You are an excellent trainer!! I fully understood everything you said as I was listening to it the very first time. No rewinding and repeating. I have listened to many, many accounting lectures on You Tube and many of them are good, but yours are definitely EXCELLENT. I like that you summarize what you are going to teach me, then you explain it in detail, then you follow up with a summary of what we just did.
Thank you so much for your kind words! :D I really appreciate the feedback and I'm glad that the video was helpful. Be sure to subscribe for more videos! :)
I don’t know if you went to school in Ca bc your dynamics are so Californians or I see you are an Angelino. 👏🏽👏🏽👏🏽I am an Angelina n that’s everyone tells me about how I explain or I teach when I train others. I am in Washington DC thank you for such great video.
Excellent communicator, my friend. Through learning more about the relationship between wages and Section 179, I more clearly understand why I saved so much money when I applied my Social Security income and funds from my PERA pension how my taxes were so dramatically reduced.
Thank you for video. Please clarify these 2 question for me! How Carry over amount section 179 for next year deduction? Will it be section 179 deduction if we not specify if MARS? Which on do we select first?: MARS, 179, Bonus depreciation. Can we take all 3 at same time?
Thanks! Great presentation, subbed. I think you answered my question: for a piece of equipment, can I claim just 10% 179 deduction first year, and then claim the remaining 90% as 179 in the following year? Or is 179 only allowed during the first year only and then you are stuck with MACRS? I get that with 179 you must list it in first year of use, just wondering if you can split it up. Thanks!
Hi Alex. I remember you! I saw you in one of the tax seminars and you sat on our table for lunch. I believe it is either with Gear-up or the Spidell tax seminar. I was really impressed on the way you talked about taxes and you as a financial advisor to high net worth clients. Glad I found you here!
Hello there, Thank you for watching and for your kind words! With regard to your question -- yes, we are able and glad to provide tax preparation services nationwide. Accordingly, please feel free to reach out to us at (323) 531-3500 to discuss further! :D
Thank you for posting this, the software I use won’t automatically adjust the business income limitation for sec 179 when there are wages present, but the instructions for 4562 clearly points to the inclusion. Anyhow, your video made things very clear for me and gave me confidence in how I was understanding the instructions :)
I know Sec 179 can't cause your business to report additional loss, but if your business has a loss in the year you purchase and place in service a piece of equipment is there a benefit to still claiming Sec 179 and just carrying over the full amount into the next tax year when your business income will be higher?
Hello Dee, Thank you for your message! To determine the most advantageous strategy with respect to accelerated depreciation, there are multiple factors to consider. While it may be beneficial to claim Section 179 in a particular year in which the business reports losses to then carry over those suspended Section 179 allowances to a future tax year, would it be more beneficial to claim bonus depreciation instead for the tax year in question? Or can the taxpayer simply use the "De Minimis Safe Harbor" to avoid Section 179 and bonus depreciation altogether? Furthermore, is the "Safe Harbor for Small Taxpayers" a viable option in the tax year in question? Additionally, as bonus depreciation may be used create or increase business losses in a particular tax year, it is often not allowed for state income tax purposes, so this is yet another element which must be considered. Overall, depreciation becomes very complex very quickly due to the options, thresholds, limitations, and requirements involved. As a result, it is unfortunately impossible to offer an assessment of whether claiming Section 179 in a loss year would be beneficial as compared to any other available options. But then again, this is where us tax professional provide value for our clients! I hope this helps.
This is so very helpful! Thank you for explaining this so well! One question if you don't mind - On line 6 where you list the Section 179 property there are only 2 lines. Are we limited to two pieces of property for the Section 179 deduction or do we lump all of our purchases together in that area? Thank you!
Hey, thanks for the video! I had a quick question. Would a sole prop business owner be able to purchase a vehicle and the use section 179 to write off the vehicle? Would you be able to make a detailed video regarding this? Thank you so much, take care!
Hello Efros, Thank you for this video. I have a few questions. The amount you do not take on section 179, can you take it the following year using section 179 or it has to be depreciated over time? If an assets cost $150k but you only take $100k, the other $50k has to be depreciated over the life of the asset ? Also, if I do not take section 179 the the first year, can I take it the second or third year?
I appreciate your time and effort to explain the different examples. Thank you.
You are an excellent trainer!! I fully understood everything you said as I was listening to it the very first time. No rewinding and repeating. I have listened to many, many accounting lectures on You Tube and many of them are good, but yours are definitely EXCELLENT. I like that you summarize what you are going to teach me, then you explain it in detail, then you follow up with a summary of what we just did.
Thank you so much for your kind words! :D I really appreciate the feedback and I'm glad that the video was helpful. Be sure to subscribe for more videos! :)
Fantastic content and explanation 🎉
Thank you for watching and for your kind words -- much appreciated! :D
Thanks for the break down 🤘🏽
I didn’t realize you were in SoCal too !
Excellent, thanks so much
I don’t know if you went to school in Ca bc your dynamics are so Californians or I see you are an Angelino. 👏🏽👏🏽👏🏽I am an Angelina n that’s everyone tells me about how I explain or I teach when I train others.
I am in Washington DC thank you for such great video.
Fantastic.
Excellent communicator, my friend. Through learning more about the relationship between wages and Section 179, I more clearly understand why I saved so much money when I applied my Social Security income and funds from my PERA pension how my taxes were so dramatically reduced.
Great Job
its very helpful
Thank you for video. Please clarify these 2 question for me!
How Carry over amount section 179 for next year deduction? Will it be section 179 deduction if we not specify if MARS?
Which on do we select first?: MARS, 179, Bonus depreciation. Can we take all 3 at same time?
EXPLANATION IS REALLY HELPFUL THOUGH
Thanks! Great presentation, subbed. I think you answered my question: for a piece of equipment, can I claim just 10% 179 deduction first year, and then claim the remaining 90% as 179 in the following year? Or is 179 only allowed during the first year only and then you are stuck with MACRS? I get that with 179 you must list it in first year of use, just wondering if you can split it up. Thanks!
thanks for the detailed scenarios
You're welcome, Nassir! Welcome to the channel! :D
Can you depreciate assets purchased with debt?
Thank you, i was struggling understanding section 179 until i found your video👍🏼
You're welcome -- I'm glad it helped! :D
Thank you very much this is very clear .
Efros, could you please clarify: can a taxpayer take 179 and MACRS in the same year (1st year an asset placed in service)?
Very informative...you are now my”go to “ guy for my tax info
Hi Alex. I remember you! I saw you in one of the tax seminars and you sat on our table for lunch. I believe it is either with Gear-up or the Spidell tax seminar. I was really impressed on the way you talked about taxes and you as a financial advisor to high net worth clients. Glad I found you here!
Hey there...it's such a small world! If you see me at a future training seminar, feel free to say "hello"! :D
Great informative video! Hey do you prepare taxes nationwide?
Hello there,
Thank you for watching and for your kind words! With regard to your question -- yes, we are able and glad to provide tax preparation services nationwide. Accordingly, please feel free to reach out to us at (323) 531-3500 to discuss further! :D
Thank you for the information. It was very infomative.
You’re very clear and thorough! 😀
Thank you! 😊
Thank you for this. You made Section 179 very clear for me!
You're welcome, Trudy! Thanks for watching! :D
@@EfrosFinancial By the way, you do have great hair! lol I was watching one of your videos where you said that.
Thank you for posting this, the software I use won’t automatically adjust the business income limitation for sec 179 when there are wages present, but the instructions for 4562 clearly points to the inclusion. Anyhow, your video made things very clear for me and gave me confidence in how I was understanding the instructions :)
You're welcome -- glad it helped! :D
I know Sec 179 can't cause your business to report additional loss, but if your business has a loss in the year you purchase and place in service a piece of equipment is there a benefit to still claiming Sec 179 and just carrying over the full amount into the next tax year when your business income will be higher?
Hello Dee,
Thank you for your message! To determine the most advantageous strategy with respect to accelerated depreciation, there are multiple factors to consider. While it may be beneficial to claim Section 179 in a particular year in which the business reports losses to then carry over those suspended Section 179 allowances to a future tax year, would it be more beneficial to claim bonus depreciation instead for the tax year in question? Or can the taxpayer simply use the "De Minimis Safe Harbor" to avoid Section 179 and bonus depreciation altogether? Furthermore, is the "Safe Harbor for Small Taxpayers" a viable option in the tax year in question? Additionally, as bonus depreciation may be used create or increase business losses in a particular tax year, it is often not allowed for state income tax purposes, so this is yet another element which must be considered.
Overall, depreciation becomes very complex very quickly due to the options, thresholds, limitations, and requirements involved. As a result, it is unfortunately impossible to offer an assessment of whether claiming Section 179 in a loss year would be beneficial as compared to any other available options. But then again, this is where us tax professional provide value for our clients!
I hope this helps.
@@EfrosFinancial Thank you! Yes it definitely can get very complex. Thank you so much for the additional information!
This is so very helpful! Thank you for explaining this so well! One question if you don't mind - On line 6 where you list the Section 179 property there are only 2 lines. Are we limited to two pieces of property for the Section 179 deduction or do we lump all of our purchases together in that area? Thank you!
Hey, thanks for the video! I had a quick question. Would a sole prop business owner be able to purchase a vehicle and the use section 179 to write off the vehicle? Would you be able to make a detailed video regarding this? Thank you so much, take care!
Unless your vehicle is an asset
Do you have a video that shows how to fill out Form 4562 with Section 179 deductions?
Hello Efros,
Thank you for this video. I have a few questions. The amount you do not take on section 179, can you take it the following year using section 179 or it has to be depreciated over time?
If an assets cost $150k but you only take $100k, the other $50k has to be depreciated over the life of the asset ?
Also, if I do not take section 179 the the first year, can I take it the second or third year?
OMG THIS TAXATION IS HARD AS HELL:)
Thanks for the break down 🤘🏽
I didn’t realize you were in SoCal too !