How to Write Off Your Car As a Small Business Owner | Vehicle Tax Deductions
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- Опубликовано: 4 авг 2024
- How to write off your car or vehicle in 2022. There are 11.5 ways the IRS will allow you to write off your car for small businesses. Including section 179 and bonus depreciation.
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Time Stamps:
Intro: 0:00
Who can write off their car: 0:54
Loophole to write off your car: 1:17
Cars you can write off: 1:42
Write Off #11: 2:37
Write Off #10: 4:21
Write Off #9: 4:58
Write Off #8: 5:13
Write Off #7: 5:28
Write Off #6: 6:07
Write Off #5: 6:30
Write Off #4: 6:43
Write Off #3: 7:00
Write Off #2: 7:16
Write Off #1: 7:28
Write Off #.5: 8:18
Standard Mileage vs Actual Expenses: 9:45
How to track miles and expenses: 10:31
How To Write Off Travel Expenses: • How To Write Off Your ...
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Disclaimer: The information provided in this video is for informational purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live).
![14 Biggest Tax Write Offs for Small Businesses! [What the Top 1% Write-Off]](http://i.ytimg.com/vi/5YggWhLeckM/mqdefault.jpg)
Thanks for smashing that like button! 😁
Watch this next: How to write off travel expenses - ruclips.net/video/23ldPYBjHwQ/видео.html
This stuff is amazing! I just got an LLC and am using it for Uber. Any advice?
Great
Keep putting these types of videos on a loop.. I'll preach this to anyone who sees this . I was able to buy a $55,000 chrysler pacifica pinicale hybrid !!! WITH MY BUISNESS CREDIT ! JUST LIKE THEY SAY ! Thats a full on minivan that gets up to 80 mpg. A lyft xl that can carry a ladder that gets better mileage than a prius WITH THE LUXURY OF AN ESCLADE also qualifies for the 6000 pound 179 deduction. GOD BLESS AMERICA!!
🔥🔥🔥
How could you possibly only have around 400 likes for this video!? Anyway, it was an enormous help to me… thanks!
Thanks for covering this.
Trip log not link that’s fine But I only say it because I want support your channel to give back👍🏽 I did download it 👌🏽 amazing insight. I’m waiting all videos! I’m not a home owner or business owner but you all inspire me. This is my financial literacy. We make 100k just never knew who to talk to or just wanted to hold onto our finances for kids. So thank you.
Could we see ways to write off a plane?
Some options I would think that would fit this category:
Joining a fractional ownership deal where you own part of a private jet that you can fly around.
Buying your own small airplane to fly around (e.g. Cirrus SR22 or Cessna 182)
Joining a charter jet company for a monthly fee that gives access to private jets
Thanks & awesome video!
Amazing channel!
Thanks for supporting!!
Nice!!
just started a tiling and flooring llc with my brother. we need another truck thanks for the tips bro
Love it! Thanks for watching.
Thanks dude
Awesome vid! Really dig the presentation.
Just to add to the Sec 179 rule RE: 6,000lb class: the vehicle doesn't have to be at least 6,000lb as long as it has a Gross Vehicle Weight Rating (GVWR) of 6,000lb or more. So the vehicle can weigh less than 6,000lb but if its set-up is rated for 6,000lb or more, it qualifies. Should be able to look up the vehicle GVWR in the specs during research or check out the driver side door sticker for the GVWR.
GVWR may also vary across trim levels within a certain model. For example, a base Jeep Gladiator's GVWR is less than 6,000lb but if you get the Rubicon trim level, it will have the 6,000lb+ GVWR, because they start putting on beefier suspensions that can withstand heavier loads.
Wow information i needed
Didn’t get through all of your video yet, but I believe final half of 2022, the standard section is raised to 62.5 cents.
Great video thank you. Question: in your given scenario of actual expenses with the 30% vehicle usage for business. Just want to clarify you would be able to then deduct 30% of all qualifying vehicle expenses?
This video was great. If I could, I would give you ten likes for this one.
You can also deduct the interest , if your paying payments on the vehicle and Interest on any business loans.
True. Great addition, April!
Should I purchase my vehicle at the end of the year to get the 179 deduction or the beginning of the year ?
Does trip log cost? And is it a reliable tool?
If I have a semi truck and bought a pick up truck for the business can I essentially write both off the same way?
The vehicle doesn't have to be in the business name right? it can be in your personal name?
Rental cars for work works!
IS it smart to get an LLC then use it to invest into a online business such as drop shipping & selling online courses? Please let me know.
Hey, this video answers your question: ruclips.net/video/co93Ff3yEtY/видео.html
I’m a beginner, does it manner if the vehicle is register under my name or the business ?
Hey Victor, it should not for tax purposes.
can you expense a car that was gifted?
More deductions if the vehicle is in the business name ??
Nope. You don’t get any extra deductions if the car is in the name of the business.
@@LYFEAccounting Thank you just found your channel, Thank you so much💲
how do they know what percentage of usage your vehicle is used for what is my question
Let's say you want to write off your car washes but where you wash they don't give receipts, will it be possible for you to write those washes off?
Yes keep the expense accounted for even if you don't have a receipt for each one. I think there is a video about proper record keeping and you'd be surprise how many receipts you actually need to keep handy.
The key is not to go overboard and have a mysterious "car wash" every day that happens to cause you to be in the negative in your business profits.
@@demetriows1207thanks. can you please send the link to that video.
@@lovingsoul6353 here you go it is titled "IRS receipt requirement"
Link here ruclips.net/video/R7BNZPCz310/видео.html
So if I use the vehicle 25% for business use, I qualify for 25% return?
no
LLC or Sole Proprietor APPLY?
Both apply!
could I lease my own vehicle that has a loan on to my business?
You can. Just make sure the lease payments are at market rate and you have an agreement in place.
What about vehicles over 6,000 pounds?
See #.5 in the video 😉
Can section 179 still work for a vehicle under 6000lbs? That's the part I'm confused about. I know 6000lbs and over you can write off 100% in the first year.
Yes, but there are limits on the amount of annual depreciation you can take for most cars that are under 6k gvwr.
@@LYFEAccounting that's what I'm trying to find out. What the limits are
Can depend on the vehicle. Look up the "luxury automobile depreciation limitation" and you can find the answer for your specific type. Hope that helps.
@@LYFEAccounting I saw that already. I'm not using a luxury vehicle. Thanks tho
Ok just note that the term "luxury" has nothing to do with the car being considered "luxury." It simply means is has four wheels, is driven on public roads, and has a Gvwr of 6k or less.
How does writing off the full expensive the first year work if you don't pay the car on cash ?
You can do it even if it is on a loan 🤫
Get those fixed my guy.
Can't I just slap my business logo on my truck (over6k lbs) and write it off because I'm promoting/advertising everywhere I go?
No! That would just be classified as an advertising expense.
ok this is not how to do it this is telling u what u can deduct just saying ur not the only one thats doing it lol