IMPORTANT UPDATE: BONUS DEPRECIATION IS 80% IN 2023 AND WILL BE 60% IN 2024. WATCH THIS VIDEO NEXT FOR THE MOST UPDATED INFORMATION: kzitem.info/news/bejne/2IyV12V_nmhyo44
@briceh1001
3 ай бұрын
I have 4 questions. I purchased a 2024 Honda Civic which doesn’t meet the 6000 pound requirement, am I able to deduct anything at all for my purchase? And if so, #1 What if I use my vehicle to do Uber? Can I write that off? #2 What if I rent my car out on Turo, can I write my vehicle off? #3 What if I rent my vehicle out to someone, can I write this off?
@AdrenalineandEpiphany
2 жыл бұрын
There is something you left out. If you have your own business with a location and a home office, you can deduct your regular travel to work as a business expense if you setup your business day correctly. If you start your business day working from home in the home office for a few hours, then travel to the business location to work a few hours, then travel home and work a couple hours in the home office to end the day.... then both travels are business deductions.
@tsunamieyes
2 жыл бұрын
Smart 🤓
@terelldepina7095
2 жыл бұрын
Scorp lifestyle
@Lifechanging99999
2 жыл бұрын
I’m fairly certain that’s disallowed. You can only deduct travel to other work sites after your main travel to your job.
@AdrenalineandEpiphany
2 жыл бұрын
@@Lifechanging99999 yes that's correct, and in this instance, you're mainly working from home. They consider your walk from your living area in your house to your home office as the main travel to your main job because you're working from home and you only spend the middle portion of your work day in another location, causing you to travel, during work hours, from one work location to another, which is a deduction.
@CULTUREVULTURETV
Жыл бұрын
Great video what’s your Instagram
@brandonj7440
2 жыл бұрын
Incredible job. You guys are quick, to the point and provide the useful info. I used your method last year to write off my f 150 for business but it was amazing how many tax advisors looked at me funny when I explained the method and section to do it with. They had no clue.
@ITSjpBitch1
Жыл бұрын
Or was surprised you did
@maconjokez
Жыл бұрын
Does the truck have to be 6k GVWR and 6ft+ long bed to qualify for 100% bonus depreciation?
@ShakyHands556
Жыл бұрын
@@maconjokez just 6k GVWR, bed size doesn't matter
@blipblop92
Жыл бұрын
Same here. I spoke w some "tax advisors" and theyre clueless about section 179. What a tool
@thedavevidal
Жыл бұрын
As always....this is the absolute best channel for accounting advice. A gamechanger for me as a small business owner.
@houstonshomeautomation3524
2 жыл бұрын
Firstly congratulations on the new edition I'm so proud of you guys Secondly you guys are doing a huge benefit to the small black business owners community As I've said before I use this exact same method to get a 2020 Chrysler Pacifica hybrid pinnacle edition That I used to promote my business and to ride share all 100% able to be deducted. A lot of other youtubers tend to do Speaking seminars throughout the country touring . I know that's a lot to X with the new family and everything but maybe Koran ....
@deedoubleu7339
2 жыл бұрын
Your business could be renting office space at your home. Technically your home is considered a business space
@amandawatts1317
2 жыл бұрын
And if you’re a realtor going to meet clients at homes wouldn’t it be considered business travel as well so business to business was not the best example in my opinion
@RoundzMusic
2 жыл бұрын
Yes!? Your home can still be the business location I think!
@GoFastJames
2 жыл бұрын
You both did a good job on this video, to the point and video looked good with the cars. One thing I found over the years most CPA's and or accounts seem to not grasp youtube as in making money with it, and dont many told me they dont see how youtubers can write off cars even tho the content is based on cars. If you made a video on how car youtubers can write off the cars they use for content as well say someone like MrBeast how he would do taxes lol, you would get a good amount of views and possibly business.
@simbaproductions4624
2 жыл бұрын
Spot on! That’s exactly the question I’ve had for so long and partially my motivation in watching this video, trying to understand how car KZitemrs do it
@withgx3483
Жыл бұрын
What are the requirements for a newly formed LLC business to start thinking about leasing or buying a car under the business name?
@midwestzeke481
Жыл бұрын
whatd u find out
@xmen123ify
10 ай бұрын
I saw this video at the beginning of the year and I set up my LLC for my delivery service busniess and I am hoping I can deduct my 2023 Jeep Cherokee lol 😂. Have a very detailed log of all expenses. :)
@arliepeyton
6 ай бұрын
You two are fantastic together: very clear and useful content! Thank you. 🙏
@ChristinaD1996
2 жыл бұрын
This video has been Dale approved! No "axing" of anyone, found!
@ibasaints
2 жыл бұрын
Great video guys. Have a couple of questions: What happen if you promote your Bussiness under your business owned vehicle with your own company decals? Does that kind of promoting count as business mileage?
@kingjaries
Жыл бұрын
From what I am aware this does not count since you aren't driving to a specific destination to do business. But perhaps you can drive your vehicle to an event to promote your business maybe like a convention center, fair, etc. but I would imagine you also require documentation that leads to the business obtaining income.
@shainewinter8264
Жыл бұрын
You guys left out the most important. I own a trucking company and my apartment is my business address. I start my day by checking my dispatch, and driving to my truck. Is my leased vehicle (given I leased it in the same year) a write off.
@SubliminalPrescription2xDaily
7 ай бұрын
I’m happy I found your channel… Taxes are coming soon… Can you please make a tax deduction video for gig workers? Instacart and Spark are the two that I do. Thank you so much for your advice.
@UsaProAlarm
Жыл бұрын
My guest to your question is if your home office is your main place of work any trip to your stores is deductible.
@schemerzzzz4875
Жыл бұрын
Can i purchase a truck (over 6k pounds), then create an llc and write it off? or do i have to open a llc first?
@aleksanderdomberg630
2 жыл бұрын
Thank you both for providing the world such value. Be blessed!
@user-by6io6qu4b
2 жыл бұрын
⬆if you need help about credit lines and financial help john will do a very marvelous job for you and you will be happy....he really helped me he is reliable 100% guarantee...look up it his details at the top;;;;
@LifehasnoNiche
Жыл бұрын
What if the business didn’t make any money, Does the business have to be profitable?
@warrencrescenzo9569
2 жыл бұрын
Your guys are great! I have a home office and then go to other business locations. I think it can be deducted. Please discuss deduction as an employee. Best wishes on the new baby!
@AdrenalineandEpiphany
2 жыл бұрын
Yes, if you setup your business day correctly. Start your business day working a few hours in your home office, log what you do at your home office, then travel to a business location to work for a few hours then travel to your home office to work for a few hours and end the day. As long as you are logging what you're doing at the home office and starting and ending your business day at the home office and you have to make certain you work for a few hours each time then any travel during the business day is deductible to or from a business location. It won't work if you only work an hour at the home office and then travel to work and then come home and relax. But if you work 2 hours in the morning at the home office then travel to a business location for a few hours then travel to the home office for 2 more hours before signing off the time clock. Then its all deductible.
@chrissartin5192
2 жыл бұрын
Explain how a Porsche is ordinary and necessary as an accountant, and how it benefits your practice.
@real1muzik
2 жыл бұрын
It's a car with a quality perception. Great choice! Plus EV / Hybrid
@TheBiggest7.62
2 жыл бұрын
Would a Toyota be acceptable for you ma’am?
@pj-hs7pk
2 жыл бұрын
It’s a green screen
@tyson1chicken
2 жыл бұрын
Clearly it’s an indicator of good wealth management.
@surfingtothestars
Жыл бұрын
@@TheBiggest7.62 i'll take a Toyota. It'll def outlast those two Porsches lol
@marketbuy
2 жыл бұрын
Sooo, if I purchase an EV, should I put it in my company’s name and pay for it from my business bank account? Or, should I purchase it from my personal bank account and apply the “accountable plan” to be fully reimbursed for taxes, interest payments, insurance, etc….?
@JuanCarlosRF1
2 жыл бұрын
Good question
@PGMP2007
2 жыл бұрын
- QUESTION - @LYFE Accounting If you declare one of your house rooms as an office to work from home, but you have to travel to the official business office to have a meeting. Would that travel be recognized as conducting business.
@DeneeDubwa
2 жыл бұрын
Awww, congrats LYFE team❤️😍 & as always, thank you for the great information!
@stephenforth
7 ай бұрын
Could you provide further details on what it means to write 100% of a vehicle that is over 6,000 pounds off the first year. A lot of people don't realize they have to still pay the monthly payments and what not of the car, so what would happen at the end of the year then? You get all of that money back? Etc.
@sagarsigdel6893
2 жыл бұрын
For section 179, does the vehicle have to be over 6000 pounds?
@Blessed-th4od
2 жыл бұрын
Yayyyy congratulations u guys on y'all's new addition 😊
@tjspragg8491
2 жыл бұрын
When you purchase the vehicle, is it only taxable if you paid for it and own it outright? Or does it still count if you're making payments on it?
@hannahh.8422
Жыл бұрын
Did you ever find out the answer? I’m curious as well.
@tjspragg8491
Жыл бұрын
@@hannahh.8422 Yes, you can be financing it still and write off.
@hannahh.8422
Жыл бұрын
@@tjspragg8491 awesome! Thank you!
@amlandcarellc3164
2 жыл бұрын
@3:55 you answered my question as I was thinking it up. Yes, A home-based biz would "work". Right? irs approved.
@martywhite1822
2 жыл бұрын
If you use a specific space in your house for business im assuming your home is now a business address as well?
@GDunnPT
11 ай бұрын
Great video. Thanks 🙏
@jackieosby7154
10 ай бұрын
Great informative video
@jimbrown1707
Жыл бұрын
You both are awesome! Thanks!
@michaelabraham7747
2 жыл бұрын
Love the chemistry...and congrats on Baby CPA.
@MorpheusYung
2 жыл бұрын
You guys are changing lives, just wanna thank you
@JuanSanchez-nn1db
Жыл бұрын
Pure gold...thanks for sharing!!
@LordRocco777
Жыл бұрын
I subscribed within the first couple of minutes, you two do a wonderful job thank you 👏🏽
@adelecosse8799
2 жыл бұрын
Can you double dip traveling to a job that you do are the employee and also doing personal business at that job? Example, I am a flight attendant. If I am flying for work but happen to be delivering my product to someone in the city I am flying that day, would that still qualify as a business travel and be deductible?
@zan0zzza
2 жыл бұрын
Sport Utility and Certain Other Vehicles You cannot elect to expense more than $26,200 of the cost of any heavy sport utility vehicle (SUV) and certain other vehicles placed in service in tax years beginning in 2021. This rule applies to any 4-wheeled vehicle primarily designed or used to carry passengers over public streets, roads, or highways that is rated at more than 6,000 pounds gross vehicle weight and not more than 14,000 pounds gross vehicle weight. However, the $26,200 limit does not apply to any vehicle: • Designed to seat more than nine passengers behind the driver's seat; • Equipped with a cargo area (either open or enclosed by a cap) of at least 6 feet in interior length that is not readily accessible from the passenger compartment; or • That has an integral enclosure fully enclosing the driver compartment and load carrying device, does not have seating rearward of the driver's seat, and has no body section protruding more than 30 inches ahead of the leading edge of the windshield. Thats ☝🏻from IRS site (Section 179) so, the question is, how you can Write-Off Porsche Cayenne fully in one year, if code/section has limit, and if you want to skip this limit, you have to buy truck 6000lbs + 6ft+ bad, or I understand not correct now?
@huanhoang9329
2 жыл бұрын
I believe there is a bonus depreciation that let you write off 100%. That will expired after 2022 tax year
@bcmoon4014
2 ай бұрын
Where exactly do these rules apply? I'm located In Canada! Would this perhaps be only applicable in the US?
@odariuscole7359
Жыл бұрын
what if the vehicle is less then 6k lbs? is everything still the same?
@dz4679
10 ай бұрын
As a part time seller on Ebay, would I be able to take advantage of Sec.179?
@kevinbomb
Жыл бұрын
deduction is easy however no information about recapture or tax implications on the sale of the vehicle
@tsunamieyes
2 жыл бұрын
Yes..my home is my business address..😻
@wavygoods877
2 жыл бұрын
Same here that’s what I’m trying to figure out lol
@valmontgroup
2 жыл бұрын
Great advices guys. Keep pushing!
@gamlielu
Жыл бұрын
Very nice although I do not need it. How about using the car for the owned rental property use only?
@JJ-uh7jh
2 жыл бұрын
The TURO cars on point lol good video guys.
@sammyvices2547
Жыл бұрын
Does the 6000lbs car have too be paid in full? Or can it be leased? Can it be used or does it have too be new?
@n7y8c7
2 жыл бұрын
Thank you for publicizing this info. It got me a "free Infiniti!" Next, it'll get me a Rivian!
@GK-bt6dn
2 жыл бұрын
QUESTION: Could you please give the answer - You say about small business, form 1099. But can I use this deduction for S-corp??? Could you please make some videos ( tips) regarding S- corp... Thank you in advance.
@nevea.4621
Жыл бұрын
Excellent video !!
@kusharora765
2 жыл бұрын
Were you able to write off the Taycan and get bonus depreciation because it's over 6000 pounds? The language seems to only allow for trucks and Suv to take advantage of this benefit
@user-by6io6qu4b
2 жыл бұрын
⬆if you need help about credit lines and financial help john will do a very marvelous job for you and you will be happy....he really helped me he is reliable 100% guarantee...look up it his details at the top;;;;
@TacticalExpedition
2 жыл бұрын
@@jeremyn6726 Yes it does. 2023 Porsche Taycan/Gross vehicle weight rating 6,162 to 6,349 lbs
@geebee9933
2 жыл бұрын
Hello! Thank you for sharing this information. Question: can I take deductions on a used( not brand new) vehicle that I purchased?
@Bluecollarrealtor
Жыл бұрын
just has to be new to you
@jamescrenshaw5097
2 жыл бұрын
Very good presentation of the topic!
@MalluStyleMultiMedia
2 жыл бұрын
Excellent video.. good information 🔥🔥👍👍
@bbblahoo7
7 ай бұрын
Could a vehicle that has a company wrap be used like as in it's a rolling billboard essentially?
@FIRE_AtTheBeach
2 жыл бұрын
Can you do a video on crypto tax gains and deductions? Like when you transfer crypto from one exchange to another..and also tax on staking rewards from exchanges like Voyager or Celcius?
@user-by6io6qu4b
2 жыл бұрын
⬆if you need help about credit lines and financial help john will do a very marvelous job for you and you will be happy....he really helped me he is reliable 100% guarantee...look up it his details at the top;;;;
@briceh1001
3 ай бұрын
I have a 2024 Honda Civic which does not meet the 6000 pound requirement to deduct 100% of the cost of the vehicle, but am I able to deduct anything at all for my vehicle?
@rogeliorodriguez5331
2 жыл бұрын
This is gold!
@yuniorsanchez2779
2 жыл бұрын
I purchased my car about 3 years ago is it to late to claim it under 179 I’m still making payments on it.
@alessandronarom6751
2 жыл бұрын
Supposedly they are supposed to be professional business and or cpa people yet they use the word "loop hole " which they are not. The rules are written as laws.
@user-by6io6qu4b
2 жыл бұрын
⬆if you need help about credit lines and financial help john will do a very marvelous job for you and you will be happy....he really helped me he is reliable 100% guarantee...look up it his details at the top;;;;
@abel3694
Жыл бұрын
what a great video thank you soooooo much
@OXFOOT
2 жыл бұрын
Not sure if you'll see this but if I film outdoor content and travel from my business to somewhere in the mountains to film, that can't be written off because it's not a "business".
@Laracroft19986
2 жыл бұрын
Awesome video! Thank you guys!
@yassinelam8269
2 жыл бұрын
Hey guys, thank you for the video, Isn’t the new limit of deduction since 2021 on all SUV’s over 6000 pound is 26.200$ in the same year?
@EClarity2023
Жыл бұрын
I would love to learn how to obtain a Porsche like yours
@scottsimonton718
2 ай бұрын
Does it need to be a new Car?
@stevecaple8192
Жыл бұрын
At the beginning of 2023 I became my mom’s caregiver. I am paid for my services out of her trust fund. Can this be considered a business? If so, can I deduct my car expenses for driving from my home to her home, to her hair appointments, doctor appointments etc? Is my home considered an office (business) even though I don’t have an official office in my home?
@travay6328
2 жыл бұрын
congrats Krystal🎉❤🤗 I am so happy for you two
@busyteacher2
Жыл бұрын
Thank you for the video. Do you have a video on "How to Study for the CPA exam?"
@EverythingsByDesign
Жыл бұрын
There are no tax loopholes, it’s just the tax code.
@tezt3740
2 жыл бұрын
One of the best videos ive seen on this topic...great work and quality!!
@KevinSmith-oz5oz
Жыл бұрын
Can you still claim home deduction this year 2022-2023 and forward. But I do park at my home. This business owns 2 commercial properties. I don’t live at my business post office box, and won’t leave my car in their parking lot. Feel safer parked at my house. I’m not going to park at one of my buildings with no parking garage. So where can I locate my car?
@TheReviewKing909
Жыл бұрын
If you have a home office, would travel from your home/office to a client's house be Business Travel?
@InvestBetter.
Жыл бұрын
Great video Thanks!
@9doggie12
2 жыл бұрын
You have come a long way from rockdale congrats!
@A1.CLiiiPz
2 жыл бұрын
Does this work for vehicles used on Turo and uber?
@robertnelson1286
8 ай бұрын
Does any sub or truck over 6k pounds qualify for the 179
@queendomkingdom2646
2 жыл бұрын
You said it lowers your taxable amount but what amount of money would you get from your vehicles cost?
@user-by6io6qu4b
2 жыл бұрын
⬆if you need help about credit lines and financial help john will do a very marvelous job for you and you will be happy....he really helped me he is reliable 100% guarantee...look up it his details at the top;;;;
@michelleegbunike1657
Жыл бұрын
So that means that you have to have already either purchased or financed it with your business entity correct?
@seanstack180
8 ай бұрын
I just started my business November 2023. I have no income yet but I have had expenses. If I buy a truck this week December 2023 can I write it off this year or do I need to wait till January to buy it so I can write it off in a year I actually generate business income? My wife and I have high w2 income so I would love to write this off this year to offset w2 income tax if possible.
@larry92adventure65
Жыл бұрын
So if I drive my vehicle from one construction to another does that count as business travel
@thejetskidszionahmad6454
Жыл бұрын
You mentioned if your business address is residential would it apply to the business to business travel mileage; so would it be considered….
@angellaracuente6343
Жыл бұрын
So you can only do one or the other for the standard milages, or Actual Expense, you can't do both?
@rogerenglish624
Жыл бұрын
For my company I drive all over the eastern coast from warehouse to warehouse repairing and assembling storage rack putting about 40 thousand miles on my vehicle to get from job to job plus job to home and home to job which sometimes is over a thousand miles for me to go home for a weekend would this travel from Pennsylvania(home) to Kansas(current job) be considered a business trip
@naikeelovince7774
2 жыл бұрын
CPA child’s God Mother right here 💓💓💓
@jamescrenshaw5097
11 ай бұрын
I just came back and watched this. Is it true that if you use the standard mileage method, that depreciation is a part of the calculated cents per mile amount? And if that is correct, if you choose 179 or bonus depreciation (not the same thing), then you must use the actual expenses method if you write-off the cost of the car in Year 1?
@mattchowtx
2 жыл бұрын
thanks for the info, but its time to learn how to properly say porsche..
@jdubsbd114
2 жыл бұрын
if you do youtube from your house and youtube is your business, im pretty sure that counts as a business location
@JustDoItSmooth
Жыл бұрын
What if your vehicle is your business? I am a mobile repair tech fixing computers and cell phones how would I write that off?
@ML-bs6dn
Жыл бұрын
Thank you so I could put actual expenses and I could put it under an asset I could use both methods? Because I got a big deduction, and I want to make sure I could put both on my taxes
@angellaracuente6343
Жыл бұрын
so if you live in a home under you business name and travel to partner for each location all of that is deducted?
@ML-bs6dn
Жыл бұрын
So could you put it under section 179 under an asset plus the actual expenses could use both methods ?
@nygreek743
Жыл бұрын
So, if you travel from your office to a client's house, this doesn't apply as business travel?
@rsar5678
Жыл бұрын
What if your car is wrapped, would that be considered business usage?
@thriftingsisters1226
2 жыл бұрын
What if you lease a vehicle? Will it matter if you lease it under LLC or sole prop? The vehicle will be traded back every 3 years and technically you don't own it. Also, if you use a scooter for door dash, are those expenses deductable?
@adelecosse8799
2 жыл бұрын
Not a CPA, but guessing no since you do not own DoorDash? You must be the employer and not the employee
@QuikContent
2 жыл бұрын
@@adelecosse8799 he’s a 1099 contractor. Not an employee
@andresfiguereo6879
Жыл бұрын
Does renting a car on Turo platform apply for complete business use?
@toddntasha
2 жыл бұрын
I love black folk. You guys are just awesome and so professional.
@jeffclark5475
Жыл бұрын
what .. is that not a bit racist! Love these guys also but why do we have to mention they are black??
@seand.warren8330
8 ай бұрын
@@jeffclark5475cuz she a black. Blacks and blacks bond . We whites aint their brothera
@kobee24
7 ай бұрын
for example, for example, for example yeaa they made dis video for me 😂
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