hey guys pat here from hostons home automation llc .i just wanted to thank you guys again . after watching this and the credit video , i was able to get a 2020 chrysker pacifica s seats 7 or stores 8 ft of cargo . it gets 80 mpg and qualifies for the setion 179 deduction . perfect for lyft , odd jobs chaffeauring etc . it shpuld make me 700 k in 5 years if verything plays out right
6000 pounds is Gross Vehicle Weight, that means Curb weight plus payload capacity. so a heavy SUV with 5000 curb weight that can carry another 1000 pounds qualifies for section 179
Dude i was so f**kin frustrated about being stuck in my lease now you've given me the greatest loophole ever. Seriously bro thank you so much. Can't beleive I'm just findingthis out. Omg thank you.
When it comes to Section 179, there is a $25,000 depreciation cap for all other “heavy” vehicles like the G-Wagon mentioned. To take the full accelerated depreciation you must have a vehicle that is described as a passenger van, utility truck or utility van. Suggested Video to Watch Next: 8 Cars You Can Get TAX FREE - ruclips.net/video/1NKfdORdeDk/видео.html&t
So here is my question. I heard that you can file section 179 for Tesla model Xs because of their extreme weight (meet Kevin is the person I’m referring to right now). Could I still file section 179 for a used 50k model x or would that only be applicable for new model Xs? I’m pretty similar to the model you gave where I drive 30k miles on average for work and a used model x is within the budget, as well as a cool choice for its lower monthly running costs. I cannot yet comfortably buy a new model x as a business vehicle yet.
@@ziolan8970 you can utilize 179 for used vehicles. But they have to be purchased or financed. No leases. And you need to utilize a corp or llc. You can’t have it in your personal name. Is a model x over 6,000 GVWR?
@@bebin73 oh, so it doesn't work with dba's? So just to be clear, the vehicle has to be put in the name of the business and you can only use an LLC or corp...correct?
@@GoaWay... but if you have a DBA then you already (should) have a Corporation or business. For example, business owner John Smith might file the Doing Business As name "Smith Roofing." Corporations and limited liability companies (LLCs) may register DBA names for specific lines of business. For example, Helen's Food Service Inc. might register the DBA "Helen's Catering." The biggest difference between a DBA and an LLC is liability protection and tax benefits. Under a DBA, there is no distinction between the business owner and the business. ... On the other hand, an LLC provides limited liability protection. The business owners' personal property remains completely separate from the business.
In Virginia, if you claim a vehicle as business your personal property taxes go way up--thousands for an expensive vehicle. The tax offset may still be beneficial, but be aware of how localities try to bite back.
If anyone needs business decals for their car in California lmk, I’m a vinyl wrapper and we can print out anything you need and the wrap is also removable so you can protect your precious paint as well 😇
Be careful with this guy's advice. He's failing to mention that Section 179 is still limited by the higher Section 162 that says expenses need to be ordinary and necessary. Try explaining during an audit that you NEEDED a g wagon for cakes.
@@BeshEntertainment That's not true. These personalities make it seem like it's that simple but it's not. They play the odds of the return coming under audit.
@@Kay.D to that point it would be asked how often is it being driven just to advertise. How big is the company info on the car. Who drives it for hours without mixing with personal errands at the same time. My problem with this video is they are trying to sell the idea of writing off your dream car for business but most ppl would like to drive their dream car recreationally. Ppl popped for audit aren't going to be able to get out of a huge bill saying a video gave me this advice.
Keep doing what you doing my brother. Trying to jump my business off from scratch and I had a lot of questions about buying my vehicle and you put me on point thank you keep up the good works!.One Love!❤🙏😃
Taking my business serious this late in 2021 and from this point on, this was a perfect recommendation from RUclips as I’m a mobile diesel mechanic 👨🏽🔧
Thx my dream car is a Model 3, I want to use it when I retire to transport clients/patients to their Dr appt, and do RUclips vlogs for people over 60 yrs old to learn about tech…I have so many questions…peace
2022 Freightliner M2 Business Class Extended Cab RollBack with a 21ft Miller Chassis! (Don’t know if Tow Trucks qualify but I’m putting it in the Universe) Cheers!
I’m looking to buy a brand new car for tax purposes however I’m trying to buy a second property and need to know how much cash I should use should I lease or simply buy a used car outright to have more money for the second property
Found you guys the other day and i'm learning so much, thank you for uploading these great videos! Even though i'm Canadian and looking for Canadian tax information, this was very informative. Wish there was a Canadian channel like this!
For me actual expenses has exceeded standard deduction since 1978. The most deduction you can get is if your business can justify buying the car and it is for business use.
I got a few questions my man I have a full time job. Pay traditional taxes. I started doing DoorDash on the side and I’ve been tracking my miles. 1) how can I prove to the IRS about my deliveries if I got audited ? I’ve been just logging the mileage 2) how would it affect my “traditional taxes” from my main job? Thank you in advance. I might buy a Lambo to door dash in 😎
@@LYFEAccounting hey bro I’m starting up my business that being said if I want to get a call my business name immediately I know I will have to do a personal guarantee what I have to put something down? And what do you think the minimum score is for my personal credit 650?
I forgot about this…. And I needed a new large sedan car or even Sprinter van for business. We own a business and have several other cars and trucks as personal vehicles. Thanks.
Listen, I subscribe to a lot of informative business channels and you by far explain the process, the follow thru, and the end game better than any one of them. Thank you for taking the time to do this for all of us small business owners. You make a dream become reality.
I have had 2 G550’s but never bought one new. I have a 2021 coming in late October and am going to use section 179 and accelerated depreciation. Did this with an F250 platinum for my property co this year.
@@Frenchcelo you don’t receive money back, you just have it negate that amount of tax liability. Meaning if you owe $30,000 in taxes and can deduct $20,000 through a vehicle, you’d only owe $10,000.
Great video. Thank you for providing concrete examples of exactly how to do this. I.e. write off one's car. My accountant doesn't even explain it this well !
I have a couple of questions, but first I wanted to thank you for taking the time to explain this. Question 1) does this applies if we purchase a used car and deduct it in 1 year one? Or the car has to be new? 2) can we purchase a second car on year 2? Thank you very much in advance and if you can DM me with your office info please.. thank you!!!
I believe the vehicle has to be new. I personally know some one with a business and they always get a vehicle new after they can’t get any more tax write offs they get rid of it and get a new one. Check with local state laws because laws are different state to state.
i have a quick question I'm looking to start an airport transportation business and is looking in to buying some sprinters or transit vans.... at the end of the year can i write off the milage?
My dream car is jeep Cherokee trackhawk 2018 🤟🏽💯❤️🔥🙌🏽👍🏽🙏🏽 i cant wait im using business on that with grantz paid it off to get it out the dealership lot
If my LLC made $100,000 net profit, and I want to offset that with a Dodge Ram truck costing $50,000 (not clear if that is considered a "utility truck" or what defines that term). I can purchase one for cash, and deduct all $50,000? What is the 30-40% you mentioned?
My dream vehicle is a Mercedes sprinter van. I own a day spa with retail. We will need to travel for supplies, restocking retail, laundry, etc. can i write off 100%?
You can have any form of business sole prop, llc, s corp, c corp. but get a EIN number for the bank accounts! Without it their is no true separation with personal and business accounts.the only differences between types are liability and asset protection
What is the difference in writing off the “lease” but not the loan payment? Isn’t it essentially the same thing? Could you please elaborate this or direct me to another video if there is one explaining the difference in the two?
I would say a lease gains you nothing long term. It's basically renting a vehicle. When you are making payments, a large portion of the payment is building equity in the vehicle. I paid $600 truck payments for 4 1/2 years and sold the truck for all my money back. If those were lease payments, I would have gained nothing but the use during that time frame.
Something he didnt mention. COMMUTING (To and from work) are not deductable. So your standard mileage expense might look smaller if you only track your miles for actual business
What if I work from home (my office). I drive to the post office 10 miles away (business mileage) but then 10 miles back to the office, do I count those 10 miles as well?
I have a question. If your saying I can write of a business vehicle I purchased using tax code 179 depreciation that is over 6,000 lbs. Do I got to buy the car in full or I can finance it having monthly payments? Both ways I’m buying it right?
Planning to purchase a Jeep Rubicon. I own a rental cabin in the mountains and need it to drive there bi-monthly. My CPA stated I can buy the Jeep personally and rent it to my cabin LLC. I can rent it to my LLC cabin for the monthly vehicle payments. Is this true?
Super video. Two questions please as we will start our S Corp in January 2022 and obtain the 6100 pound 4 Runner either in December or in January to use the accelerated depreciation 179 code. 1. Does the title need to be in the business name or in my name or does it not matter? 2. We plan to keep the SUV for five years and then trade it in. Is that long enough to avoid the deprecation recapture rule? Thank you!
![14 Biggest Tax Write Offs for Small Businesses! [What the Top 1% Write-Off]](http://i.ytimg.com/vi/5YggWhLeckM/mqdefault.jpg)
hey guys pat here from hostons home automation llc .i just wanted to thank you guys again . after watching this and the credit video , i was able to get a 2020 chrysker pacifica s seats 7 or stores 8 ft of cargo . it gets 80 mpg and qualifies for the setion 179 deduction . perfect for lyft , odd jobs chaffeauring etc . it shpuld make me 700 k in 5 years if verything plays out right
Wow, I don't think I've ever heard anyone mention or bring up section 179. Dropping the real knowledge on this channel!
Not holding anything back!!
Game changer!
Great job! Great energy! Calm intelligence! Simple A to B information! Highly likable and recommended!! ⭐️
I appreciate that!
6000 pounds is Gross Vehicle Weight, that means Curb weight plus payload capacity. so a heavy SUV with 5000 curb weight that can carry another 1000 pounds qualifies for section 179
Very valuable. Did this for 2021 and saved over $30,000 in taxes. Thank you!
What kind of vehicle did you purchase?
Dude i was so f**kin frustrated about being stuck in my lease now you've given me the greatest loophole ever. Seriously bro thank you so much. Can't beleive I'm just findingthis out. Omg thank you.
When it comes to Section 179, there is a $25,000 depreciation cap for all other “heavy” vehicles like the G-Wagon mentioned. To take the full accelerated depreciation you must have a vehicle that is described as a passenger van, utility truck or utility van.
Suggested Video to Watch Next: 8 Cars You Can Get TAX FREE - ruclips.net/video/1NKfdORdeDk/видео.html&t
So here is my question. I heard that you can file section 179 for Tesla model Xs because of their extreme weight (meet Kevin is the person I’m referring to right now). Could I still file section 179 for a used 50k model x or would that only be applicable for new model Xs? I’m pretty similar to the model you gave where I drive 30k miles on average for work and a used model x is within the budget, as well as a cool choice for its lower monthly running costs. I cannot yet comfortably buy a new model x as a business vehicle yet.
@@ziolan8970 you can utilize 179 for used vehicles. But they have to be purchased or financed. No leases. And you need to utilize a corp or llc. You can’t have it in your personal name. Is a model x over 6,000 GVWR?
@@bebin73 oh, so it doesn't work with dba's?
So just to be clear, the vehicle has to be put in the name of the business and you can only use an LLC or corp...correct?
@@GoaWay... correct
@@GoaWay... but if you have a DBA then you already (should) have a Corporation or business. For example, business owner John Smith might file the Doing Business As name "Smith Roofing." Corporations and limited liability companies (LLCs) may register DBA names for specific lines of business. For example, Helen's Food Service Inc. might register the DBA "Helen's Catering." The biggest difference between a DBA and an LLC is liability protection and tax benefits. Under a DBA, there is no distinction between the business owner and the business. ... On the other hand, an LLC provides limited liability protection. The business owners' personal property remains completely separate from the business.
The newest Cadillac escalade with Super Cruise technology!!
For my personal Private Uber business!!
I freaking LOOOOVE this channel. They go into such good detail and explain in a way the most common man can understand
Thank you Dale!! 💯
Yess!!! So glad I was blessed to run across this channel. Going to use them too!
me too! so glad I found this today!
In Virginia, if you claim a vehicle as business your personal property taxes go way up--thousands for an expensive vehicle. The tax offset may still be beneficial, but be aware of how localities try to bite back.
That's a write off as well also.
If anyone needs business decals for their car in California lmk, I’m a vinyl wrapper and we can print out anything you need and the wrap is also removable so you can protect your precious paint as well 😇
Plug talk
ALREADY SUBSCRIBED... LET'S NETWORK...
@@MariaRodriguez-qp6op of course, let’s do it. What did you have in mind?
@@wraptonic Marketing, Networking, Merchandise & Collaborations on the East Coast
Where in California?
Stopped the video like 1 minute in. So I can't do any of this unless I have a business. Got it.
You can form an llc and then contract yourself, and pay the llc and then pay yourself
BBBBRRRROOOO! i was wondering this so long and i bought my dream car to drive and for the collector value!
This is GOLD! For my small buisness!
G-wagon is my dream car .I just started small cake business thank you for the information 🙏🙏🙏❤️
Be careful with this guy's advice. He's failing to mention that Section 179 is still limited by the higher Section 162 that says expenses need to be ordinary and necessary. Try explaining during an audit that you NEEDED a g wagon for cakes.
@@mtigress4589 all she has to do is get her car wrapped with her business logo & say it's for marketing.
@@BeshEntertainment That's not true. These personalities make it seem like it's that simple but it's not. They play the odds of the return coming under audit.
@@mtigress4589 G-Wagon grabs attention great for advertisement.
@@Kay.D to that point it would be asked how often is it being driven just to advertise. How big is the company info on the car. Who drives it for hours without mixing with personal errands at the same time. My problem with this video is they are trying to sell the idea of writing off your dream car for business but most ppl would like to drive their dream car recreationally. Ppl popped for audit aren't going to be able to get out of a huge bill saying a video gave me this advice.
Keep doing what you doing my brother. Trying to jump my business off from scratch and I had a lot of questions about buying my vehicle and you put me on point thank you keep up the good works!.One Love!❤🙏😃
My professor did this with his car, his suits, his phone, everything! Genius
Please, explain how as a professor, he wrote off his expenses as a business? Hmmmm
@@judyhall5624 he owns businesses outside of his professor role
Taking my business serious this late in 2021 and from this point on, this was a perfect recommendation from RUclips as I’m a mobile diesel mechanic 👨🏽🔧
Thx my dream car is a Model 3, I want to use it when I retire to transport clients/patients to their Dr appt, and do RUclips vlogs for people over 60 yrs old to learn about tech…I have so many questions…peace
That’s crazy. I wish I was smarter to start a business and take advantage of this. But I’m a humble layman
I did this with my lambo and Porsche
The purple Rolls Royce Phantom!!!! It’s the business!!!
2022 Freightliner M2 Business Class Extended Cab RollBack with a 21ft Miller Chassis! (Don’t know if Tow Trucks qualify but I’m putting it in the Universe)
Cheers!
I mean that sounds like a utility truck to me. Just saying
---Accountant
I’m looking to buy a brand new car for tax purposes however I’m trying to buy a second property and need to know how much cash I should use should I lease or simply buy a used car outright to have more money for the second property
This guy is really good. Great info and delivery. Editing is top notch. Subscribed!
Found you guys the other day and i'm learning so much, thank you for uploading these great videos! Even though i'm Canadian and looking for Canadian tax information, this was very informative. Wish there was a Canadian channel like this!
Thanks for watching! When you learn, you should start the channel 😉
For me actual expenses has exceeded standard deduction since 1978.
The most deduction you can get is if your business can justify buying the car and it is for business use.
This one felt like it was extra high quality. Thank you for the great info + presentation. Just got a Model Y. Next is Cybertruck and Roadster!!
Good choices!! And thanks that means alot coming from you of course
He really had no idea what he was saying...
I got a few questions my man
I have a full time job. Pay traditional taxes.
I started doing DoorDash on the side and I’ve been tracking my miles.
1) how can I prove to the IRS about my deliveries if I got audited ? I’ve been just logging the mileage
2) how would it affect my “traditional taxes” from my main job?
Thank you in advance. I might buy a Lambo to door dash in 😎
My dream car is 1947 Chevy fleetwood . But I like the Bentley and TAHOE
You’re so laid back and helpful man. You’re cool
Thanks, Airmett. You're even cooler for supporting the channel. Thanks.
I want a heavy duty deisel truck to start up my roofing and demolition business, this was very helpful 🙏🏽💯
Glad I could help
@@LYFEAccounting hey bro I’m starting up my business that being said if I want to get a call my business name immediately I know I will have to do a personal guarantee what I have to put something down? And what do you think the minimum score is for my personal credit 650?
Sounds like my bussiness gonna need an AMG, why not
I have one ☝🏽 recommended
Lol
🙌🏿🙌🏿
All Day!
AMG "Bitch better have my money"
So the only way to get this to work is your business has to almost be making in profit what the car is worth? so the deduction cancels it out ?
I’ve been reading all the comments trying to find out the same thing. This is the question we need answered.
Yes but you can carry forward your loss to future years to offset future income.
Best Channel Ever!
Really liking the 22-23 GMC Denali 2500 AT4.
I forgot about this…. And I needed a new large sedan car or even Sprinter van for business.
We own a business and have several other cars and trucks as personal vehicles.
Thanks.
You've definitely got to take advantage!
I Learned more than I learned in My whole life off of this video! Very informative and Valuable. Thank You for Sharing 💯😊
Wow thanks for such a good time wonderful comment, glad I could help
Can you do depreciation on luxury cars 2022; Dream car 2022 Corvette?
Listen, I subscribe to a lot of informative business channels and you by far explain the process, the follow thru, and the end game better than any one of them.
Thank you for taking the time to do this for all of us small business owners. You make a dream become reality.
WOW, this comment means so much to me. I am glad that you took the time to write it and share it with our community. Thanks for watching :)
Love your channel. Easy to follow and can rewatch if needed!
I know I subscribed for a reason. My dream car is the hardtop convertible Range Rover
Sounds like my company needs a 2021 RAM TRX.🤷🏻♀️
lmao you and i think alike
Bruh lol
Yup
Hell yeah 🤣
All land scaper and pool guys like “👁👃👁✍️”
I have had 2 G550’s but never bought one new. I have a 2021 coming in late October and am going to use section 179 and accelerated depreciation. Did this with an F250 platinum for my property co this year.
When you write the car off in October will u receive the money back the same year ?
@@Frenchcelo you don’t receive money back, you just have it negate that amount of tax liability. Meaning if you owe $30,000 in taxes and can deduct $20,000 through a vehicle, you’d only owe $10,000.
@@bebin73 Wasn't sure if I could write off a Truck for an investment property. Thanks
@@716swaggstar as long as an llc owns the property and truck, and you have legitimate need for a truck in order to run the business
I am a realtor and my dream vehicle is the 2021 Cadillac Platinum
Santa fe diesel is my dream car, but I think X5 is good for my business.
Great video. Thank you for providing concrete examples of exactly how to do this. I.e. write off one's car. My accountant doesn't even explain it this well !
Time to replace them
Cadillac 600 I'm going all in!
I have a couple of questions, but first I wanted to thank you for taking the time to explain this.
Question 1) does this applies if we purchase a used car and deduct it in 1 year one? Or the car has to be new? 2) can we purchase a second car on year 2? Thank you very much in advance and if you can DM me with your office info please.. thank you!!!
I believe the vehicle has to be new. I personally know some one with a business and they always get a vehicle new after they can’t get any more tax write offs they get rid of it and get a new one. Check with local state laws because laws are different state to state.
Thank you for the great content! I assume the registered owner of the car has to be the business to qualify for section 179 deduction?
I just love finding extremely valuable information
We do our best to deliver every day!
I appreciate this concise breakdown!
You’re welcome!! Are you subscribed?
GREAT info, super easy to understand! Thank you for taking the time to provide such valuable information 🥰🥰🙌🏾🙌🏾🙌🏾🙌🏾🙌🏾
You are so welcome! Just curious, what was your favorite part?
i have a quick question I'm looking to start an airport transportation business and is looking in to buying some sprinters or transit vans.... at the end of the year can i write off the milage?
My dream car is jeep Cherokee trackhawk 2018 🤟🏽💯❤️🔥🙌🏽👍🏽🙏🏽 i cant wait im using business on that with grantz paid it off to get it out the dealership lot
If my LLC made $100,000 net profit, and I want to offset that with a Dodge Ram truck costing $50,000 (not clear if that is considered a "utility truck" or what defines that term). I can purchase one for cash, and deduct all $50,000? What is the 30-40% you mentioned?
Thank you. Great information and easy to follow
My dream car that weighs over 6,000 pounds is definitely a G-Wagon or Rolls Royce Wraith
Wow, I didn't realize the wraith was 6,000 pounds. Makes so much more sense now
chatgpt says your miles may not be eligible for business just because you drive around with ads on the car. id be cautious about relying on that
The model X weights max 5390 lbs. How are you planning to write it off for section 179 ?
My dream vehicle is a Mercedes sprinter van. I own a day spa with retail. We will need to travel for supplies, restocking retail, laundry, etc. can i write off 100%?
Does the car needs to be in the business name or the owner name ? Like the one you use for personal use ?
Dream car is Range Rover SV Autobiography. If i use to fullyine for delivery services could i write off 100%
Hi great video, does the vehicle have to be in the company name in order to write off the lease payments?
Wow!! Amazing explanation I’m studying for my EA and your content is extremely helping. Thanks for your time and knowledge.
That means a lot to hear! Hey shoot me an email sean@lyfetaxes.com - after you get your EA, maybe we can work together?
You have a great vibe and delivery man. Keep this up g!
Thank you! Will do!
I want to know if we can also write off a portable building for the business? Can you make a video for it?
Amazing stuff! Thanks for the informative video!
Love your Simplicity.
Hi. If I purchase a Tesla Model X (finance)!and I have a 9 to 5 Can I do Uber Eats 50% of the time and write off the Model X under Section 179 ?
Excellent video. I appreciate the knowledge
Do you need an LLC to write off business expenses?
You don’t need an LLC, but you need some kind of business entity/structure
You can have any form of business sole prop, llc, s corp, c corp. but get a EIN number for the bank accounts! Without it their is no true separation with personal and business accounts.the only differences between types are liability and asset protection
This is good stuff. Im looking at getting the new Escalade. I think Im gonna give this a shot. Should I lease it vs buy?
I just purchased a box truck so I guess I qualify code 179..
Okay! This a lot of good information!
Glad it was helpful!
Oh, honey. My wheels are spinning, in a great way. Thanks for the awesome content!
Thanks for watching! What’s are you plotting? 👀
Thinking I might just get a G Wagon for my business‼️🙏
What is the difference in writing off the “lease” but not the loan payment? Isn’t it essentially the same thing? Could you please elaborate this or direct me to another video if there is one explaining the difference in the two?
I also have questions about this
I would say a lease gains you nothing long term. It's basically renting a vehicle. When you are making payments, a large portion of the payment is building equity in the vehicle. I paid $600 truck payments for 4 1/2 years and sold the truck for all my money back. If those were lease payments, I would have gained nothing but the use during that time frame.
Thanks for the info bruh. After watching this I think leasing is the better option for me.
Excellent video. Goal of a model 3 Tesla for 2022! Using actual expenses for gig work :)
Thank you and best of luck to you! 💯
This guy needs more love
Something he didnt mention.
COMMUTING (To and from work) are not deductable. So your standard mileage expense might look smaller if you only track your miles for actual business
Correction: Commuting to and from your office(s) is not deductible.
What if I work from home (my office). I drive to the post office 10 miles away (business mileage) but then 10 miles back to the office, do I count those 10 miles as well?
@@LYFEAccounting what if your business is run out of your home?
Are you able to do the 6,000 lbs right off? And do the yearly expense right offs like gas and insurance and stuff?
G Wagon for sure
I subscribed and liked....i have a 15 challenger. Can this be done still
So if I lease a car, can it be any car? Or does it have to meet the 6K pound limit?
You can technically write off any car for business
Also check out Pocket Watching with JT - Real Account Reacts. Search G wagon tax write off
I have a question. If your saying I can write of a business vehicle I purchased using tax code 179 depreciation that is over 6,000 lbs. Do I got to buy the car in full or I can finance it having monthly payments? Both ways I’m buying it right?
Hi, if I’m interested in using tax code section 179, does the vehicle need to be purchased under the business entity?
Planning to purchase a Jeep Rubicon. I own a rental cabin in the mountains and need it to drive there bi-monthly. My CPA stated I can buy the Jeep personally and rent it to my cabin LLC. I can rent it to my LLC cabin for the monthly vehicle payments. Is this true?
what is acceptable evidence of mileage to the irs?
How can I use this for a non-profit?
For real...like Sir is this really true..thanks for knowledge.
You’re so welcome!
@@territhomasthon5628 you don't have a comment above. 🤔
When you say buy a vehicle does that mean you have 150k for the vehicle and you pay it off or you have a loan for the vehicle?
Super video. Two questions please as we will start our S Corp in January 2022 and obtain the 6100 pound 4 Runner either in December or in January to use the accelerated depreciation 179 code. 1. Does the title need to be in the business name or in my name or does it not matter? 2. We plan to keep the SUV for five years and then trade it in. Is that long enough to avoid the deprecation recapture rule? Thank you!
I may do the exact same thing? What more did you find out?
I hate I don't understand numbers😮💨😮💨 hard work ahead💪💪worth the effort tho. 2020-2021 Camaro ZL1
Awesome quality and informative video, Thank you very much. Dream car is a gtr & hellcat.
What state do you offer your services sir?
So I can claim tax exempt for the whole year then buy a 6k lbs car and, the write off amount will negate what I'd owe on income earned taxes?
So the key is to identify if you’ll have a huge tax bill so you can use that strategy. If not you’ll be coming out of pocket to make those payments?
Great video as always. Thanks, Sean!
Glad you enjoyed it, Shannon! :)
So for ride share its worth to lease or buy?