Yes thank you so much. These financial gurus and scammers out themselves by not even knowing how write offs work. They take advantage of people!! Thank you again
You are assuming a very low tax bracket. My wife and I have W2 jobs, I also own a very profitable sole member LLC, we are unavoidably in the federal 22% tax bracket, 6% for state, and then 15% for self employment tax. Thats 43% in owed taxes. If i buy a $70k truck under 179, that saves me $30,100 in taxes. To me; i jusy bought a $70k truck for $39,900. Im happy about that.
300K in profit as of 10/2023 Restaurant business. I really don’t want to pay $90K in taxes. So, I created a LLC to hold real estate. My restaurant LLC loaned my holding LLC 200K for the down payment in a 1M asset 8 unit apartment building. That produces cash flow. 22% cash in cash return. Find SOME place to put that profit to work for you.
@@TheLazyLifterr Sure thing. I own 2 separate businesses. One is a restaurant. The other is residential multi family rental’s. At the time of October of ‘23 with 3 months remaining in the year, my restaurant was projecting to show about 300K in profit for the year on my P&L. A LLC profit “flows” onto your personal 1040 tax return. Just doing some quick math at that time would have me paying about $90k in taxes for that year if I had 300K in profit. What does that $90K get me? Nothing….so I started looking in to real estate. I found a small apartment building for 1m. My restaurant LLC loaned my holding LLC 200K for the down payment. 2 separate companies. Both report the 200K loan on the balance sheets, 1 as a liability the other as an asset. At the end of the year now my restaurant profit was 102K. I still had to write a check of 26K for taxes lol. I put the money to work.
People need to see the tax deduction as a discount on the purchase and not a way to reduce costs or to get a free car. If you want to buy the more expensive car and you can afford it - cool go for it, but know you won't be saving any money, you will just be paying a bit less for your vehicle.
A lot of people don't understand this and they think they save money by spending more. WRONG. I am SO glad you are bringing this up.
Agreed....glad you're not falling for the hype!
Yes thank you so much. These financial gurus and scammers out themselves by not even knowing how write offs work. They take advantage of people!! Thank you again
You are assuming a very low tax bracket. My wife and I have W2 jobs, I also own a very profitable sole member LLC, we are unavoidably in the federal 22% tax bracket, 6% for state, and then 15% for self employment tax. Thats 43% in owed taxes. If i buy a $70k truck under 179, that saves me $30,100 in taxes.
To me; i jusy bought a $70k truck for $39,900. Im happy about that.
I'm in the same boat as you sir and it makes sense
300K in profit as of 10/2023 Restaurant business.
I really don’t want to pay $90K in taxes. So,
I created a LLC to hold real estate.
My restaurant LLC loaned my holding LLC 200K for the down payment in a 1M asset 8 unit apartment building. That produces cash flow. 22% cash in cash return. Find SOME place to put that profit to work for you.
Woah woah woah. This went way over my head. Can you explain this more?
@@TheLazyLifterr Sure thing. I own 2 separate businesses. One is a restaurant. The other is residential multi family rental’s.
At the time of October of ‘23 with 3 months remaining in the year, my restaurant was projecting to show about 300K in profit for the year on my P&L. A LLC profit “flows” onto your personal 1040 tax return. Just doing some quick math at that time would have me paying about $90k in taxes for that year if I had 300K in profit. What does that $90K get me? Nothing….so I started looking in to real estate. I found a small apartment building for 1m. My restaurant LLC loaned my holding LLC 200K for the down payment. 2 separate companies. Both report the 200K loan on the balance sheets, 1 as a liability the other as an asset.
At the end of the year now my restaurant profit was 102K. I still had to write a check of 26K for taxes lol. I put the money to work.
He basically summed it up with the last sentence @@TheLazyLifterr
Navi - If I own the S Corp but work from home - can I still qualify for the sec 179/bonus - I work remotely 95% of the time
I don't think so, what would you need a car for.
Do you ever take on new clients, if so I’m in need of help.
People need to see the tax deduction as a discount on the purchase and not a way to reduce costs or to get a free car. If you want to buy the more expensive car and you can afford it - cool go for it, but know you won't be saving any money, you will just be paying a bit less for your vehicle.