this video is beautiful. I'm doing intermediate accounting class and i dont know wtf they were talking about. Thank you for taking the time to upload this.
Also, has the deduction schedule (Section 168) been updated since this video? We are now in 2022 and it say 100%... has that been extended, modified, or changed in any way?
I have been paying taxes out my pocket for my c corp to maintain it for the future use and to gather money to get my business...I have no credit no money at all but still paying my taxes for my c corp how do I get House and Car? Is this possible to do with a someone in my position? Help please 🙏
Thanks for this simple video explanation of the very confusing depreciation. I actually run when I hear the D word. It’s funny how you turned your blooper into a rap session. We’ll probably see you work with JayZ or Kanye someday 😊
WTH. I was so excited about bonus depreciation and then I saw I lived in CA and that is where I plan to buy my investment property :( DOes this mean I cant do bonus at all ??
Thank you for your comment. Please feel free to schedule a free 15-minute phone consultation here: calendly.com/efrosfinancial/free-15-minute-phone-consultation?month=2023-10. You may learn more about our bookkeeping/tax services here: www.efrosfinancial.com/bookkeeping2/.
Efros hope you can help and many others. Say a company purchased a $37.5k truck +6000# for 100% business use and took the section 179 allowed for the $25k deduction in year 1 (2016). Had low revenue in 2017 and wanted to defer appreciation of 2017 with 2018. Have no idea how to calculate year 2 (2017) and 3 (2018) depreciation to fill out form 4562 for 2018.
l believe for a piece of heavy equipt,the simple way is simply 179 for me..l dont understand why i need to opt out of the bonus...my accountant isnt a CPA,l really wonder if he knows any of this !l do so much for him,categorizing everything,and letting him put it all together..SO L NEED to understand this somewhat...l make money ,never use any of this to show a loss to pay zero.
Thank you for watching the video and for your feedback! Per your request, the spreadsheet shown in the video may be downloaded by using the following link: mega.nz/#!IIAgCCCb!EG_bVUX0tLTy0zPdaDS5v6EmcFunTcot3hh4R1po6Fc Please feel free to reach out with any questions! :)
Thank you for watching the video and for your feedback! Per your request, the spreadsheet shown in the video may be downloaded by using the following link: mega.nz/#!IIAgCCCb!EG_bVUX0tLTy0zPdaDS5v6EmcFunTcot3hh4R1po6Fc Please feel free to reach out with any questions! :)
Great video! I see that you're also using Lacerte. If I take the bonus depreciation and it created a loss, how is it going to be shown on the K-1 of an LLC member? On the following year, it is showing as a section 179 but it was actually a bonus depreciation. In Lacerte, I put it as a prior bonus depreciation and it is showing on the K-1 as section 179. Can you please explain briefly this part, how it is shown on the K-1 if in 2019 bonus depreciation created a net loss, then 2020 i want to take a bonus depreciation but this time it has enough income. For some reason, on K-1 it is showing as section 179. Also, what is the effect on the self-employment earnings? Thank you so much in advance.
Oscar award for a youtube video = the most condensed info per topic. Genius. Great communicator.
I tip my hat to this guy! I would never take the time to post this for free!
Excellent Video!
Surfing CPA in Hawaii and California
this video is beautiful. I'm doing intermediate accounting class and i dont know wtf they were talking about. Thank you for taking the time to upload this.
Also, has the deduction schedule (Section 168) been updated since this video? We are now in 2022 and it say 100%... has that been extended, modified, or changed in any way?
Is there a cap for Bonus Depreciation? Section 179 is capped at $1.08M in 2022... is there a cap for Section 168???
I have been paying taxes out my pocket for my c corp to maintain it for the future use and to gather money to get my business...I have no credit no money at all but still paying my taxes for my c corp how do I get House and Car? Is this possible to do with a someone in my position? Help please 🙏
Thanks for this simple video explanation of the very confusing depreciation. I actually run when I hear the D word.
It’s funny how you turned your blooper into a rap session. We’ll probably see you work with JayZ or Kanye someday 😊
Thank you for watching and for your kind words, sharkktongue! Haha, can't wait to collaborate with the rap greats on the next big tax rap track! :D
Can you elect section 179 year one of a vehicle purchased for business use and then in year 2 and every year thereafter take the mileage deduction?
Does bonus and 179 only apply to new equipments?
Best communicator ever!
This is another excellent video from Alex.
So if a state does not allow the full Sec 179 amount, would you be best to defer the remainder as standard MACRS depreciation?
Thank you Alex. You're very easy to understand.
Hello there, Dieu! Thank you for watching and for your feedback! :D
WTH. I was so excited about bonus depreciation and then I saw I lived in CA and that is where I plan to buy my investment property :( DOes this mean I cant do bonus at all ??
The state of CA doesn't allow bonus depreciation! Just one of the many ways CA is not particularly business-friendly. :-/
@@EfrosFinancial if I invested in a state that does, would I be able to take advantage of it ?
I wish there were videos like this out there for Ultratax and not just Lacerte!
Hi Alex! May I ask what tax program are you using? Really I don’t want to rely on QB online.
Hello there,
The tax software that I am currently using is called Lacerte -- it is a software package for tax professionals.
Great Video; I have a question How many years is a furnace depreciated for? Thank you
Please share that excel
Great video !
Thanks for watching and for your feedback! :D
great video! would love to work with you next year.
Thank you for your comment. Please feel free to schedule a free 15-minute phone consultation here: calendly.com/efrosfinancial/free-15-minute-phone-consultation?month=2023-10. You may learn more about our bookkeeping/tax services here: www.efrosfinancial.com/bookkeeping2/.
machinery imported from china applies for section 179?
Very detailed and presented very well !!
Thank you for your feedback! :D
Excellent Breakdown!! Thank you
You're welcome! Thanks for checking out the video! :D
Efros hope you can help and many others. Say a company purchased a $37.5k truck +6000# for 100% business use and took the section 179 allowed for the $25k deduction in year 1 (2016). Had low revenue in 2017 and wanted to defer appreciation of 2017 with 2018. Have no idea how to calculate year 2 (2017) and 3 (2018) depreciation to fill out form 4562 for 2018.
nice, but we can't see your excel sheet because of your video. show one at a time
l believe for a piece of heavy equipt,the simple way is simply 179 for me..l dont understand why i need to opt out of the bonus...my accountant isnt a CPA,l really wonder if he knows any of this !l do so much for him,categorizing everything,and letting him put it all together..SO L NEED to understand this somewhat...l make money ,never use any of this to show a loss to pay zero.
Very helpful video. Can you also provide the spreadsheet you showed in the video? Thank you!
Thank you for watching the video and for your feedback! Per your request, the spreadsheet shown in the video may be downloaded by using the following link:
mega.nz/#!IIAgCCCb!EG_bVUX0tLTy0zPdaDS5v6EmcFunTcot3hh4R1po6Fc
Please feel free to reach out with any questions! :)
Great high level course!
Excellent Alex!
Great explanation! Is it possible to get the spreadsheets?
Thank you for watching the video and for your feedback! Per your request, the spreadsheet shown in the video may be downloaded by using the following link:
mega.nz/#!IIAgCCCb!EG_bVUX0tLTy0zPdaDS5v6EmcFunTcot3hh4R1po6Fc
Please feel free to reach out with any questions! :)
@@EfrosFinancial Thanks Alex!
Great Video
Thanks!
Very helpful, very easy to understand! Thanks.
Thank you for watching and for your kind words, Elijah! :D
What about the Mountains? lol great video!
Great video! I see that you're also using Lacerte. If I take the bonus depreciation and it created a loss, how is it going to be shown on the K-1 of an LLC member? On the following year, it is showing as a section 179 but it was actually a bonus depreciation. In Lacerte, I put it as a prior bonus depreciation and it is showing on the K-1 as section 179. Can you please explain briefly this part, how it is shown on the K-1 if in 2019 bonus depreciation created a net loss, then 2020 i want to take a bonus depreciation but this time it has enough income. For some reason, on K-1 it is showing as section 179. Also, what is the effect on the self-employment earnings? Thank you so much in advance.
Can I purchase a car for my full time delivery food job and use 179? Im an independent contractor
Sure you can as long the SUV is more than 6000 pounds.
Too technical. Got nothing out of this.
can you get you to help me with a 179/bonus depreciation consulting for my taxes? Can I call you?
Great video
Thanks for watching and for your kind words! Be sure to subscribe for more videos! :D