How To Completely Write-Off A Car For Your Business
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I have mad respect for people that work with taxes. As soon as I hear "tax" my brain is already having a picnic somewhere. I don't know how they do it
i feel you
School…
There is a $20,200 limit for yr 1 automobile depreciation (write-off). The vehicle must weigh over 6,000 lbs to be exempt from this “luxury vehicle limitation”
Tax strategy is like extreme couponing 😂
Man you got a course with all this info in it?
Donovan Mitchell out here!
We have/must protect this guy 😂
It’s crazy they are phasing this tax code out... as It allows you to buy a new truck each year and use the bonus depreciation each time. It makes purchasing a new truck viable each year for the tax advantage.
To lease through my LLC or buy the car through my LLC - THAT is the question.
Lease
If you use the vehicle 100% what about the mileage just curious here to learn thanks in advance
@@tomikaashanti2244worth it to just pay extra for the mileage
use an app to track your mileage
Doesn’t the vehicle have to weigh around 6,000 lbs? That doesn’t apply to a standard vehicle
6000lb which includes payload, not curb weight.
Passenger vehicles under 6000pounds cabs take the standard depreciation
I wanna try this but I don’t wanna end up like Wesley snipes
🤣
lmao no cap. we'll all be eating bologna and peanut butter sandwiches in no time
Who's Wesley Snipes? 🤔
@@jrcmes 🤦🏿♂️🫤
Blade @@jrcmes
Bonus depreciation is being phased out by 2027. Goes as follows…
2023: 80% deduction
2024: 60% ded.
2025: 40% ded.
…and so on until 2027.
If you want to take advantage, do it sooner than later.
And by doing that year 1 you waive your write to deduct the standard mileage rate for life is the vehicle.
Is this true? I thought you could still deduct the vehicle expenses each year
If you take actual expenses in year 1 then you must take actual expenses for the life of the vehicle. If you use standard mileage in year 1 then you can either method in any year going forward. Depending on the vehicle most people make out better using mileage over actual expenses.
What about for Sole Proprietors? Can you deduct vehicle expense over time?
Are these codes specific to the state or are they federal
Hello Karlton code 179 can we still claim that for we are in audit for 2018???please help!!! We are in California is that matter???
Does the car have to be purchased new or can it be a used car?
new
Good morning sir. I’m asking u for advice about buying a truck in my llc and not having it affect my personal at all. Is this possible and or how do I go about it?
Bro once I’m a billionaire I hope you handle my taxes 💪
I just started my food truck business. It’s actually a food trailer that I bought cash and I had to finance a pick up truck right now. I’m not making any profit. I literately breaking even can I write off my food trailer and pick up truck?
Does this apply to a sole proprietorship? Or is it just for LLCs?
Great insights!
This information is Gold...Plutonium
thank you sir for this information.. question.. Can this be done with two or possibly three vehicles if they're all related to the business simultaneously or is it restricted to 1.. thank you for your response
You said thank you too early👀
What are the stipulations for Section 179 ??
Bonus Depreciation??
I might be over thinking things. But how does that work if it's going to take more than a year to pay it off?
Lmao 🤣 it's because it's accounting for depreceation and if you able to do what he says you are basically taking it as expense and then depressed asset , so if you do get to work it out we're it's 100% writing off not able to get mileage and maintenance for life of it, tho still have ability to keep gas receipts and insurance and other relivent expense for the company like any other cost of doing business, taxes are best to be viewed as what am I spending on company needs operation and expenses and your overhead comes off your gross and the remaining is your "profit" that is gains so be smart and think about it, get advice if you need it
What’s opm???
You bees Smart sir, kinda like Codie Sanchez seen also on YT vids. Smart biz lady. Multimillionaire.
Can you hire someone to do this stuff for you? If so what are they called
When do we start adding Robinhood transactions to taxes? Is it only when you withdraw earnings?
is this still 100%? or i heard it’s down to 80% this year is that true?
Think it's 80% but wtf matters new ride , if you need one or want get one soon and have the funds to swing it, since Your paying for it 100% and only getting a deductible item from you company's taxable income, so this is a credit that's not refunded
You're amazing.
Can gig workers do this ?
I was thinking about this for Amazon flex
If you write it off in year one can the owner use it for personal purposes in the following years?
Can you still write off depreciation for the vehicle the year after?
Quick question pls, I already got a car in my name, but want to now use it for my newly registered business, is this possible and how
Only way you can get paid for it by business is to lease it to the company, if ur sole proprietorship think about what you goal is, to get deduction for milage and maintenance and gas and extra insurance needed to use vehicle as companys, should take an talk to someone about your business and then get better advice that fits you,since there's difference in s corp,LLC , sole proprietorship and self employed 😅
What are some of the best books to learn tax law for beginners?
What if the vehicle is only 18k total when purchased? Does this still apply?
What’s bonus deprecation?
Only eligible for first year of ownership? So i can write it off my 2021 vehicle?
Code 179 + code 168(K) is what he saying … maybe ?
Can I speak with you about setting up my LLC?
What is bonus depreciation?
Does the car have to be in my business name??
No. I’m almost certain it doesn’t have to be bought as a business vehicle
I think this is incorrect or misleading info. the $18,100 limit back in the year this video was made included the bonus depreciation already for cars under 6,000 lbs.
Only vehicles over 6,000 lbs got 100% bonus depreciation. Now it’s 80% for 2023 and will keep decreasing. The rules on vehicle depreciation are so complex they can’t be covered in a short
Thank you for the info. Is there a limit on the vehicle purchase price? Or does it just have to be over the 6000lb GVWR limit? I've heard that it's down to 80% for 2023, and will be going down 20% each year thereafter, correct? Thank you for your time.
Yes
@@Tyronewiggums1 What is the purchase price limit?
What is the purchase price limit
@@Tyronewiggums1 ???
@@UberYou2ber???
powerful
does this have to be a 6000 lb vehicle?
Recapture is waiting.
Love you❤
Does this 179 apply only for a loan in a dealership or it applies as buying it cash personally
Lmao if it's purchased it's either
Yes a loan is purchased it just means you’re paying it back over time
What happens if I then the next year after I have taken bonus depreciation I donate the car to charity, do I still owe the government taxes on that vehicle
Pretty sure you have hold it so long, just as do a property getting the depreciation,if you take x number yrs depreceation and then let it go you be in bad spot
🔥🔥
How do I do that exactly
Does it matter how much money you make? I just started my own business. Thanks for the information! You got yourself a new subscriber. 👍💯
I'd like to know too
Yes, you can use 179 in conjunction with bonus depreciation as long as doing so won’t put your company in the red.
@@Tyronewiggums1 is RT 😅
And it's not a credible tax that would give you a refund only applies amount off your taxable income and isn't redeemable to get paid from uncle Sam
This mf spittin
Hello. How do get in touch with you?
I’ll just buy a 3/4 ton truck and write it all off.
nice
What is claiming opm?
OPM = other peoples money. So like a Loan or credit card or borrowed money in simple terms.
can you write off a gwagon in Australia??
If the vehicle is purchased with a loan can you technically pay off the vehicle or pay it down with the deduction?
Good question. Did tou find out? I Wana know too
i wanna know too
I hope you found the answer .. loan or not and leases also
Not payable to get a check lmao
They to offset liability for business gains or profit that is taxable after deductible items, such as the 179 and other little known tax incentives and codes
Does this work with leases as well
Lmao 🤣 no that's part of business expenses if it's company vehicle
good one.. but doesn't tax write off have a negative impact on the credit report?
My miles cover taxes I'm a doordash driver 😂
You speakin a different language and I make $16 an hours. Idek why you’re in my feed bro
what are the requirements to document 📑 that the vehicle is for business use? is personal use allowed? does 100% of the use vehicle use have to be for business.
Lmao 🤣 I'm advertising on side of car with magnetic logo and from my home to anywhere and back and to and back from business can be seen as advertising , do what you think is best
You have to calculate how much percentage is business use vs. personal and multiply the depreciation by that percentage to get the deduction you are allowed to take
If you’re audited and don’t have records of your mileage/trips you can be in trouble with the IRS. Just log mileage each week in an excel sheet
Does this work with a car rental business?
But first you need business credit? How in less than a year
personal guarantee. although some would advise against this
Now how da f i do that
Lease or Buy?
Lol dumb question. Buy
And what if you purchase a SUV?
What if you get a minivan lol, is it a business expense? Lmao 😅
@@boogierhea6515 yes it can be. Uber/Lift runs, Door Dash. Comes to mind.
6000lb+ suv applies to 179 + bonus
@jeseels actually they have limited the allowance under 179 for SUV’s, and each subsequent year it reduced by 1/4z way too many MB G wagons, were written off. So the KRS changed the allowance.
Now the best thing is you can buy a pick up truck and so many more vehicles other than a G Waggon. ✌️
@@boogierhea6515absolutely. The thing is do you also use it for personal use? If so make sure you keep accurate records on the business portion vs personals you can do this many ways. One is by keeping a small
Spiral notebook in your car to log milage or use an electron one. There are many to choose from. If you are a Quick Book user I know the QB Self Employed Mobil app has a milage tracking component.
❤
😮
is this fellow a CPA?
Yes he is
What do you mean by fellow?
@@ckbolen Awesome, thank you, I want him to do my corporate taxes :)
@@timmy101able Noun: Fellow: A man or a boy. In this case replace fellow with man. "Is this man a CPA?" Is English your second language or third?
@@eduardoelizondo3487 does it have to do with fact he’s black?
😮
😂😂😂😂
How do I hire you? Lol
Nobody mentions they finance the vehicle. “Write-off” slang for “Doesn’t understand money”
😂