Don’t forget to check out my ebook, _The Short-Term Rental Rule: How to Reduce Taxes Like the 1 Percent!_ ebook.taxalchemy.online/ebook
@jdennis
2 күн бұрын
Link not working anymore.
@occ6018
6 ай бұрын
It’s like you sense people’s thoughts. Ur always spot on when a question pops up in my head. Thank you!
@RiverBottomWarrior
4 ай бұрын
Clear, Concise, thanks for this Boss. Happy to have you creating content for us seeking this type of knowledge.
@SinkoMUSIC
2 ай бұрын
I have a hack for the dmv lol I recommend arriving at the DMV five minutes before closing. I assure you that you won't wait more than 20 minutes there because there are fewer people and the workers are eager for everyone to leave so they can go home.
@pushinp4415
6 ай бұрын
Make a video about how to start an LLC as a stock/forex/crypto trader if you planning on doing it full time or if you still got a 9-5 and trading on the side. Also how the IRS classifies trading and investing into shares different for people who do both. Also about tax write offs for the business. Thank You 🙏
@iamOAKland
29 күн бұрын
You can search that
@mymonthlytravels4679
6 ай бұрын
What about leasing a vehicle under your LLC?
@marvinbrando722
4 ай бұрын
That's straight forward
@monicahughes5952
Ай бұрын
so clear; like that you state what questions to ask and things to check into ahead of time.
@judep4372
Ай бұрын
This protects you from police running your tag and initiating traffic stops if you had prior offenses and speed camera tickets.
@mushasho
13 күн бұрын
You totally overlooked the tax implications involved. Paying taxes on 30k on the personal side then to write a p&s for 30k to transfer it to the llc to get a write off, implies paying state sales tax twice.
@RJ1Reed
4 ай бұрын
This creates a taxable event called sales tax and I haven’t seen a lender that will allow that because they charge a higher interest rate for corp vehicles. This only works when purchasing otherwise it makes no economical sense.
@ShereeNicole-b7x
3 ай бұрын
I think it’s a great idea to place your vehicle under there LLC for all the reasons you just mentioned.
@kasectomi
Ай бұрын
Thanks for adding value!
@cathy41875
6 ай бұрын
Navy Fed requires that you must be in business for at least one year. The minimum value of the car to purchase must be $53k and you must put down 25% down.
@SigningWithOmar
5 ай бұрын
Good to know Thanks 😊
@cylvaniaallen4498
4 ай бұрын
What about if you already have an auto loan with Navy and you just want to transfer.
@miner4life628
4 ай бұрын
@@cylvaniaallen4498the car loan must be $40k or higher
@miner4life628
4 ай бұрын
@@cylvaniaallen4498have another bank buy it from Navy Fed and put it under your business name
@doug437
6 ай бұрын
Can you do a video on what is the best way to deduct a vehicle purchase in 2024? Bonus depreciation is only 60% in 2024, does it make more sense to purchase the vehicle in one LLC and lease to a 2nd LLC to write off the lease?
@iamOAKland
29 күн бұрын
Can you pay him for his time since you requesting information?
@controlsaibot9178
4 ай бұрын
This is absolutely wonderful information, great upload. I am so happy. It was a real person and not a stupid AI talking my POV.
@Travelingchefmark
5 ай бұрын
Brilliant thank you so much, about to do this and didn’t have a clue. Appreciate you sharing !
@matthewbickel3853
6 ай бұрын
Carlton, can you do a video about airplane ownership and LLCs? Can buying a plane to do flight training be deductible?
@elyon9329
4 ай бұрын
That’s only if you register it! Research: Register!
@JahYoung03
7 күн бұрын
How do you take out a loan through your newly made LLC to buy a vehicle?
@JW-tk1sr
5 ай бұрын
In many cases this creates more expenses then it saves. Example if you put the vehicle in a S corp and you also use it for commuting or personal miles then you have to pay taxes on that personal usage. Commercial car insurance is usually higher then personal. You have to pay sales tax on the title transfer. Unless the vehicle is 100% business and you have other employees using it, this doesn't make much sense.
@ultraret
4 ай бұрын
Yup, agreed this is totally a dumb video not to mention that LLC assets are at risk as the owner of the vehicle if in any accident.
@Creditkae
6 ай бұрын
Good info but you will not get a title to your vehicle under your LLC if the loan is not paid off
@john4808
6 ай бұрын
He addresses this at 2:36 mark of video
@Vibetribe8
4 ай бұрын
Thank you for the insights 🙏 stay blessed
@ultraret
4 ай бұрын
This bad ideal most of the time for normal passenger vehicles that are used for both personal and business use, there is no decreased liability protection b/c guess what your LLC is not gonna be driving it when u get in accident it will be a person (you as the driver) and now they will go after the driver personally and the owner which is the LLC. Put the car in a Personal Vehicle Trust for some better liability protection without risking your operating LLC assets.
@takodashabbael8794
4 ай бұрын
I would never do that. Putting your automobile under the LLC is not a good idea.
@hedgefund996
6 ай бұрын
Good Educational Content
@andrejreed8802
4 ай бұрын
In Texas, we would need to pay an annual property tax based on the value of the car if its a business asset. No tax on it as a personal asset. That's a deal breaker here.
@johnnynguyen4888
4 ай бұрын
Insurance sky rocket
@iamdflamont
19 күн бұрын
What do “I” think!? SUUBSCRIIIIBED!!
@4mrevans
4 ай бұрын
Thank you for this.I have just started my l.L c and i'm trying to figure out how to get vehicles and insurance
@MartinPerry-j8g
4 ай бұрын
Thanks! Great Video!
@truckersreport1559
4 ай бұрын
The commercial insurance u will pay will have u running back to personal
@eeveelynnashes
6 күн бұрын
Im getting ahead of myself here.. but what if the vehicle is still being paid on, we have no title :/
@Calvin7237
6 ай бұрын
Excellent information 💯
@ruframos-qf7gx
6 ай бұрын
wowowona, impress, great information, will follow advise, will do so asap....keep up with these great information.......
@donaldbaughn6275
4 ай бұрын
It is a great idea to do just that.
@rogersrealestategroup
5 ай бұрын
Do you have a CPA that you can refer? I have been watching your videos lately, and they are pure gold! I brought your ideas and strategies to my CPA and it is way over his head.
@crowdsfavorite4660
2 ай бұрын
Is insuring a vehicle under an LLC more cost effective then insuring it under your personal name?
@titan1champ
Ай бұрын
Great video. Thank you for the information. I have a question. I have taken over a vehicle from my father and its free and clear and no leans. Should I transfer the car under my name 1st before transferring it under my LLC or directly to my LLC?
@MrJtquest
Ай бұрын
Thank you for what you do. I used a Truck for 100% Business. The truck is in my name, not under the business name. I understand Actual vs. mileage. Can I claim the Depreciation over 5 years even if the Truck is NOT under the LLC name? PLUS, the actual or mileage, whichever one benefits me the most?
@AdventureBoundRentals
6 ай бұрын
You can only transfer a title unless the vehicle is paid off and you have a clear title..
@lookatthisish
Ай бұрын
Can you do this uf you are still paying a car note?
@scottwalt1130
2 ай бұрын
What if you’re paying cash for the vehicle to be under the LLC?
@COO698
2 ай бұрын
Make a video... How you put crypto into a Trust.
@bradleykeys987
5 ай бұрын
Love your content. Thanks for sharing. Question. If my LLC purchased and owns a vehicle and does a 100% deduction that year, who pays the loan on the vehicle? If the company pays the loan payments, what account is it considered? An expense? Or Other Liability? Or equity in QuickBooks? Thanks
@kerrybaird5641
2 күн бұрын
That’s the question I have, too.
@sheppardecd
6 ай бұрын
What about car insurance under the LLC or Living Trust?
@curveepee5386
Ай бұрын
I’m pre approved but just started my biz. How should I buy? In my name and transfer? Or put it in the biz name now?
@Midwestplayers
6 ай бұрын
I personally am only interested in the deduction that come with using my vehicle for work .. I’m not interested in going through the process of transferring it to my LLC especially since I don’t own it out right yet. Do you have a video for business vehicles deductions not owned under the LLC ??
@beanz6795
3 ай бұрын
I'm an owner of 3 moderate sized businesses but I'm definitely not an expert. Based on my personal experience over the past 14 years, I'd say the best way to simply accomplish that is to just save receipts for tax right offs. Ie. Gas, car repairs and maintenance, tolls, mileage, etc. As long as it pertains to BUSINESS use you're good.
@WeldonRoofing
4 ай бұрын
First Step...Own your vehicle and have the title Second Step... Change ownership at the DMV
@hiddenspringshappenings3945
6 ай бұрын
Love it. We do this.
@damonicajones4396
6 ай бұрын
Thank you!
@jnenski361
6 ай бұрын
Hopefully, I will be doing so…
@WalkLikeUs
6 ай бұрын
Great Video
@valerief911
6 ай бұрын
Thx Karlton!
@arrey11
26 күн бұрын
If I do not want to transfer the vehicle to the LLC, but use it for business, what are the tax benefits?
@qtse
4 ай бұрын
What are the benefits of having my LLC owning my car?
@victortavarez11
Ай бұрын
does tis work with cars that have a lien holder? still being Financed?
@amilcareschettini5881
Ай бұрын
Does commercial vehicles have to plates from the state where the LLC?
@DNukinFutz
4 ай бұрын
Doing this opens you up to liability. If you hit someone in that LLC vehicle, they take the vehicle AND what’s under the LLC. If you have another vehicle under it, they can sue to get that too. Plus the LLC bank account. I don’t recommend doing this.
@meshark_t
4 ай бұрын
I just saw a video that is not good idea to put vehicle on llc.
@Alex7zest
4 ай бұрын
What happens if you LLC gets sued
@atobakari
4 ай бұрын
I can't find the bill of sale but I have everything else. Can I still do this in nJ
@ricardotortolero7823
5 ай бұрын
Good video!!! I have a question, If I buy a vehicle in Copart using my LLC do I have to pay taxes for it?? or I need to fill up a Sales Tax Certificate of Exemption??
@jayham9529
6 ай бұрын
Can you place your Lease vehicle under your LLC?
@BlackWatch411
6 ай бұрын
So now you have a commercial vehicle, and commercial insurance is more expensive than personal insurance 🤷🏿🤷🏿
@kewan2045
5 ай бұрын
Business write offs should offset the difference
@gunnerelliott6737
4 ай бұрын
And if you are a single member LLC then it's still just you on the insurance policy as listed driver... if you have multiple people driving it then yes it would be more.
@BlackWatch411
4 ай бұрын
@@gunnerelliott6737 your rate will still be higher.
@redsgarden5821
6 ай бұрын
Cybertruck here I come
@thomasr2434
6 ай бұрын
If the vehicle goes in to your llc how does the insurance for the vehicle go?
@beanz6795
3 ай бұрын
I believe that you'd technically have commercial (business) insurance on it
@emmanuelmorales9402
6 ай бұрын
Can I sell my paid off personal vehicle to my LLC in order to use the purchase as an expense instead of a transfer?
@kellytolbert9586
6 ай бұрын
Great question
@Kev95140
6 ай бұрын
Would I be able to build business credit if I transfer the loan in to the LLC and pay the loan monthly under the LLC ?
@beanz6795
3 ай бұрын
Im not an expert but I believe that it depends on if that lender reports to any of the business credit bureaus. It's different compared to personal.
@Dutchess80
4 ай бұрын
Great info but why does your voice-over sound fake AF, robotic even?
@BlindBiker3
4 ай бұрын
It’s very evil, but the government owns the cars with the certificate of origin, we need to do with department of motor vehicles, THEY ARE EVIL.
@zj2164
Ай бұрын
Why is that everything's is very complicated? People, should have freedom to started their small business without hassle-free. In USA only few people does the game and the rest of people are slaves. Even if I paid off my own vehicle paid off I have to transfer to LLC. All is scam.
@takodashabbael8794
4 ай бұрын
I would never do that. Putting your automobile under the LLC is not a good idea.
@margabbys1
4 ай бұрын
Why not?
@iamOAKland
29 күн бұрын
@@margabbys1you won’t get a reply because these type of people don’t have the information on why you should do that exact thing, they only know what they were taught and obviously liability is their biggest problem
@Thecrowmotorsports
6 ай бұрын
🏎️🔥🔥
@MrAncientAstronaut
5 ай бұрын
Isn't the point of an llc to protect your assets? Now they can come after your car. You can already write your car off as a deduction without an llc
@Cogzed
6 ай бұрын
*Bro, your website has been hit with malware!*
@Jaydababy80
4 ай бұрын
How so?
@JEM-p2p
6 ай бұрын
KD. This is silly. As you state, the deductibility of the business use of vehicle is NOT dependent on the title/ownership being within the LLC. Taking the time to do a transfer is mental masterb@tion....just a waste of time....but this is a good clickbait video!!
@Player-oz2nk
6 ай бұрын
Privacy concerns are legit tho
@deanscarlett8073
6 ай бұрын
He didn't mention but another benefit is this moves the financing to your business and it now no longer shows under your personal credit report.
@davidater9
6 ай бұрын
Bingo!
@dominichannah75
6 ай бұрын
So is he right or wrong?
@JEM-p2p
6 ай бұрын
@@dominichannah75 The taxation/deductibility of a vehicles business use is NOT dependent on ownership. If you are SELF EMPLOYED and can substantiate business use of your vehicle, it is deductible whether inside an LLC or part of your Schedule C. I think many folks misinterpret IG advice and believe simply put "personal assets" inside an LLC and that magically makes them business assets and deductible. KD knows his stuff but imo misleads people to attract new clients/get clicks - find a qualified tax advisor
@bngr_bngr
6 ай бұрын
I’ve seen people get car dealer license then create an LLC to put all their cars in that LLC.
@williamtudyjr6665
6 ай бұрын
This advice is “low key” how the rich stay rich and protect their assets. Working class people think their car is an asset. They dont understand depreciation. Youre doing Great work. Much appreciated 💯
@Raf.Velasco
6 ай бұрын
Would you be able to do a video on how to properly structure a Turo car sharing business and the write offs you’ll be able to deduct? 🙏🏼
@maamateescookincatering4790
6 ай бұрын
Thank you I recently found out that I can’t put catering signs on my van because the insurance is personal vehicle insurance NOW I’m well informed as to what steps I need to take
@paystyles5429
4 ай бұрын
Commercial insurance 4x higher
@takodashabbael8794
4 ай бұрын
I would never do that. Putting your automobile under the LLC is not a good idea.
@gunpornstar8379
2 ай бұрын
To protect your assets? Well, if you transfer your personal vehicle to your LLC, it's now LLC property, and you could lose the vehicle, if something happens to your LLC.... Might be something to keep in mind. Of course, if you sold the vehicle to your LLC, for a really good price, it might still be a good idea.
@zj2164
Ай бұрын
I agree with your points. Poor citizens are hurting. The greedy people wanted to own everything even if paid vehicle in full they wanted to legally transferred . What a shame? They used legally system to steal and scam people. Sadly, corrupt politicians and wealthy people control people life.
@iamOAKland
29 күн бұрын
Why would you lose the vehicle? Scared mindset!!!!
@WRxJb
6 ай бұрын
Great advice, keep it up, looking forward to being a CPA Sharing education is one of the greatest fulfillments!
@1986nfa
4 ай бұрын
Excellent Video, can you do one for why you may not want to put a vehicle in an LLC? A few things come to mind, some central appraisal districts charge a tax on BPP (Business Personal Property) and then income inclusion for a taxable fringe benefit for personal usage and the complexities that come along with that. There are probably others but that is all I could think of off the top of my head.
@kerrybaird5641
2 күн бұрын
My CPA says it introduces risk to the rest of my business.
@michaelcorey7962
12 күн бұрын
Great Vid: When buying a vehicle cash and then registering it under LLC, does the Insurance company require an actual licensed driver to get the initial coverage? Or is it simply insured to LLC then any driver {employee) would then be added to the coverage after?
@robertdeguzman5798
Ай бұрын
Hi Karlton, I have a classic pickup truck I bought in my name. I'm considering transferring it to my newly formed Construction LLC, for business use, but the truck needs work. If I transferred it to my LLC, could I write off the vehicle's engine replacement and/or restoration as maintenance of the truck to make it presentable for business use?
@michaelbeene-o3j
Ай бұрын
I don't have a LLC yet!But if I do Will my insurance payments get lower.Also if get a LLC can I put all the money I make into it and avoid Taxes or will there be a % of I will pay I live Illinois?please reply back.
@shannonwadley2252
4 ай бұрын
If you have a lienholder on the title you're shit out of luck. Also don't go into a dealership with a 400 credit score wanting to buy a Hellcat with your LLC . You won't have any business credit and your 499 credit score will follow you with your bullshit LLC.
@alliealba8806
5 ай бұрын
Thank you for yet another great video! I was previously told that a business owner (specifically an LLC) could just add their personal vehicle to their Operating Agreement as a contribution rather than changing to the title and such into the business's name. Can you give me your professional opinion on that please?
@mike19111
6 ай бұрын
Wow sorry I did not see this video befor....I have sale my truck under my name to my business also under my name ( a sole proprietary LLC ) I have put the minimum amount $200 since I already paid for my vehicle in full and make the sale. 3 weeks later I get letter from sales tax division of PA stating that I have to pay over $2200 on sales tax on grounsd that my vehicle is worth $29000 . I hope other people see this video befor they make my mistake..Any way I can get out of paying the sales tax ???
@KPCC
Ай бұрын
Ice. So If I put my vehicle under my LLC. Will I still have a car note to pay and insurance
@kennethwright5157
6 ай бұрын
My brother knocks it out the park again.
@DavidNovaa
2 ай бұрын
How does this work for a financed vehicle ?
@LEOZQUEEN3
6 ай бұрын
You are the GOAT!!!!!!!!!
@IamamessKeith
6 ай бұрын
Does this work in the same unison if wanting to place the items in a trust ?
@tigrayfirst2261
4 ай бұрын
I'm a taxi driver and I need to buy a newer car because the one I have is getting old, do you think I will get a tax deductible if I use my llc to buy the newer car like 2020 to 2022 but I will buy the car with cash. No financing. Thanks for this video. 🙂
@Samikjr1
4 ай бұрын
Do I need to have my vehicle under a commercial insurance policy to transfer a title to my LLC for a car I just purchased. I live in Texas. I am hoping to just use my personal insurance.
@Tonysosa570
4 ай бұрын
Why people think it’s sooo hard to put your car in your LLC. For the folks that kinda don’t know, you do. Same way you put your car in your name, is the same way put your car in your LLC. Not sure on all states, but mostly go to a notary, transfer the title over. Provide proof of insurance boom, your done.
@TH3SWAMP
4 ай бұрын
If I own a business out of state say Georgia but have a drivers license in another state say Florida can I register my car in my Georgia business name with Georgia plates ?
@yooo2568
5 ай бұрын
I need help! I started a detailing business. I’ve seen previous were you said you shouldn’t start a LLC until you have 45K in income. Is this still true?
@kevinmartinez8109
4 ай бұрын
I think you can transfer Title Subject to the existing loan in place, right? It can be done through RE
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