? These trips to an airport or train station, or port is all business. As well as returning it to the garage for cleaning especially sanitizing before the next guest use. Yes, I have a car listed with Turo for about 2 months now. More tax tips would be helpful.
I found this video very informative I would like to see you make a video about how to start a Turo business.
Very good breakdown
Thanks, JT!
Yes. I’m starting a single member LLC with all paid off 1 car. I want to know more about how go go about insurance. Thanks you!
What specific question might you have about insurance?
I say if you only have one vehicle stick with Turo insurance and pick which plan out of the 3 is best for you ( 60, 70, 85) maybe later on with more fleet you can get insurance for your LLC
This is very helpful. Yes. Starting tonight!
You got this! What car are you starting with?
I am very interested in starting a Turo LLC company. Would love to see a video on that topic.
Coming soon!
good video, would like to see a turo start up tutorial
Good informative video, thank you. God bless you.👍✌❤
Can I write off Uber/Lyft expense? - Example - When I drop off with the Car to be rented and I uber back home?(or Vice versa on pick up)
Yes I’m doing my research and your advise has been invaluable. Please keep them coming to my subscription feed 😃
I want to start a Turo rental business. Since this video is over 3 years old, how about any updates you may have since filming this video. Obviously we are now in 2024 and I’m sure some things have changed in that time. Thanks 🙏🏾
I really appreciate every video y’all make. I will be very appreciative if you can do a complete video on car rentals. I’m correctly with turo and I started with one car. And that car basically bought the other one I just bought. I’m looking forward to making this a big thing in my town. I will be reaching out to you guys after my vacation this month. I will definitely pay for y’all service 💪🏽🏆
Turo cant be 100% passive cause you still have to check the car before and after the rental clean it, so you still have spend some time in the job.
If your fleet is big enough, you can hire a fleet manager to do this, right?
GetAround & HyreCar are more passive.
Yes I’m thinking about opening
Very helpful! Setting things up for my Turo company now! Would love a step by step video
Great information, Thank you.
You can definitely, do entirely contactless dropoffs. People on the main Turo Channels definitely don't talk enough about tax implications of Turo. I track everything that can be a writeoff monthly and all mileage that matters from a tax perspective, and the percentage of miles used in Turo.
Are %age of miles driven by Turo guests considered as 'business miles'? Can I use these guest-driven miles with the actual expenses method to file taxes?
Super informative and helpful! If I've already started renting my vehicle on Turo but don't have LLC set up is it possible to retrograde any of the mentioned write-offs and to register my car under the LLC? I've been renting for a little over a month now and want to make sure I'm setting myself up for long-term success on this app. Hopefully that question makes sense lol
Did you find an answer?
Great channel. Awesome content. Looking to start building a rental fleet for the Boston area, and always thought creating an LLC to start is the way to go. Would love such a video to help understand how to do it. Hope you still considering. Many thanks!
Noted! Thanks for commenting, Scott!
How’s it going?
I'm thinking about this and I'm wondering if I can hire a CPA from your company? Great content brother.
I would like to see your step by step video
please make the step by step video that would be awesome, thank you for all the great content you guys have been extremely helpful to me in the last year.
me my brother and best friend are planning to go into a turo biz next year.
Maybe I missed it, but the absolute best tax deduction is depreciation. How could he miss that? Or did I?
You missed it.
Pay attention man.
Why does nobody list in the write off's the ACTUAL PURCHASE of the car? Nobody is talking about that, but I assume that if you spend 30k on buying the car you can write the purchase price off?
Is it possible to use the standard mileage deduction instead of the itemized deductions?
Hey, can you please answer this question, I recently opened my LLC, but my cars are financed and registered on my name? Can I still run it as rental company or need to transfer my cars to Llc? Please advise
Great tips and Great vid. Starting in the next few weeks! Waiting on my business license paperwork, EIN and then I can purchased under my business name and get going. Excited!
You can do it!
👉The vehicle's insurance policy does not cover car while it is rented. All insurance is covered through Turo. 👉Getting a "Top Tier Insurance" will do nothing to protect the vehicle's ower while with the Guest. Please do your homework before giving advice...
So if a guest is in an accident while they are renting out your vehicle, what happens? You file the claim with Turo, or your personal insurance. I thought Turo covers it but you pay a deductible. (I'm not too knowledgable about the subject so I'm asking.)
@@annieartist1101 yeah you file a claim through Turo I believe. Its best you go through there terms and conditions. All your answers are in there. And they have more information on their website
I'm thinking of buy a C8 corvette just to rent out
Are the miles driven by Turo guests considered as 'business miles' against which other expenses can be written off?
So miles cant be written off?
I’m ready to start now! I have the dealers license already and ready to go. We’re waiting for the video. Letssss goooo!!!💯
Nice!! You got this! What car(s) are you starting with?
💯 🔥 ✅️
I’m new to Turo I have 1 car trying to go to 2 cars but I want to do something where I’m not gonna be paying taxes I need help please dm me or reply to comment
Your insurance is covered through the app. Off rent insurance only covers the car off rent.
If I buy a car with cash, to be 100% used for Turo business, can I write off the entire cost of the car as a business expense?
Thanks . How about mileage ?
Also if you have as you suggest a fleet manager how are we paying them and what is the process for claiming the money that you give it to them. Can we treat them as a 1099 soul proprietor? I know bookkeeping is important but how do we actually capture the tax liability from this expense to pay a Fleet manager do we send them a 1099 or is it a flat expense. How do we avoid treating them as an employee with taxes taken out of their pay? I’m a novice but very interested and motivated as my business is gone beyond my ability to manage it efficiently
can I write off the car?
let say I purchase the car for 5k can I deduct that because that's an expense
For Turo should I lease or own it to maximize my loan return pls
Yes, I want to stat a Turo business!
I didn’t create an llc- can i write off what I paid for the car that i solely purchased for turo as an investment expense?
Yes I'm really interested in setting up a Turo company
Can you write off the insurance we pay turo the 25% insurance plan
How does milage put on the car by rentals deducted during taxes
Hi! When you say "write-off", do you mean dollar for dollar or just a percentage? Thanks!!
Percentage
How’s that video coming?
Can I write of turo fees and management fees if my car is listed under my fleet managers account
Turo's own insurance covers the car while its being rented out.
If you rent your personal car on Hyrecar and you don't have a registered LLC or Sole proprietorship and you use your home as your place of operation. Can you still write off your expenses like Maintenance, Operation cost, Home office cost etc. from your taxes? Especially, if you have another 9 to 5 remote job. Also, will this be done on the form C after receiving your 1099 from Hyrecar?
I have a multi member LLC, can I purchase a Tesla Model 3 for $60,000 and write of the entire car on my taxes? I will only use the car for renting it on Turo. Zero personal use. Will a section 179 deduction apply to this?
Can you use the standard mileage rate for the mileage travelled by renters ?
In order to use the standard mileage rate, I believe you would need to be taking care of all the expenses for your renters including their gas
If I bought a car, and was making payments on it, would a percentage equal to the milage be considered a tax write off?
Ie: 20% of my milage was used as rental miles, so 20% of my payments would be considered a write-off.
I am starting a Turo business in Honolulu area specializing in EV cars and trucks. Starting with Teslas and Ford EV trucks when the become available.
Thank you for the video. Didnt know depreciation was deductible, if so this could turn buying more valuable vehicles into a major offset.
Hey great video. Did you guys create the step by step video for Turo? Do i call my car a fleet car or simply rental car for tax purposes? Oh and can i use section 179 for my 100% turo car? Lastly, if i gift the car in less than 5yrs of use, will i be safe from my previous bonus depreciation use? Thanks for your help!
step by step please! what entity should we choose for these tax advantages
That differs for everyone, but any entity can take the write-offs mentioned. We have a ton of videos on the channel that go deep into entity selection - Check them out.
But you all also have to have insurance with turo right?
Getting a Tesla tomorrow to rent on Turo.
Can you written off interest on a car loan that is being used for turo?
I WOULD LIKE TO START A TURO RENT A CAR COMPANY I HAVE A 2020 CHEVROLET EQUINOX LT AWD HOW WOULD I GET STARTED THANK YOU VERY MUCH KEEP UP THE GOOD WORK!!!!!!!
Please do the video how to set up the Turo rental car business....Please. I loved this video. What a GREAT job on explaining how to do tax deductions for this business.
I am would like a step by step video. I'm a photography who primary works on the weekend, carrying equipment. I plan on purchasing (maybe leasing because I've learned you can write off 100%) a suv in my business name, and renting it on Turo during the week. I have a personal car that is already paid off so I won't need the suv during the week. I would love a step by step video. From this video I learned that you have to make sure per your lease agreement you can rent the car out, so thank you. I'm open to advise. I signed up to be put on your waitlist as a client. My current cpa is overly reactive, I need a beast in the game that will plan the year with me.
Yes I’m thinking about opening
In the schedule c for the turo do we use the ein if it’s an LLC
Peace King
I’ve been doing Turo in Jersey for about 10 months. I have 12 cars. This is my first tax year do you think I should do it myself or hire a professional? I pretty smart. I’ve looked into “book keeping “ some of those people want $700 a month which I think is crazy. Do you feel a professional is needed? I have my LLC business account linked to turo but the cars are in my personal.
Also will I still get the vehicle write offs even if they are in my personal name? Thank you
I am. How do I set up rental car company?
Hey, got a question about if the vehicle is over 6000 lb. Can you write off the total amount if you’re using it for a rental?
If I paid 30k in cash for my cars to rent out on Turo, can I just write off that 30k since it was used for business purposes?
I just started renting my extra car with Turo. I would like to know the steps to get started. Thanks for the video.
How does one transfer is private car to business name for turo business?
Home internet! Phone!
I’m in my 20’s and have been contemplating this for a year now. I live in AZ and ordered the Tesla Cyber truck (I have no emotional connection to the car) and hope to do all this with my first business 🤗
The truck weighs 6,500lbs my question to you is: can I do a bonus depreciation on it?
Running the Turo business from home, can you write off part of your apartment rent?
I should have watched all the video first 😂 note to others, he told us at the end
Yes
What’s the yes for? A video for how to incorporate your LLC?
Wow 4:19 before u actually give useful info gaaaa dammmm
insurance is paid for by turo/the renter, unless you have business insurance on your car and you use the Turo 90 Plan
You guys are great. Your services would go a long way to encourage young and new entrepreneurs. I'm planning a turo rental car company. Kindly, do a video for starting turo company for newbies. Thanks
good information will it still be considered even if you only have 1 car ? to start thanks
You mentioned Turo fees. What about the base turo fees.
10% --deductible is $2500.
15%~~~ deductible is $2000
Etc.
are these 10, 15, 20% fees tax deductible???
Yes!