How To Write Off Your Dream Car [Tax Free]
ฝัง
- เผยแพร่เมื่อ 12 ธ.ค. 2022
- What if I told you, you can write off your dream car tax-free…
… And the tax code is actually designed this was to help you save on taxes?1
I hope you wouldn’t think I’m losing it because it’s 100% true!
In this video, I’m going to cover exactly how you can write your dream car off tax-free.
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02:06 How to qualify your car as a business deduction
06:05 Rule of thumb for qualifying your car as a deduction
06:35 2 deprecation deductions
13:27 Business usage of your car
16:12 Lease vs buy
20:00 Actual vs standard mileage deduction
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*Disclaimer This material & presentation content is for informational and educational purposes only. This material and presentation content is designed to provide general information regarding the subject matter covered. It is not intended to serve as legal, tax, or other financial advice related to individual situations. Because each individual’s legal, tax, and financial situation is different, specific advice should be tailored to the particular circumstances. For this reason, you are advised to consult with your own attorney, accountant, tax preparer, and/or other advisor regarding your specific situation or your client’s specific situation. The information and all accompanying material are for your use and convenience only.
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Wow, so helpful.
Great Video as Always!!
Awesome
Hi, so question my friend had asked me that I had been researching, if for next years 2023 return the total house hold income is just over 200k married filing jointly. 55k of that is a new LLC that was started in this January. He wants to get a vehicle that is around 80-100k that is over 50% biz usage. What is better…bonus/179 or 5yr depreciation using actual/standard. I think the total miles per year will be close to 10,000 with about 6-7k of that being business. I understand that there will be a “luxury tax” but the chart shows it being relatively minor fees that seem totally worth it considering he’ll be taking long trips in it every month or two. Any thoughts are appreciated.
Hi, love your videos. I’m in Chicago. What’s the best way to connect with you for support with my taxes?
Hey Anastacio! You can book your call for a free tax advisory session here: www.taxplanningcall.com/
Looking forward to it!
Please can I write off my car purchase price and also claim mileage. If yes how
U can only do one method, claim the purchase price and actual deductions, it is better than claiming mileage :)
With the $7500 ev tax credit, can the self employed also deduct the lease cost every year?
EV tax credit is separate from standard tax deduction.
What if you claim that the car is used 100% for business. You said it doesn’t require milage tracking if it is not 100% business(13:55). Then how do you prove the car is used 100% for business?
Love it. Great lesson Boris, thank you. What is the best number to contact you?
U can schedule a call with us at www.taxplanningcall.com
@@borismusheyevcpa I scheduled already a visit/call for Jan 13th 😉. Can't wait
Let us not forget to mention the increase in your Car Ins because it is no longer for personal use just like you pay less if you have an SUV but only use it for rec t
True!