This is so informative. I own a small business in my personal name but have been using my spouse's car (registered in her name) for business travels. She has been taking care of all the costs (insurance, fuel, repairs, etc). We are filing a join return. Can I still write off her car as my business expense? If yes, are there any restrictions I should know about?
So glad I came across your channel! The way you explain taxes and strategies makes it easy to understand without being dry and boring. I do have a question on the standard mileage deductuon. Are you able to deduct the mileage driven from your home to your rental property that you manage and maintain?
You got me with this. If I’m a sole proprietorship (truck driver working under 1099 with EIN number ) and I live 110 miles away of the truck yard and I buy a pick up truck over 6,000 miles and drive it from business address (which is a P.O. Box which is literally around the corner of my residential address does this qualify? Is any price that should be that prick up truck? Thank you my man.
Thanks for the content, what if I’m starting a brand new llc where there’s no income history as yet am I able to do this without profit history ? Thank you
This is so informative. I own a small business in my personal name but have been using my spouse's car (registered in her name) for business travels. She has been taking care of all the costs (insurance, fuel, repairs, etc). We are filing a join return. Can I still write off her car as my business expense? If yes, are there any restrictions I should know about?
As a mobile mechanic this really helped thank you sir!!
Happy to help. Thanks for watching
So glad I came across your channel! The way you explain taxes and strategies makes it easy to understand without being dry and boring. I do have a question on the standard mileage deductuon. Are you able to deduct the mileage driven from your home to your rental property that you manage and maintain?
I appreciate the content. Does this apply to used cars?
You got me with this. If I’m a sole proprietorship (truck driver working under 1099 with EIN number ) and I live 110 miles away of the truck yard and I buy a pick up truck over 6,000 miles and drive it from business address (which is a P.O. Box which is literally around the corner of my residential address does this qualify?
Is any price that should be that prick up truck?
Thank you my man.
Yes it likely can under the right set of circumstances. I’d suggest getting a CPA involved to make sure you do it 100% correctly
Should we use Section 179 instead of bonus depreciation?
As a part time Ebay seller, would I be able to use section 179 when purchasing a vehicle over 6,000?
Depends. Will you use the vehicle for your business?
@@mycpacoach Yes, I would plan on using the vehicle 100% of the time for business and use my current vehicle has a daily commuter.
Do you do taxes for business in florida
I do and have several clients in Florida. Just schedule a free consult at mycpacoach.com
Thanks for the content, what if I’m starting a brand new llc where there’s no income history as yet am I able to do this without profit history ? Thank you
It is recommended to use this write-off against business income.
Irs need to audit people who write it off. I think really only realtor type that can
Thank you!
Can I use this in a new Hummer EV
Likely if it is used for your business.
Awesome
Anytime black catch on to something, they over use it and abuse it then it goes away
You mean they close the door