The TRUTH about writing off a 6000+ lb vehicle
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- Опубликовано: 11 сен 2024
- Vehicle Tax Write-Offs👇🏻
➡️ Giving a bit more clarity to Section 179 of the IRS Tax Code
💳 Essentially, this allows businesses to deduct the full purchase price of certain equipment and vehicles purchased before December 31st of a given tax year.
🚨Generally speaking, the Section 179 tax deduction applies to passenger vehicles, heavy SUVs, trucks, and vans used at least 50% of the time for business-related purposes.
Truthfully, there is a lot of nuance involved, so I recommend speaking to a Tax Professional to see what you’re eligible for, and what makes most sense with your current tax strategy!
FOLLOW ALONG for all the ways to make & save $$ 🤑
![How to Write Off 100% of Your Car as a Business [STEP-BY-STEP] | Vehicle Tax Deduction | Sec. 179](http://i.ytimg.com/vi/cbJRCWFUHVU/mqdefault.jpg)
![How to Write Off 100% of Your Car as a Business [STEP-BY-STEP] | Vehicle Tax Deduction | Sec. 179](/img/tr.png)
Key point! Tax write off literally means you reduce your tax liability by the % you would’ve paid with that thing you’re writing off.. so if it’s 70k you’re not 70k tax free now… it’s 19% (in the uk) corporation tax so you would’ve saved 19% of 70k which is 13,300 so you’re still spending like 56,700 out your pocket .. we need to find out all the tax credits lol
Lol she right but she’s also wrong-You can leverage 179 Duduction and bonus depreciation 😮
Yes but i think she was saying if you want it to be completely "free"
all the people who say "its a write off" are lifetime employees
But if you’re a W-2 and have an LLC. What income would be lowered? Just the LLC’s income? Or your total income, or even if you’re like a single employee company
The business income. You can’t double dip but if you want to lower your W-2 taxable income from your business then I’d recommend looking into self employment tax shelters such as a solo 401k.
Now we need to know what the difference is, between a deduction and a credit 😵💫
Wow you sure did get me Addison but great math
Ok so if in the first year of buying a vehicle I use it 100% for business, I can write it off as that and get the full claim.. but in the second year, I use it 70% for business.. then I can write it as that way too? And only get 70% of the claim
No once you write off 100% of the vehicle. You can no longer write off the purchase price for the following years to come. However you can still write off that vehicle after first year in different ways like mileage or expenses. Hope that helps.
Do you need a business license to justify the tax write off?
How is the IRS able to determine the percentage I use for business versus personal?
They just know… somehow
We log our miles between customers per week. Just in case the IRS comes knocking, we are prepared
Get Quickbooks and click on the mileage tracker. It does it for you.
What app is that at the end of the video where you can check off expenses?
Right !!
I want to know this too
I mean if you’re gonna spend the money on a new G wagon anyways, might as well write off business expense to reduce tax liability.
what if you buy it through your corportation wouldnt you be able to fully right it off? am i missing something
Really appreciate this video hun but I'm curious to know what's best for a business vehicle finance or Lease .....
Lease if you can get a good contract, finance if you'll keep the vehicle longer and use more for personal use
It depends on how much driving you’ll be doing because with leases you are restricted to a mileage limit
Can you give a example of like say a 60,000k truck. With a write off. If it lowers the amount that your taxes of does that mean that you just get back more during Tex season?
Don’t buy that truck bro your gonna be in a lot of debt and be stressed and regretful about it. Buy assets not liabilities so you can make generational wealth. Go watch Robert kiyosaki videos and t Harv ecker speeches trust bro
God be with you and your family and have a great week, amen ❤
@@ramune1212 no I’m not. I just wanted to know if that’s how it works
They be saying bunch of nothing
This sounds like you buy a $60k truck expense , but your business needs to make $60k income still for you to be able to take the truck $60k expensive and deduct the $60k income you’ll be taxed on. & you can write off 100% if you use the vehicle for work 100% of the time. If you use the vehicle 90% of the time, you’ll be taxed on 10% on your business income.
What if you have an online store and you add your Brand on the car, is that now 100%
No. You can write off the cost of putting on the brand but it does not make it 100% by being there. You still have to log mileage and separate business and personal miles.
Depends on how you make the car apart of the business. Slap an advertisment on the vehicle and now everytime you drive it is business. There are loop holes, but Id suggest using Chatgpt or a financial advisor. Chatgpt can give you some good answers.
What’s the easiest business I can start for one lol
monthly contracts to pick up dog poo in people's yards, get pet scooper and rake at costco, dump in bio degradeable trash bag in their trash can and wash the yuk poo spots down with a little water from the hose. BOOM!
Pressure washing
You look like...one of _THOSE_ people
Are you a CPA?
So not free just half off
Addison just remember it’s not about you it’s always about the information
Your still paying for the car tho. Your just saving some income tax. So yeah ide rather buy a car than give it to the government. But it’s not free by any means. Just a way to say “ope I spent the money so you can’t take it bitches” lol.
We use it
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