DIY SEMI, TRUCKING AND MORE • 59 seconds ago For great fuel discounts with no fuel card required, watch this video! th-cam.com/video/LjB5Y60p1qI/w-d-xo.html
Hey there, I just created my llc and about to pay truck cash ,but I don't know if I put the title and bill of sale in my name,and I would be able to have it tax deductible or in LLC name ? I which to put it on my name because most of the purchase I will come from my personal saving. Any answers would be great ,thanks
Same, only we are still just talking about it but…. Looks like he is mentally ready to make moves. And I’m over here trying to learn the business because knowledge is power right? And hopefully peace of mind too! 🙏🏼🙌🏼
Good job sister. That is helping the marriage too. I am trying to learn too. Planning to take the basic income tax course that starts on Nov. 1 from H and R block.
DIY you’re awesome man I just found you and I fell in love with your Chanel.. the way you explain things are amazing thank you brother pleasure keep making them videos once again I appreciate you..
Make sure folks don’t buy real estate with all the depreciation, cash flow, hedge against inflation, return on amortization, power of fixed debt, asset appreciation and other tax loopholes for rich, but rather DELAY tax for when we’re too old to enjoy the benefits. People must work for 40 years 40 hours a week to retire on 40% of income to enjoy that Victorian river cruise in a wheelchair with an oxygen tank! Sorry, no pun intended! I appreciate the end point about pre-buying, will be happy to utilize that!❤
The thing is you can net zero your income by buying a semi truck at the end of the year and leasing it off to landstar with a driver. Make 100% ROI on your money at the end of the next year as well. Pretty cool.
Anytime I try and tell people the exact same things you were saying in this video I get shouted down or voted down. But I'm the one saving all the money
I understand What you are saying but it could have been explained better. Basically you're giving away a dollar to save twenty cents. It's always better to just keep your dollar. But if you absolutely have to spend it then try to get it write off.
Thanks man really good video. One question how do I set up all the accounts do I just ask my bank or I need a cpa to do this? I’m a owner operator I gross around 200 k
First off, congratulations. I would look to a discount brokerage house such as fidelity, vanguard, t Rowe price, Charles Schwab. Personally I prefer fidelity. I have many more videos on these topics. I encourage you to check them out for much more info on the topic. Thanks so much for watching!
To summarize: A paint job, spikey wheels, and cool lights = really stupid tax "write-off", a business uses investments in the business, and themselves, as a "deduction". Nice work.
Can I write off truck repairs even if (I am getting truck load ready for a year, never made a dollar in trucking this year) I have a ein and llc but never moved the truck ONLY REPAIRS LOAD READY
Hi, great info. Can you share where exactly you obtained this info? I am reading alot of tax publications but none are truck business specifically. Thank you in advance
which state? check to see if trucks are sales tax exempt in your state. If so don't let them charge you all that sales tax. all you have to do is fill out the form if our state has it. Ask the sales dept
I have done some of these just my credit to buy a house went to pot lol 😆 just show everything if your needing to buy something or did I do that wrong?
Hi I got a question am about start my llc this coming year and run under my dad's authority. Let's say all my expenses not including truck expenses is 38k a year and I make 100k should I do not invest some of the money on 401k if I want to pay my house asap??? My goal is pay it off but I don't want owe taxes at the end because I put it all in the house. Should I see what my tax bill going be and just put 15% in retirement and whatever is left chuck it to the house. Sorry for vauge questions been bugging me
It's all good my friend. I can't legally give advice, but I can tell you what I would do. You have until April 15th to contribute to the previous years retirement account. So I could wait and see what taxes will be and act accordingly. Also, it doesn't have to be all or nothing...I could pay like double payments on my house and also put some in retirement. I would never tell anyone not to pay off the house..it's really a quality of life thing. Even if I pay a little more taxes, I don't care, a paid for house will improve my quality of life immensely. I love the fact you are thinking about this my friend!
Hey there I just created my llc and about to pay truck cash ,but I don't know if I put the title and bill of sale in my name,and I would be able to have it tax deductible or in LLC name ? I which to put it on my name because most of the purchase I will come from my personal saving. Any answers would be great ,thanks
Do you have any link or contacts I can reach you if i need more advices, I checked your infos box but you did not put any link referring to how you can provide services or such.
I have been looking for an answer to a owner operator tax question without any luck.. If i were to purchase a used semi with Cash, before i obtain an LLC, will i be able to use the purchase expense as a write off once i establish an LLC & transfer the title out of my Personal name into the LLC name?
So I have a question if I’m a Owner operator and I’m driving 500 miles /10mpg loaded fuel would cost $250 and we get .50 per mile back so we actually get $250 back when we file taxes? Or how does that work?
@@DIYSEMI yes exactly I know it’s about .50 or .54 cpm. So if I’m driving 500 miles a day loaded and spending $250 on gas I can claim that on taxes and get that money back?
It depends. If you itemize then yes. You can use your days on the road and other expenses. But most people don't beat the standard deduction anymore. So it depnds on your situation
I am a contractor who gets 1099 at the end of the year. I make around 30k a year and want to reduce my taxes by spending money on a truck. Can I do this? My assumption was $50k truck that I write off over 3 years, reducing my “profit” right, aka this new truck would be a loss or cost of doing business? I will only use it for work related events and will track all my trips. So I’m wondering, 30k x 3 years = 90k - 50k truck = 40k / 3 = 13.3k in profit each year? Only thing that says no is the fact you said something about a percentage.
you have the basic concept correct. the percentages can be adjusted to take more or less your first year. for example, if you bought it in mid december, it might affect how much you want to use that first year...you will want to work with a tax professional to hammer out the finer details...but yes, you are understanding the concept
@@jayc4715 😂 as an independent contractor making 30k, you pay in about 7k. This entire system seems to be designed for tax deductions; so without any.. you get screwed.
@vicente aguirre: In the beginning he said Yes. But just to answer your question as a Business or 1099 you can open up these types of Self-Employed retirement accounts. Or as a business. What it does is reduce your tax liabilities. So yes you can open up a traditional 401K in your business name or as Self-Employed. When you make contributions to that 401K or SEP/IRA you’re reducing your taxable income and depending how much you contribute up to the limits it can place you in a lower tax bracket. So by utilizing the tax shelter investing vehicle it reduces your taxable income the amount you have to pay taxes own.
DIY SEMI, TRUCKING AND MORE
• 59 seconds ago
For great fuel discounts with no fuel card required, watch this video! th-cam.com/video/LjB5Y60p1qI/w-d-xo.html
Hey there, I just created my llc and about to pay truck cash ,but I don't know if I put the title and bill of sale in my name,and I would be able to have it tax deductible or in LLC name ? I which to put it on my name because most of the purchase I will come from my personal saving. Any answers would be great ,thanks
Just getting started as an owner operator. Been doing a lot of research and this has been the most informative video I’ve seen. Thank you so much
Thanks
Thank you. Am trying to learn as much as possible to help my husband run his new trucking business
Same, only we are still just talking about it but…. Looks like he is mentally ready to make moves. And I’m over here trying to learn the business because knowledge is power right? And hopefully peace of mind too! 🙏🏼🙌🏼
Good job sister. That is helping the marriage too. I am trying to learn too. Planning to take the basic income tax course that starts on Nov. 1 from H and R block.
i wish my wife wanted to help with my business 😭😭
You are kind to provide the information in your videos. I , like many, really do appreciate your time and effort.
DIY you’re awesome man I just found you and I fell in love with your Chanel.. the way you explain things are amazing thank you brother pleasure keep making them videos once again I appreciate you..
Make sure folks don’t buy real estate with all the depreciation, cash flow, hedge against inflation, return on amortization, power of fixed debt, asset appreciation and other tax loopholes for rich, but rather DELAY tax for when we’re too old to enjoy the benefits. People must work for 40 years 40 hours a week to retire on 40% of income to enjoy that Victorian river cruise in a wheelchair with an oxygen tank!
Sorry, no pun intended! I appreciate the end point about pre-buying, will be happy to utilize that!❤
Your brain and channel is like free money your a wealth of knowledge!
I taught him EVERYTHING he knows.
good job, sounds like what I've been saying in my videos. since guys don't listen to me, maybe they'll listen to you lol.
You make a difference...keep going
It's really hard to get truckers to listen sometimes...
I love the way you think, always informative.
Probably good advice for non-truckers also!
Great video, I loved it. But I think you can only use one of the two options. I'm talking about the FSA or HSA
In some cases you can. you can have an hsa and a "limited purpose fsa" or "dependent fsa" in the same year. but yes there are restrictions.
The thing is you can net zero your income by buying a semi truck at the end of the year and leasing it off to landstar with a driver. Make 100% ROI on your money at the end of the next year as well. Pretty cool.
Can you break that down a little bit simpler for me? I’m brand new to the business and still learning the jargon.
Loud and clear! Thank you so much
Always watch your videos really helpful, thank you Sir!
Great advice for anyone with a business!
Great content im a fan. Picked up 10 bottles of the ox otr going to give it a full try.
Hey thanks, Let me know your feelings on fuel ox, ive been testing it 2 years and interested to see someone elses opinion
Anytime I try and tell people the exact same things you were saying in this video I get shouted down or voted down.
But I'm the one saving all the money
don't worry...you are right they are wrong. sleep easy
nobody listens to me either... more money for us right?
Always spitting good game 👍🏽
I understand What you are saying but it could have been explained better. Basically you're giving away a dollar to save twenty cents. It's always better to just keep your dollar. But if you absolutely have to spend it then try to get it write off.
Thanks man really good video. One question how do I set up all the accounts do I just ask my bank or I need a cpa to do this? I’m a owner operator I gross around 200 k
First off, congratulations. I would look to a discount brokerage house such as fidelity, vanguard, t Rowe price, Charles Schwab. Personally I prefer fidelity.
I have many more videos on these topics. I encourage you to check them out for much more info on the topic. Thanks so much for watching!
To summarize: A paint job, spikey wheels, and cool lights = really stupid tax "write-off", a business uses investments in the business, and themselves, as a "deduction". Nice work.
sounds like you get it!
Why buy chrome when you can buy something useful for your business. Maybe some tools or something.
Thank you Brother, nuff Respect
Thanks for all the info 👍
Great job. Very knowledgeable. Thank you for sharing this.
Glad you enjoyed it!
@@DIYSEMI I did. Thanks.
Awesome info thank u!
You are awesome!
Can I write off truck repairs even if (I am getting truck load ready for a year, never made a dollar in trucking this year) I have a ein and llc but never moved the truck ONLY REPAIRS LOAD READY
you need to talk with an accountant. Typically you need income to offset deductions. Not quite enough info to give you a good answer
What if you invest in the stock market but lost money? Do that count?
depends on what kind of account you did it in
Hi, great info. Can you share where exactly you obtained this info? I am reading alot of tax publications but none are truck business specifically. Thank you in advance
Just kinda things I've learned along the way
I thought it was HSA or FSA, you can actually have both simultaneously?
In some cases you can. you can have an hsa and a "limited purpose fsa" or "dependent fsa" in the same year. but yes there are restrictions.
Wait, sorry 3 tears late comment! Are you saying I can write off the trucks depreciation and the interest in the loan?
yes
@@DIYSEMI I'm buying a truck this week, good to know
which state? check to see if trucks are sales tax exempt in your state. If so don't let them charge you all that sales tax. all you have to do is fill out the form if our state has it. Ask the sales dept
@@DIYSEMI I'm in Nevada, not sure about exceptions. Maybe it's time to hire a CPA
It is true that you can deduction 40% of your grows income as a fuel deduction since fuel cost $4.60 per gallon?
No . you deduct the actual cost of the fuel
I have done some of these just my credit to buy a house went to pot lol 😆 just show everything if your needing to buy something or did I do that wrong?
Hi I got a question am about start my llc this coming year and run under my dad's authority. Let's say all my expenses not including truck expenses is 38k a year and I make 100k should I do not invest some of the money on 401k if I want to pay my house asap??? My goal is pay it off but I don't want owe taxes at the end because I put it all in the house.
Should I see what my tax bill going be and just put 15% in retirement and whatever is left chuck it to the house. Sorry for vauge questions been bugging me
It's all good my friend. I can't legally give advice, but I can tell you what I would do. You have until April 15th to contribute to the previous years retirement account. So I could wait and see what taxes will be and act accordingly. Also, it doesn't have to be all or nothing...I could pay like double payments on my house and also put some in retirement. I would never tell anyone not to pay off the house..it's really a quality of life thing. Even if I pay a little more taxes, I don't care, a paid for house will improve my quality of life immensely. I love the fact you are thinking about this my friend!
@@DIYSEMI didn't know I have until April 15th to make contributions and taxes. Thxz for the help going back to binge watching ur videos 😁😁.
Do you recommend a good CPA that has experience with truckers?
Hey there I just created my llc and about to pay truck cash ,but I don't know if I put the title and bill of sale in my name,and I would be able to have it tax deductible or in LLC name ? I which to put it on my name because most of the purchase I will come from my personal saving. Any answers would be great ,thanks
best to put it in the business name if you can. tax deductible either way
Thanks you for the replied and answers.
Do you have any link or contacts I can reach you if i need more advices, I checked your infos box but you did not put any link referring to how you can provide services or such.
I have been looking for an answer to a owner operator tax question without any luck.. If i were to purchase a used semi with Cash, before i obtain an LLC, will i be able to use the purchase expense as a write off once i establish an LLC & transfer the title out of my Personal name into the LLC name?
Yes
Subscribed for "flippant and dismissive"
Lol... perfect 😂
So I have a question if I’m a Owner operator and I’m driving 500 miles /10mpg loaded fuel would cost $250 and we get .50 per mile back so we actually get $250 back when we file taxes? Or how does that work?
Explain what u mean when you say you get 50 cpm back. Are u to taking about a mileage deduction?
@@DIYSEMI yes exactly I know it’s about .50 or .54 cpm. So if I’m driving 500 miles a day loaded and spending $250 on gas I can claim that on taxes and get that money back?
@@keithw8307 actually no. That mileage rate is for business use of your personal vehicle.does not apply to your truck
@@DIYSEMI ok thanks for the info
A question can I buy a suv 6000 pound and deduct that?
Is it for business use?
@@DIYSEMI I got already my semi truck will be for go from my house to the yard ,sometimes personal use?
Is there any tax deductions for company drivers (regional)?
It depends. If you itemize then yes. You can use your days on the road and other expenses. But most people don't beat the standard deduction anymore. So it depnds on your situation
Cool beans
I am a contractor who gets 1099 at the end of the year. I make around 30k a year and want to reduce my taxes by spending money on a truck. Can I do this?
My assumption was $50k truck that I write off over 3 years, reducing my “profit” right, aka this new truck would be a loss or cost of doing business? I will only use it for work related events and will track all my trips.
So I’m wondering, 30k x 3 years = 90k - 50k truck = 40k / 3 = 13.3k in profit each year? Only thing that says no is the fact you said something about a percentage.
you have the basic concept correct. the percentages can be adjusted to take more or less your first year. for example, if you bought it in mid december, it might affect how much you want to use that first year...you will want to work with a tax professional to hammer out the finer details...but yes, you are understanding the concept
You only make 30k and you want tax deductions..why
@@jayc4715 😂 as an independent contractor making 30k, you pay in about 7k. This entire system seems to be designed for tax deductions; so without any.. you get screwed.
@@wartome3196 damm 7k off 30! Thats bad..i didnt realize is was that bad
Is commercial insurance tax deductible?
Yes
@@DIYSEMI Thank you sir! You really drop some gems on your channel.
If I already have HSA, do I also need FSA?
Not really. It isn't always possible to have both anyway
@@DIYSEMI Thank you
What happens after the 3 year depreciation ?
Nothing. You make a bunch of money and go about your life.
@@DIYSEMI but what method can we use after the 3 year depreciation we can just use the mileage?
There is no more depreciation on that particular piece of equipment once the 3-years is taken
🔑🔑🔑
Business retirement account 25k hide
I'm sending you 10k now lol
Sweet!!
can we use it in a llc the 401 k
I'm not sure what you mean
as a deduction in an llc
@vicente aguirre: In the beginning he said Yes. But just to answer your question as a Business or 1099 you can open up these types of Self-Employed retirement accounts. Or as a business. What it does is reduce your tax liabilities. So yes you can open up a traditional 401K in your business name or as Self-Employed. When you make contributions to that 401K or SEP/IRA you’re reducing your taxable income and depending how much you contribute up to the limits it can place you in a lower tax bracket. So by utilizing the tax shelter investing vehicle it reduces your taxable income the amount you have to pay taxes own.
Thanks for the helpful video. Please, please, please dumb the intro music. It is horrible. Thank you
awwww man . I don't really use it anymore
Thank you for all the great info
You bet!