Im based in nyc . I am a uber lyft driver. Im planning to finance a vehicle for my business also starting an llc . Can I start an llc even tho I'm renting a vehicle at the moment? Btw thx for these gems you dropping on YT . My wife and I have learned alot.
Yes, he is. I thought the same thing. I do not know why I have never checked U Tube for business tax advice but I am glad I came across his channel. He explains it straightforward in a way that is easy to understand. Now all I have to do is figure out how I can quit my job and get more business use out of a new vehicle I plan to purchase to put that plan into action, hahahaha
Karlton, I don't think this could be explained any clearer or simpler than how you've laid this out. Thank you so much. Saved in my business folder for later use/reference.
You're the G.O.A.T of this tax world Boss. Keep up the great work. It's the way that you give real world examples and the way you break it down for understanding that makes this so great!
So informative, awesome to see someone from the Black community excelling. Definitely subscribed and will do so on my business videography page as well! High quality, NO BS content! Love this!
This is great because my wife was just telling two weeks ago. To keep up on the miles but I can seen her this. Because you have more details and information. Stay bless ✌🏿
Omgosh, wow! I had no idea. This is truly going to help me, and my business going forward. What a blessing. I'm subscribing to this channel. Appreciate this.💯
You da bomb baby. Great teacher and engaging personality. Man, that Tesla X is looking closer and closer to a reality for real estate investor status. As soon as i heard about the the tax code section 179.....might crack you up...but i stopped Karlton's video and went in search of what is gvw of a Tesla X. Found out it is 6768 lbs....cha ching! What an incredible 'lights on' moment.
Sir! You have done a great job with this video. It is very informative and helpful. I love the way you explained everything. Keep up the good work. We need this!!
Thank you so much, I know for a fact that my tax person did not use the 179 rule, and I had spoken to her husband before we purchased the vehicle, he told us the exact type of vehicle to purchase in order to do our business and have the 179. His wife did our taxes this year, she did not apply the 179, and it's very frustrating. So I have to go in today to pay my taxes but I want to do a deferral in order for my taxes to be done correctly.
Thank you for this.. this is awesome info…. My fiancé has a mobile detailing business and we brought a pick up that he now uses for his business and this helps us when we decide to set up the business after marriage
The best channel I have come across in a while!! All the knowledge I am gaining!! I want to start an LLC and have not yet because I am not sure how to go about it in the business that I am going to start. Do you help with entity structure?
I have heard that some small businesses get AUDIT only it is because of a car tax write-off. The main question would be, how do we not get AUDIT after we write it off from the tax? What IRS looks on that for and AUDIT? Otherwise, every single person and company would write it off their cars, right?
Not sure I could afford you, but I would 1000000% love to have you be my CPA! The information you gave was so direct and concise. Also I feel like you’re trustworthy. All in all, great video 💪🏾!
I appreciate you sharing this info of always wanted to find out how can I do this I have purchased a vehicle but I'm not for sure on how to go about it on paying it off as you said in the video within one year or less it will be a blessing to find out how to do this I appreciate you again for this info if you somehow can help me out with this would be a blessing indeed
Scenario and question. What if I have both a car and also an 8,000 pound pickup, can I claim the car for personal use and the truck at 100% for business use? Second question, if yes to the first, do I still need to track mileage if it's entire use is for business?
Hi- great video. I have an LLC and I want to buy a new truck. can i still take advantage of the bonus depreciation if i buy it under my personal name or does it have to be purchased & titled under the LLC? thx.
I wrote off the entire purchase of my truck last year. What happens if I want to trade the vehicle in for another vehicle? Do I have to pay some of that depreciation back?
My only question that I have after listening to the tail portion again. What protocol and what is needed to be done to implement the mileage. Now I have implemented mileage reimbursement on many things in my life. Now I already know what vehicle I will buy next it'll be a jeep. That'll be dedicated to my job. And then the following year it'll be a big truck a dually like a Ford 350 with dually. That will be definitely work related. Now you mentioned that you can't use the 25% to your current taxes you can only use 50% of your vehicle for that current year and it rolls over. Now if I were to have a vehicle that's about $85,000. If I am able which potentially since it'll be heavy vehicle I would potentially be able to get the reduction of 100% within the first year 85,000 because it would be the percentage of mileage. I have one question that's coming out of this statement now what if your mileage is low and is being recorded and it's only work related mileage when I say low I'm saying less than 20,000 something under 50,000 miles a year. That would contribute to the 100% of the 100% reduced off of the 85,000 purchase. Now is there any difference in how much mileage? Now if I made $50,000 or something under the $85,000 clearly from having listened to your video that other portion would roll over to the prior year. Now the question is coming out of this portion of my question is I clearly did not have the money to purchase an $85,000 vehicle. Now if I am able to write that vehicle off completely within the first calendar year per the taxes. How can I use that advantage of having written it off and using that to actually pay towards the vehicle being completely paid off? Is there a strategy where all of this can be done to where it can be used to actually pay off the vehicle or is it just merely I'm writing all of this off and any money I get back I can then forward that to the payment of the truck? That is what I'm assuming am I correct on that? I have watched several of your videos and I've subscribed and and I definitely liked the LLC and the C Corp and S Corp video I watched those and several other ones all back to back this evening or technically this morning. And your explanation of that the LLC the S Corp and the C Corp you gave the best example that I had seen and I had seen other videos from IRS and a few other things your explanation really gave a definition that was clear. The question I have out of that video which I didn't post the question is my business is now just starting I'm like entering my fourth week. Now my school has suggested that I do an LLC and I will be at 1099 employee because I am in agent under their Federal authority. And I plan on staying in that for many many years. Because it's going to be very conducive to my needs. Which now brings another question if I am running my business and I'm able to run my business while I am in another country. And while I'm running my business and I am purchasing paper ink and supplies and internet and electricity and lights and bills and phone bill and all the rent and mortgage can I deduct all of that as you stated in your prior video. Even though it's a us-based company but I am literally figuratively in another country. And yet there is no concern of a concern as to running the business. Now am I able to deduct the electricity the water the gas mortgage and all aspects of that. Now to answer and that will contribute to this is I will be dealing with two countries with my business so I have to have negotiations with two countries literally and my business crosses International borders. So driving that vehicle would be used for business purposes I would be buying gas in another country having car insurance for two countries United States and another country.
In the case of paying cash for a car that weighs above 6000lbs and you write it off in one year, how long should you keep that car for? When can you sell it without owing taxes or charge backs?
Does wrapping your vehicle with your business logo / info, qualify as "100% business use" since it's technically advertising all the time even when you make some personal trips like grocery shopping?
@@mtigress4589 actually, yes, it does. Since I posted my original question, I brought it up with my car insurance company, and because the vehicle has permanent signage that cannot be removed (like you would with magnets), it is therefore legally considered a commercial vehicle. I had to cancel my previous policy and buy a commercial vehicle policy for it which costs more. They explained that legally, even if I go to the grocery store to buy food for my house, the car is always functioning as a tool for commercial advertising, and that's why it is 100% business related.
@@therealkakitron your car insurance agent is hardly an accountant. I promise you a revenue agent would disallow time going to the grocery store as business use.
@@therealkakitron To help you, you can refer to Publication 463 on the irs site. They specifically address the issue of advertising display on vehicles. The actual cost of putting it on may be deducted once but the existence of it does not change the nature of the car from personal to business. It then comes down to car and truck expense which have to be allocated between business mileage and personal mileage.
Have you written off your vehicle under your business?
Would I be able to ask a CPA which one should I use if I hand them all of the info? Or is this not something they can handle?
Im based in nyc . I am a uber lyft driver. Im planning to finance a vehicle for my business also starting an llc . Can I start an llc even tho I'm renting a vehicle at the moment? Btw thx for these gems you dropping on YT . My wife and I have learned alot.
@@24bighrod many businesses rent vehicles including mine
@@24bighrod yes. The expenses of your vehicle...including payments with be tax deductible
@@theabbefaria94 yes, but hand it to them in December.....not Jan-April...it will be too late!
The first time in my life that I have ever ENJOYED learning anything about TAXES. Karlton is an exceptional teacher!
Same here. It’s all starting to click now
Yes, he is. I thought the same thing. I do not know why I have never checked U Tube for business tax advice but I am glad I came across his channel. He explains it straightforward in a way that is easy to understand.
Now all I have to do is figure out how I can quit my job and get more business use out of a new vehicle I plan to purchase to put that plan into action, hahahaha
💯
Karlton, I don't think this could be explained any clearer or simpler than how you've laid this out. Thank you so much. Saved in my business folder for later use/reference.
Happy I could help
I’m 19 and been watching these videos ever since I started my business, hope to give this knowledge to my parents and friends
I really appreciate this channel so much!
Thank you!
Finally real advice , its the small details that matter, thank you
Glad you enjoyed
Incredible timing. I'll be calling your firm next week. You're the man.
That was the most comprehensive and easiest explanation on this that Ive ever seen! GREAT job!!!
straight from south africa .. much love great advice
Can’t beat the simplicity of this video! Thanks for the clear explanations
Man Karlton your a natural teacher brother! Thanks for all you do
You're the G.O.A.T of this tax world Boss. Keep up the great work. It's the way that you give real world examples and the way you break it down for understanding that makes this so great!
My God! A man’s gift will make room for him! Hats off to you, man, you are excellent at this tax stuff! Damn! Hats off Karlton!
Great info.
Gotta binge on the rest of your videos!
Your awesome man. I’ve been hitting your videos getting a ton of information that I plan on using going forward
Wow! This guy is awesome. It's hard for me to concentrate on these types of videos, but this one made it very easy! Thank you
I’m a cpa and am learning tons from you
The knowledge and information shared on this channel is nothing short of pure excellence!! Thank you!
Thank you
So informative, awesome to see someone from the Black community excelling. Definitely subscribed and will do so on my business videography page as well! High quality, NO BS content! Love this!
Serena if you see my deleted comment, it was not supposed to read like that.
Have a great day.
This is great because my wife was just telling two weeks ago. To keep up on the
miles but I can seen her this. Because you have more details and information. Stay bless ✌🏿
Thanks for watching!
I have gone down a rabbit hole of your videos! Thank you for your content bro it’s really been helping us quite a bit
You are great. Wishing you much success
I appreciate your videos so much. Your content and the way you deliver the information are just excellent. Thank you.
I am a uber driver paying 700 a month for a SUV outlander, i drove close to 30,000 miles 😳, not sure what to do? I paid 25k for the vehicle
Omgosh, wow! I had no idea. This is truly going to help me, and my business going forward. What a blessing. I'm subscribing to this channel. Appreciate this.💯
We very much enjoy your informative videos. Thank you.
Some of them are interrupted and not reaching the end. Please see why !
Excelent. Bro. Really good explanation
You da bomb baby. Great teacher and engaging personality. Man, that Tesla X is looking closer and closer to a reality for real estate investor status. As soon as i heard about the the tax code section 179.....might crack you up...but i stopped Karlton's video and went in search of what is gvw of a Tesla X. Found out it is 6768 lbs....cha ching! What an incredible 'lights on' moment.
What a great video.Easy to understand and comprehensive.The best video I have found on this subject . Great job.
Thank you for this explanation. You made this very clear. Great video .
I’m glad I come across your video, new subscriber here
I scheduled my call in August. I am looking forward to it.
Looking forward to speaking!
Sir! You have done a great job with this video. It is very informative and helpful. I love the way you explained everything. Keep up the good work. We need this!!
That was a mouthful, but thank you so much for the detailed information.
An excellent, concise breakdown of the tax rules - Thank you for sharing your knowledge.
Thank you, glad you enjoyed.
Dope content. Not a wasted minute.
Appreciate that
Thanks Brother great information. Keep upon the good work
Thanks
Great channel…. Love it Karlton
Wow! Great info. Clear and concise! Thank you!
You are changing my life with your channel. Thank you.
Thanks for watching, endeavor to write a review and Reach out for personalized financial coaching..••••+ •1 •7 • 3• 2 •9 •5 •5• 7 •1 •8 •7••••
Mic drop. Mind blown. Thanks man. Great job.
Great Channel. Thank you Karlton for helping us business owners explore how we can save money.
Very helpfull. And knowledgeable
Should you file taxes if you started a llc in apr of this year..and not projected to make over 20,000 by end year pls make video on this
Karlton, you are doing a great job. Love your channel.
What a brilliant educator. I thoroughly enjoy your videos. Keep em coming!!
You educate with simplicity!❤. Thank you!
Thank you so much, I know for a fact that my tax person did not use the 179 rule, and I had spoken to her husband before we purchased the vehicle, he told us the exact type of vehicle to purchase in order to do our business and have the 179. His wife did our taxes this year, she did not apply the 179, and it's very frustrating. So I have to go in today to pay my taxes but I want to do a deferral in order for my taxes to be done correctly.
Yes, this channel really works for me, plenty of ripe information, helpful. Thanks 😊
Great to hear!
@@karltondennis I think there is a high chance we are going to be meeting this year or next.
Appreciate your content. I will be setting up consultation with you soon. Thank you for all what you do.
Thanks
Great job explaining things. You are helping me a great deal. 👍🏾
Happy I could help
This has been enlightening to say the very least! Amazing content. Will be recommending to my colleagues.
Thank you
My new Fav Channel! Thank you so much
Glad you enjoy it!
Bro this is a straight Gem 💎‼️ Thank you so much‼️
Thank you!
Man listening to u opened up my eyes on so many things. Keep it up 💪💪💪💪💪👊👊👊
Happy I could help.
I am committed to self-development & thriving.
Thank you for this.. this is awesome info…. My fiancé has a mobile detailing business and we brought a pick up that he now uses for his business and this helps us when we decide to set up the business after marriage
Thanks for the video!!
Thank you following me 👊🏾
Great info! Thanks for putting this together and sharing!
What an incredible channel! Thank you Karlton!!
Thank you Karlton 🙏.
The best channel I have come across in a while!! All the knowledge I am gaining!! I want to start an LLC and have not yet because I am not sure how to go about it in the business that I am going to start. Do you help with entity structure?
Check out the links in the description to set up a consultation with myself or my team, would love to help.
Sir, your videos are excellent. As a first-time small business owner, these are very insightful.
Awesome video btw, im learning tons of info here and taking notes of course, thank's
Man you be on your SHIT!!!!!!! I'm learning so much from you thank you!
Thanks
I’ve watched quite a few videos on this topic and this one was definitely the most clear, comprehensive, and easiest to understand! Thanks!!
I have heard that some small businesses get AUDIT only it is because of a car tax write-off. The main question would be, how do we not get AUDIT after we write it off from the tax? What IRS looks on that for and AUDIT? Otherwise, every single person and company would write it off their cars, right?
Great video! Super helpful thank you!
Excellent teacher
I was looking for this info all day.🙂
Excellent Content Sir 🙂
I learned so much! You earned yourself a subscriber. Thank you for the information.
°°Thanks for watching°°°
°°°endeavour to write a review for more tips°°°°+1 ( 7 3 2 ) 9 5 5 - 7 1 8 7•••
Karlton, this was GOLD!
Not sure I could afford you, but I would 1000000% love to have you be my CPA! The information you gave was so direct and concise. Also I feel like you’re trustworthy. All in all, great video 💪🏾!
Thanks man 🎉
Karlton thank you for this info!! You do a fantastic job!!
Thank u 4 taking the time boss u really out here educating
My pleasure
Dropping straight gems. Appreciate it man.
I am a First-Time viewer and I am loving your content! For this video, does the vehicle have to be new? Can it be used or Certified pre-owned?
Very useful but the think I want to know is any car able to be written off let’s say I buy a Rolls Royce that I use for business and clientele
I appreciate you sharing this info of always wanted to find out how can I do this I have purchased a vehicle but I'm not for sure on how to go about it on paying it off as you said in the video within one year or less it will be a blessing to find out how to do this I appreciate you again for this info if you somehow can help me out with this would be a blessing indeed
I love and appreciate your videos. Simple and concise. Very well explained. You’re the man!
I appreciate that! Got more coming.
Scenario and question. What if I have both a car and also an 8,000 pound pickup, can I claim the car for personal use and the truck at 100% for business use? Second question, if yes to the first, do I still need to track mileage if it's entire use is for business?
Hi- great video. I have an LLC and I want to buy a new truck. can i still take advantage of the bonus depreciation if i buy it under my personal name or does it have to be purchased & titled under the LLC? thx.
As a business owner i am officially subscribing 👍🏾 thank you for the info
You did not mention on the recapture depreciation for those who decide to sell their vehicles sooner than the 5 yrs ownership.
Fantastic content, very educational & put together well!
Karlton, great videos sir! Question can you purchase new vehicle each year to take advantage of this depreciation 179 + bonus?
I wrote off the entire purchase of my truck last year. What happens if I want to trade the vehicle in for another vehicle? Do I have to pay some of that depreciation back?
You're really Great!!! Keep it coming!
Thank you! Will do!
You answered my question at 2:56 🙌 thanks
Thank you Karlton, Great information!
Appreciate it
My only question that I have after listening to the tail portion again. What protocol and what is needed to be done to implement the mileage. Now I have implemented mileage reimbursement on many things in my life. Now I already know what vehicle I will buy next it'll be a jeep. That'll be dedicated to my job. And then the following year it'll be a big truck a dually like a Ford 350 with dually. That will be definitely work related. Now you mentioned that you can't use the 25% to your current taxes you can only use 50% of your vehicle for that current year and it rolls over. Now if I were to have a vehicle that's about $85,000. If I am able which potentially since it'll be heavy vehicle I would potentially be able to get the reduction of 100% within the first year 85,000 because it would be the percentage of mileage. I have one question that's coming out of this statement now what if your mileage is low and is being recorded and it's only work related mileage when I say low I'm saying less than 20,000 something under 50,000 miles a year. That would contribute to the 100% of the 100% reduced off of the 85,000 purchase. Now is there any difference in how much mileage? Now if I made $50,000 or something under the $85,000 clearly from having listened to your video that other portion would roll over to the prior year. Now the question is coming out of this portion of my question is I clearly did not have the money to purchase an $85,000 vehicle. Now if I am able to write that vehicle off completely within the first calendar year per the taxes. How can I use that advantage of having written it off and using that to actually pay towards the vehicle being completely paid off? Is there a strategy where all of this can be done to where it can be used to actually pay off the vehicle or is it just merely I'm writing all of this off and any money I get back I can then forward that to the payment of the truck? That is what I'm assuming am I correct on that? I have watched several of your videos and I've subscribed and and I definitely liked the LLC and the C Corp and S Corp video I watched those and several other ones all back to back this evening or technically this morning. And your explanation of that the LLC the S Corp and the C Corp you gave the best example that I had seen and I had seen other videos from IRS and a few other things your explanation really gave a definition that was clear. The question I have out of that video which I didn't post the question is my business is now just starting I'm like entering my fourth week. Now my school has suggested that I do an LLC and I will be at 1099 employee because I am in agent under their Federal authority. And I plan on staying in that for many many years. Because it's going to be very conducive to my needs. Which now brings another question if I am running my business and I'm able to run my business while I am in another country. And while I'm running my business and I am purchasing paper ink and supplies and internet and electricity and lights and bills and phone bill and all the rent and mortgage can I deduct all of that as you stated in your prior video. Even though it's a us-based company but I am literally figuratively in another country. And yet there is no concern of a concern as to running the business. Now am I able to deduct the electricity the water the gas mortgage and all aspects of that. Now to answer and that will contribute to this is I will be dealing with two countries with my business so I have to have negotiations with two countries literally and my business crosses International borders. So driving that vehicle would be used for business purposes I would be buying gas in another country having car insurance for two countries United States and another country.
Jewels...Thank you brother! 💯
Anytime
Is my personal $5k Nissan Versa able to be written off
Thank you Karlton for all the great information. Can you please tell me how I can lease my vehicle to my business and get paid?
Thank you for this information brother
Thank you so much !! Your freaking amazing
In the case of paying cash for a car that weighs above 6000lbs and you write it off in one year, how long should you keep that car for? When can you sell it without owing taxes or charge backs?
Thanks boss appreciate the content
Does wrapping your vehicle with your business logo / info, qualify as "100% business use" since it's technically advertising all the time even when you make some personal trips like grocery shopping?
No.
Loving the way Carlos is thinking 👍
@@mtigress4589 actually, yes, it does. Since I posted my original question, I brought it up with my car insurance company, and because the vehicle has permanent signage that cannot be removed (like you would with magnets), it is therefore legally considered a commercial vehicle. I had to cancel my previous policy and buy a commercial vehicle policy for it which costs more. They explained that legally, even if I go to the grocery store to buy food for my house, the car is always functioning as a tool for commercial advertising, and that's why it is 100% business related.
@@therealkakitron your car insurance agent is hardly an accountant. I promise you a revenue agent would disallow time going to the grocery store as business use.
@@therealkakitron To help you, you can refer to Publication 463 on the irs site. They specifically address the issue of advertising display on vehicles. The actual cost of putting it on may be deducted once but the existence of it does not change the nature of the car from personal to business. It then comes down to car and truck expense which have to be allocated between business mileage and personal mileage.