I think this is very misleading. I own a business that involves needing a box trailer, my tax lady told me the same thing as these guys said. Problem was that my trailer was involved in a incident where someone hit my trailer and took off, I contacted my insurance and they said your on your own, they will not cover anything if its used for any business related activity. On top of a theft that happened that night someone broke into it and stole equipment, my business insurance said they don’t cover anything that is not in the business name and my auto insurance said they will not cover if used for business. So before listening to anyone check with your insurance to see what they require to cover losses and make sure that your auto insurance covers personal property involved in business activity! For us the trailer we had to buy to replace the damaged one went into the LLC, and the truck was placed on both commercial and personal coverage. This was a expensive lesson!
Yep. Same thing happened to me. In my work truck, titled to me, as an individual, and had my business wrap on it. Insurance wouldn't touch it because it wasn't being used as a personal vehicle.
Yeah but how could you possibly use a vehicle, that is obviously a work truck, for personal use? Was there a huge difference in costs when you switched insurance to cover business purposes?
This isn’t misleading. A simple Trailer insurance policy that costs between $10-15 extra a month on personal or commercial insurance would have covered the whole issue. Same thing happened to me.
Right just watching this video and this is terrible info better rates with commercial auto and also don’t want to show so much debt on personal credit that would prevent me from getting more business credit or personal loans etc.
Sole proprietor here My LLC has a higher chance of reducing lawsuit damages to my person. Legally registering the truck to my business and being HONEST with my insurance agent at time of policy creation will do a few things. One I've already listed and the second is, you'll have thousands to tens of thousands of extra write offs for your business.
I'm about to find out tomorrow....an assumption would be that your personal insurance may not cover it if it's being leased out and something happened to it. On the other hand your business insurance may cover something that your leasing.
For milage costs, use actual cost, not IRS standard cost. Lost vehicles cost much more to operate than IRS standard. Consider the rising price of fuel, the depreciation per mile, insurance. This is especially true in high cost states
What's preventing someone from wrapping the vehicle with the businesses name and contact info, or a backglass banner with company name and number and driving that vehicle and claiming 100% of the driving as business/advertising? 90% of the company's around me do this every 5 years or so to add trucks to their fleets. Also, if you get involved in a crash without being someone such as a car dealer, with garage keepers/liability insurance, insurance will claim it was personal use and deny your claim if they can prove within reason it was for business purposes. :(
"insurance will claim it was personal use and deny your claim if they can prove within reason it was for business purposes." Huh? Contradictory sentence.
Hello bought ram promaster cargo van under sCorp now want to transfer it to my personal name pay lower insurance. So I have to sell it to myself at fair market value and pay sales tax again? Any work arounds to minimize the value? Thanks in advance
I live in Massachusetts , but I have business in New Hampshire . Can I register and drive a car under this company’s name and registration in New Hampshire even though I live in Massachusetts?
Thank you so much for your question! We highly recommend you join us at our next Free Tax & Asset Protection Workshop Livestream. Our attorneys and specialists will answer all your questions at no additional cost. Save Your Seat: aba.link/taptoby
Such poor advice baffles me. I have seen this done by company owners multiple times. No respectable company owner is going to buy a car on loan? Even if they did, the tax benefits will pay for the differenc. Keep in mind the cost of the car is an expense on your company. Typically first year of your company this amount will probably add to your losses and not your profits.\. Also the liability of the owner is minimized for you and passed on. These advisors are probably car insurance guys.
Unfortunately, that is not the case. While you can deduct the cost of putting the logo on your car, you cannot deduct all of your mileage under the argument that is is advertising.
@@RyanSmith-pg5kk you have to be driving to and from work jobs for it to count as business. If your driving to make a personal stop that trip does not count.
But what if you set up a vehicle leasing company and lease it to a property management company that manages properties owned by llc's that are owned by your partnership?
I definitely have a lot to learn about taxes and running an LLC etc, but I've seen on a couple of youtube vids that in order to fully deduct the cost of a vehicle you need to be using it 100% for business; that being said, is it possible to have two businesses (i.e., real estate and anesthesia) and use the same tax deductible vehicle for both businesses (in order to prove that the vehicle is being used 100% of the time for business and be able to more easily prove that)?
I want to take advantage of a section 179 write-off as a sole proprietor. Can I do this? Can I title the truck in my name and claim section 179 (Assuming I am tracking the business uses properly). I have read elsewhere that the vehicle must be titled in the business name to utilize section 179, is this correct? If so, are sole proprietors just not able to use this section?
Thank you so much for your question! We highly recommend you join us at our next Free Tax & Asset Protection Workshop Livestream. Our attorneys and specialists will answer all your questions at no additional cost. Save Your Seat: aba.link/taptoby
Hello , I need to know what our best option is. My partner and are purchasing an used truck mainly for our new small business. The truck will be in my partner's name. We will use it mainly for business, well over 50%. I have checked around and commercial auto insurance seems pretty steep for our start up business. Do insurance companies offer a combo policy for personal/business use coverage? Or is it strictly get commercial auto to cover all possible incidents? Also in relation to tax deductions, if the car is personal but used mainly for business are you only allowed to claim mileage% or can other expenses like repair and car insurance fees be included. I apologize if these questions seem in any way stupid. This is all new to me. Thank you!
Not stupid questions at all. In regards to the insurance plans and policies, we would have to direct you to your insurance provider to see what your options are for a mixed-use vehicle. A trick here is to not be tied to one specific carrier if possible. For many of our clients, when using a vehicle, they are looking to reimburse for miles if the vehicle is a personal vehicle being used for business use. There are certain expenses that you are able to write off as business expenses. We would encourage you to sign up with Anderson Business Advisors where we have tax professionals that could help you navigate those types of questions.
I have a vehicle that I rent on Turo and I purchased this vehicle strictly for this business purpose. I financed this in my personal name, but now that I’ve grown my business credit I’d like to refinance into the business’s name, even if I have to personally guarantee it. I understand I’ll be quoted at a higher rate and higher insurance premiums, but can you confirm that by refinancing into my LLC this will lower my personal to debt to income?
Thank you so much for your question! We highly recommend you join us at our next Free Tax & Asset Protection Workshop Livestream. Our attorneys and specialists will answer all your questions at no additional cost. Save Your Seat: aba.link/taptoby
Great question, in order to assist you further, I highly recommend you attend our Free Tax & Asset Protection Workshop where our attorneys and specialists will answer all your questions live at the virtual event. aba.link/taptoby
I'm a low voltage electrician. I'm currently the only employee in my business. I have a secondary personal vehicle that I pretty much only use for business (probably about 80-90% business) I do anywhere from 30-50k miles per year. Would it make sense for me to put this vehicle in my business name?
What if I have an photography LLC and I buy an old truck for a photography prop in sessions. Do I title it in the business name? do I title it in my personal name and then rent it to the photography business per usage?
We would like to direct you to andersonadvisors.com/ss/ where you can sign up for a free 45-minute consultation. In this session, you will meet with a professional who will be able to answer your questions regarding this topic.
What if your business is transportation? Providing transportation services Does it make sense for you to add your vehicle under your business name ? My car is already paid off so I don’t need to get a loan for a car I’m just starting up a non emergency medical transportation company
Hey I’m in the middle starting my own NEMT business. Since I’m already set on having multiple drivers beside myself I’d assume that it’ll be safer and simpler for the cars to be under the llc let me know otherwise if u have any input. Also was wondering if there was anything I should prepare for and tips to get clients in the door.
So, if I have all my business vehicles in my personal insurance and I have tickets or an accident don't my rates go up for all vehicles? How is that intelligent?
Hi Tom - I understand what you are saying. It is a different type of insurance (commercial) that covers employees. If you have lots of tickets, insurance on you is going to be high no matter what.
Hey, Tom, I agree with you, its a lot easier to set up a shell corporation and pocket the risk with the shell company and if you have a nonprofit title company, you pay no excise tax. I think they put up a real stinker up on this video, this strategy also works in a divorce, I have handled 4 divorces where folks had to sell their cars to settle up.
@@TobyMathis Hey, Tom, I agree with you, its a lot easier to set up a shell corporation and pocket the risk with the shell company and if you have a nonprofit title company, you pay no excise tax. I think they put up a real stinker up on this video, this strategy also works in a divorce, I have handled 4 divorces where folks had to sell their cars to settle up.
@@TobyMathis High insurance premiums and putting the vehicle in a shell company, just means you are paying a risk premium to protect your personal assets, Just give your keys to your 16-year-old kid and you'll find out what risk is.
High insurance premiums and putting the vehicle in a shell company, just means you are paying a risk premium to protect your personal assets, Just give your keys to your 16-year-old kid and you'll find out what risk is.
In short No.., but you can be a joint owner of the vehicle personally with the business. The issue remains to be liability and insurance.. personal insurance will not cover business vehicles.., and business insurance is ungodly high!!!
Hey, Tom, I agree with you, its a lot easier to set up a shell corporation and pocket the risk with the shell company and if you have a nonprofit title company, you pay no excise tax. I think they put up a real stinker up on this video, this strategy also works in a divorce, I have handled 4 divorces where folks had to sell their cars to settle up.
High insurance premiums and putting the vehicle in a shell company, just means you are paying a risk premium to protect your personal assets, Just give your keys to your 16-year-old kid
Expanding liability to the business, or limiting it to the business if operating within course and scope - which may be exactly the outcome folks want. The legal analysis is more nuanced than this and, frankly, depending on the business this may be awful advice.
I have a unique situation I've already purchased my truck or tractor which is a 2006 pre-emissions Freightliner SportChassis 106 that will be stored until I start this new ventur( I registered it under my name with the State and paid sales tax but no license plate yet. I was just told because its in my name that I may be required to pay sales tax again when I get Apportioned license plates.... I assume if I want it in a company name that I may have to come up with. My question is as a semi retiree not too concerned with tax write offs....can I get Apportioned plates an owner operator and not pay Sales Tax again? Or do l need to pay the Sales tax again and come up with a company name and lease the truck to my company.....where ill get a tax write off to offset this? Thanks
Best policy have your Corvette c 8 20 20 model as a business vehicle then have a Honda Accord for personal use.. Have your business owned the Corvette so your wife can't take the Corvette in case of a divorce. Have a show corporation on your corporation so that your wife doesn't know you own a business then pay yourself as an employee and keep all your assets in case of a divorce. Let that bitch take what she came into the relationship with nothing
Starting a medical transport business and liability insurance is 7k per year vs $700 for personal insurance. So with the city-required 2 million-dollar liability coverage, personal insurance isn't really an option. I was tempted to try and do personal coverage to start out (because of that huge expense to start out with), but if an accident occurs in transit, I'm out everything for trying to start out on the cheap. It seems like corporate America is trying to price the little guy right out of existence, either in competition or outrageous premiums. And that also includes healthcare, where I got an "Affordable" Care Act quote of $600 a month with an $8500 deductible! Health insurance rates have risen 20 to 40% in 2021, thanks in part to the pandemic due to the massive hospitalizations. We need universal healthcare for the aforementioned reason. Catastrophic health insurance isn't a healthcare whatsoever.
If you are involved in a profitable service industry, the truck/trucks will pay for themselves tenfold over the course of the lease, while maintaining the capital you would have spent to purchase, say for instance I go to spend 130k on two lightly used mason dump 5500 rams fitted with plows and spreaders, now 130k over lets say 36 months is $3600 and change a Month. Now say my trucks are getting old and rusted, they are always worth money selling to a new start up contractor, I can seek the old trucks with the equipments or keep the equipment and transfer to three leased trucks at say high end of $1200 a month, thus I get three trucks instead of two, I can add that extra truck out to subbed for snow removal and add to the business all season as well. To me buying trucks and being stuck with a ridiculous payment as most contractors go well over 60 months is insane, I’ve always been a fan of leasing even with equipment. You get more for your money and can expand the business faster and cheaper
Want answers to your questions about this video? Schedule a complimentary consultation with our experts today! aba.link/6b0c2a
I think this is very misleading. I own a business that involves needing a box trailer, my tax lady told me the same thing as these guys said. Problem was that my trailer was involved in a incident where someone hit my trailer and took off, I contacted my insurance and they said your on your own, they will not cover anything if its used for any business related activity. On top of a theft that happened that night someone broke into it and stole equipment, my business insurance said they don’t cover anything that is not in the business name and my auto insurance said they will not cover if used for business. So before listening to anyone check with your insurance to see what they require to cover losses and make sure that your auto insurance covers personal property involved in business activity! For us the trailer we had to buy to replace the damaged one went into the LLC, and the truck was placed on both commercial and personal coverage. This was a expensive lesson!
Thank you for this info
Yep. Same thing happened to me. In my work truck, titled to me, as an individual, and had my business wrap on it. Insurance wouldn't touch it because it wasn't being used as a personal vehicle.
Ding ding ding!! That is correct!
Yeah but how could you possibly use a vehicle, that is obviously a work truck, for personal use? Was there a huge difference in costs when you switched insurance to cover business purposes?
This isn’t misleading. A simple Trailer insurance policy that costs between $10-15 extra a month on personal or commercial
insurance would have covered the whole issue.
Same thing happened to me.
I got a better rate for commercial auto insurance for my business then my personal same truck
Right just watching this video and this is terrible info better rates with commercial auto and also don’t want to show so much debt on personal credit that would prevent me from getting more business credit or personal loans etc.
This us great news to hear! I been reading differently great to hear!. Who did you go through?
Sole proprietor here
My LLC has a higher chance of reducing lawsuit damages to my person. Legally registering the truck to my business and being HONEST with my insurance agent at time of policy creation will do a few things. One I've already listed and the second is, you'll have thousands to tens of thousands of extra write offs for your business.
Can you explain more?
What if you put your family's vehicles in a separate LLC and you RENT the vehicles from that LLC?
👀
GOOD QUESTION? Can someone answer this some 7months later?
I'm about to find out tomorrow....an assumption would be that your personal insurance may not cover it if it's being leased out and something happened to it. On the other hand your business insurance may cover something that your leasing.
Kinda curious on that one too
For milage costs, use actual cost, not IRS standard cost. Lost vehicles cost much more to operate than IRS standard. Consider the rising price of fuel, the depreciation per mile, insurance. This is especially true in high cost states
Thank you I was thinking about turning my personal vehicle into a business vehicle but this just changed my mind
Before you change ur mind please do more research
What's preventing someone from wrapping the vehicle with the businesses name and contact info, or a backglass banner with company name and number and driving that vehicle and claiming 100% of the driving as business/advertising? 90% of the company's around me do this every 5 years or so to add trucks to their fleets. Also, if you get involved in a crash without being someone such as a car dealer, with garage keepers/liability insurance, insurance will claim it was personal use and deny your claim if they can prove within reason it was for business purposes. :(
💯
That’s why you get commercial business insurance not personal
"insurance will claim it was personal use and deny your claim if they can prove within reason it was for business purposes." Huh? Contradictory sentence.
Thank you for the straight forward advice and for showing your work.
I agree. I love straight forward info in this sea of over hyped thirsty content.
Hey Toby Mathis thanks for inviting me
Thanks for coming.
Q-A; SO I'M A BIT CONFUSED,IS THERE ANY TYPE OF TAX/BUSINESS ENTITY TO PUT A VEHICLE INTO??
It is aaaalllll very confusing.
Hello bought ram promaster cargo van under sCorp now want to transfer it to my personal name pay lower insurance. So I have to sell it to myself at fair market value and pay sales tax again? Any work arounds to minimize the value? Thanks in advance
If I buy vehicle and put 100% for business expense , should I still have it on my name or business.
Did you figure out? I own a driving school and confused if the car should be on my name or llc business name.
I live in Massachusetts , but I have business in New Hampshire . Can I register and drive a car under this company’s name and registration in New Hampshire even though I live in Massachusetts?
What if it’s in a Corporation not LLC?
If I am going to rent sed car out on say Craigslist, should I registered to my business (llc) or personal?
Thank you so much for your question! We highly recommend you join us at our next Free Tax & Asset Protection Workshop Livestream. Our attorneys and specialists will answer all your questions at no additional cost. Save Your Seat: aba.link/taptoby
What? That's crazy I'm doing the exact opposite and I never had that problem. my Car is doing just fine.
So your vehicle is in your business in and you’re not having any problems?
Such poor advice baffles me. I have seen this done by company owners multiple times. No respectable company owner is going to buy a car on loan? Even if they did, the tax benefits will pay for the differenc. Keep in mind the cost of the car is an expense on your company. Typically first year of your company this amount will probably add to your losses and not your profits.\. Also the liability of the owner is minimized for you and passed on. These advisors are probably car insurance guys.
😂
If you were to put a logo on the vehicle, no matter where you drive, its business use. Its "advertising" for your business.
Unfortunately, that is not the case. While you can deduct the cost of putting the logo on your car, you cannot deduct all of your mileage under the argument that is is advertising.
@@TobyMathis Wouldn't it be advertising though if the logo was big enough? Or even wrapping your cars back window.
@@RyanSmith-pg5kk you have to be driving to and from work jobs for it to count as business. If your driving to make a personal stop that trip does not count.
@@RyanSmith-pg5kk you think the auditors at the IRS are idiots? lmao a paint job means nothing.
@@elreytriton 😂😂😂
I am assuming they are talking about a personal vehicle and not a legitimate company vehicle. That part is not clear to me.
But what if you set up a vehicle leasing company and lease it to a property management company that manages properties owned by llc's that are owned by your partnership?
The leasing company would have income from the rent. You would still have taxable personal use.
I definitely have a lot to learn about taxes and running an LLC etc, but I've seen on a couple of youtube vids that in order to fully deduct the cost of a vehicle you need to be using it 100% for business; that being said, is it possible to have two businesses (i.e., real estate and anesthesia) and use the same tax deductible vehicle for both businesses (in order to prove that the vehicle is being used 100% of the time for business and be able to more easily prove that)?
I want to take advantage of a section 179 write-off as a sole proprietor. Can I do this? Can I title the truck in my name and claim section 179 (Assuming I am tracking the business uses properly). I have read elsewhere that the vehicle must be titled in the business name to utilize section 179, is this correct? If so, are sole proprietors just not able to use this section?
Thank you so much for your question! We highly recommend you join us at our next Free Tax & Asset Protection Workshop Livestream. Our attorneys and specialists will answer all your questions at no additional cost. Save Your Seat: aba.link/taptoby
@@TobyMathis 😂
Hello , I need to know what our best option is. My partner and are purchasing an used truck mainly for our new small business. The truck will be in my partner's name. We will use it mainly for business, well over 50%. I have checked around and commercial auto insurance seems pretty steep for our start up business. Do insurance companies offer a combo policy for personal/business use coverage? Or is it strictly get commercial auto to cover all possible incidents? Also in relation to tax deductions, if the car is personal but used mainly for business are you only allowed to claim mileage% or can other expenses like repair and car insurance fees be included. I apologize if these questions seem in any way stupid. This is all new to me. Thank you!
Not stupid questions at all. In regards to the insurance plans and policies, we would have to direct you to your insurance provider to see what your options are for a mixed-use vehicle. A trick here is to not be tied to one specific carrier if possible. For many of our clients, when using a vehicle, they are looking to reimburse for miles if the vehicle is a personal vehicle being used for business use. There are certain expenses that you are able to write off as business expenses. We would encourage you to sign up with Anderson Business Advisors where we have tax professionals that could help you navigate those types of questions.
What are the alternative s
I have a vehicle that I rent on Turo and I purchased this vehicle strictly for this business purpose. I financed this in my personal name, but now that I’ve grown my business credit I’d like to refinance into the business’s name, even if I have to personally guarantee it. I understand I’ll be quoted at a higher rate and higher insurance premiums, but can you confirm that by refinancing into my LLC this will lower my personal to debt to income?
Thank you so much for your question! We highly recommend you join us at our next Free Tax & Asset Protection Workshop Livestream. Our attorneys and specialists will answer all your questions at no additional cost. Save Your Seat: aba.link/taptoby
Can it be my dba or llc
Great question, in order to assist you further, I highly recommend you attend our Free Tax & Asset Protection Workshop where our attorneys and specialists will answer all your questions live at the virtual event. aba.link/taptoby
HI Mr. Mathis, what about Uber drivers?
I'm a low voltage electrician. I'm currently the only employee in my business. I have a secondary personal vehicle that I pretty much only use for business (probably about 80-90% business) I do anywhere from 30-50k miles per year. Would it make sense for me to put this vehicle in my business name?
Hi Patrick,
I am in a similar situation and was wondering what you finally did. If you are so inclined and have a few minutes please let me know.
What if I had an employee driving it also
Then you want it in the entity for asset protection.
My personal insurance company is not covering my vehicle Bc it was for a business. What should I do? Can you tag me in the vid pls. I’ll also follow
Get commercial insurance
Not all personal insurance offer commercial
Thanks!
what about food trucks
So keep it as a personal vehicle & have the company pay for it.
You got the message!
How do you do that?
What if I have an photography LLC and I buy an old truck for a photography prop in sessions. Do I title it in the business name? do I title it in my personal name and then rent it to the photography business per usage?
We would like to direct you to andersonadvisors.com/ss/
where you can sign up for a free 45-minute consultation. In this session, you will meet with a professional who will be able to answer your questions regarding this topic.
What if your business is transportation? Providing transportation services
Does it make sense for you to add your vehicle under your business name ? My car is already paid off so I don’t need to get a loan for a car
I’m just starting up a non emergency medical transportation company
I no nothing. But I would think to gain the kind of liability protection you want and need a C corporation would be the right tool?
Hey I’m in the middle starting my own NEMT business. Since I’m already set on having multiple drivers beside myself I’d assume that it’ll be safer and simpler for the cars to be under the llc let me know otherwise if u have any input. Also was wondering if there was anything I should prepare for and tips to get clients in the door.
What if your a home health care business owner what do you recommend
"Your" is not the same as "you're"
Your means something that belongs to you. You're is short for "you are"
Ray shut up ray
G.YisraEl thank you
I think your HHC business needs to own the vehicles. I think these guys are wrong.
Thanks
Thank you for watching!
Good information !!
So, if I have all my business vehicles in my personal insurance and I have tickets or an accident don't my rates go up for all vehicles? How is that intelligent?
Hi Tom - I understand what you are saying. It is a different type of insurance (commercial) that covers employees. If you have lots of tickets, insurance on you is going to be high no matter what.
Hey, Tom, I agree with you, its a lot easier to set up a shell corporation and pocket the risk with the shell company and if you have a nonprofit title company, you pay no excise tax. I think they put up a real stinker up on this video, this strategy also works in a divorce, I have handled 4 divorces where folks had to sell their cars to settle up.
@@TobyMathis Hey, Tom, I agree with you, its a lot easier to set up a shell corporation and pocket the risk with the shell company and if you have a nonprofit title company, you pay no excise tax. I think they put up a real stinker up on this video, this strategy also works in a divorce, I have handled 4 divorces where folks had to sell their cars to settle up.
@@TobyMathis High insurance premiums and putting the vehicle in a shell company, just means you are paying a risk premium to protect your personal assets, Just give your keys to your 16-year-old kid and you'll find out what risk is.
High insurance premiums and putting the vehicle in a shell company, just means you are paying a risk premium to protect your personal assets, Just give your keys to your 16-year-old kid and you'll find out what risk is.
That’s you so much for this because I almost made a bad decision
We are are really glad to hear that we were able to help you make a good decision.
Can I BUY the car through my LLC but title it to me personally?
In short No.., but you can be a joint owner of the vehicle personally with the business. The issue remains to be liability and insurance.. personal insurance will not cover business vehicles.., and business insurance is ungodly high!!!
Yes :-) You would need to do the actual expense method and reimburse for depreciation, section 179, section 168k gas, repairs, etc.
Hey, Tom, I agree with you, its a lot easier to set up a shell corporation and pocket the risk with the shell company and if you have a nonprofit title company, you pay no excise tax. I think they put up a real stinker up on this video, this strategy also works in a divorce, I have handled 4 divorces where folks had to sell their cars to settle up.
High insurance premiums and putting the vehicle in a shell company, just means you are paying a risk premium to protect your personal assets, Just give your keys to your 16-year-old kid
Wayne Montgomery how to get shell account? Or shell Corp?
Saved me from being stupid thanks
Expanding liability to the business, or limiting it to the business if operating within course and scope - which may be exactly the outcome folks want. The legal analysis is more nuanced than this and, frankly, depending on the business this may be awful advice.
I have a unique situation
I've already purchased my truck or tractor which is a 2006 pre-emissions Freightliner SportChassis 106 that will be stored until I start this new ventur(
I registered it under my name with the State and paid sales tax but no license plate yet.
I was just told because its in my name that I may be required to pay sales tax again when I get Apportioned license plates.... I assume if I want it in a company name that I may have to come up with.
My question is as a semi retiree not too concerned with tax write offs....can I get Apportioned plates an owner operator and not pay Sales Tax again?
Or do l need to pay the Sales tax again and come up with a company name and lease the truck to my company.....where ill get a tax write off to offset this?
Thanks
I want to buy my business vehicles from a company any suggestions on that
I’ve heard that if your vehicle is over 6,000lbs, taxes will write it off %100 percent
Is this true?
@@KAI-jk9ze it was. not sure if it has changed as of late
It's still tax code 179
You guys sound like yal came fresh out of a Dave "scary ass" Ramsey's class.
Best policy have your Corvette c 8 20 20 model as a business vehicle then have a Honda Accord for personal use.. Have your business owned the Corvette so your wife can't take the Corvette in case of a divorce. Have a show corporation on your corporation so that your wife doesn't know you own a business then pay yourself as an employee and keep all your assets in case of a divorce. Let that bitch take what she came into the relationship with nothing
😂
Good job. Is there any way I can contact you?
Starting a medical transport business and liability insurance is 7k per year vs $700 for personal insurance. So with the city-required 2 million-dollar liability coverage, personal insurance isn't really an option. I was tempted to try and do personal coverage to start out (because of that huge expense to start out with), but if an accident occurs in transit, I'm out everything for trying to start out on the cheap. It seems like corporate America is trying to price the little guy right out of existence, either in competition or outrageous premiums. And that also includes healthcare, where I got an "Affordable" Care Act quote of $600 a month with an $8500 deductible! Health insurance rates have risen 20 to 40% in 2021, thanks in part to the pandemic due to the massive hospitalizations. We need universal healthcare for the aforementioned reason. Catastrophic health insurance isn't a healthcare whatsoever.
Great post.... I needed to read this! Thank You!
Thank you
Tax tuesdays
Looks at the date
Its wednesday
I loudly swear, get back to learning posture
Our next Tax Tuesday is on the 9th! We hope to see you there.
Idk dawg
Flag wavers.
Lease business trucks always never buy
Why?
If you are involved in a profitable service industry, the truck/trucks will pay for themselves tenfold over the course of the lease, while maintaining the capital you would have spent to purchase, say for instance I go to spend 130k on two lightly used mason dump 5500 rams fitted with plows and spreaders, now 130k over lets say 36 months is $3600 and change a Month.
Now say my trucks are getting old and rusted, they are always worth money selling to a new start up contractor, I can seek the old trucks with the equipments or keep the equipment and transfer to three leased trucks at say high end of $1200 a month, thus I get three trucks instead of two, I can add that extra truck out to subbed for snow removal and add to the business all season as well. To me buying trucks and being stuck with a ridiculous payment as most contractors go well over 60 months is insane, I’ve always been a fan of leasing even with equipment. You get more for your money and can expand the business faster and cheaper
Agreed. The richest, most successful person I personally am friends with once told me “never BUY assets that depreciate, always lease them”.
Ain’t this cap ? Sound like he lying
That's a lie
Terrible advice. Get to college.
If you listen to these lawyers everything is a liability and nothing can't get done and nothing is worth doing and you always in the wrong.