Have you written off your vehicle under your business?
@theabbefaria94
3 жыл бұрын
Would I be able to ask a CPA which one should I use if I hand them all of the info? Or is this not something they can handle?
@24bighrod
3 жыл бұрын
Im based in nyc . I am a uber lyft driver. Im planning to finance a vehicle for my business also starting an llc . Can I start an llc even tho I'm renting a vehicle at the moment? Btw thx for these gems you dropping on YT . My wife and I have learned alot.
@hustleman4880
3 жыл бұрын
@@24bighrod many businesses rent vehicles including mine
@karltondennis
3 жыл бұрын
@@24bighrod yes. The expenses of your vehicle...including payments with be tax deductible
@karltondennis
3 жыл бұрын
@@theabbefaria94 yes, but hand it to them in December.....not Jan-April...it will be too late!
@guilfoyleenterprises8600
2 жыл бұрын
The first time in my life that I have ever ENJOYED learning anything about TAXES. Karlton is an exceptional teacher!
@cweathersby
2 жыл бұрын
Same here. It’s all starting to click now
@dm5129
Жыл бұрын
Yes, he is. I thought the same thing. I do not know why I have never checked U Tube for business tax advice but I am glad I came across his channel. He explains it straightforward in a way that is easy to understand. Now all I have to do is figure out how I can quit my job and get more business use out of a new vehicle I plan to purchase to put that plan into action, hahahaha
@newnews619
Жыл бұрын
💯
@lucamartinengo9486
2 жыл бұрын
I’m a cpa and am learning tons from you
@EvaAli-j9g
8 ай бұрын
I’m glad I come across your video, new subscriber here
@whereistheaccountability7353
3 жыл бұрын
Karlton, I don't think this could be explained any clearer or simpler than how you've laid this out. Thank you so much. Saved in my business folder for later use/reference.
@karltondennis
3 жыл бұрын
Happy I could help
@AnaScott-hw3jb
3 ай бұрын
Wow! This guy is awesome. It's hard for me to concentrate on these types of videos, but this one made it very easy! Thank you
@_srnao
3 жыл бұрын
So informative, awesome to see someone from the Black community excelling. Definitely subscribed and will do so on my business videography page as well! High quality, NO BS content! Love this!
@gogogo1064
2 жыл бұрын
Serena if you see my deleted comment, it was not supposed to read like that. Have a great day.
@projectskii7557
2 жыл бұрын
I’m 19 and been watching these videos ever since I started my business, hope to give this knowledge to my parents and friends
@motivator4333
2 жыл бұрын
straight from south africa .. much love great advice
@DuyNuge412
3 жыл бұрын
I really appreciate this channel so much!
@karltondennis
3 жыл бұрын
Thank you!
@07CUrioUSME
2 жыл бұрын
My God! A man’s gift will make room for him! Hats off to you, man, you are excellent at this tax stuff! Damn! Hats off Karlton!
@tonylora5046
2 жыл бұрын
Excelent. Bro. Really good explanation
@inshape4health250
3 жыл бұрын
Finally real advice , its the small details that matter, thank you
@karltondennis
3 жыл бұрын
Glad you enjoyed
@chriss2352
2 жыл бұрын
You are great. Wishing you much success
@charlielee3945
3 жыл бұрын
Incredible timing. I'll be calling your firm next week. You're the man.
@worldfamousb4584
Жыл бұрын
Very helpfull. And knowledgeable
@alansmith2203
2 жыл бұрын
You da bomb baby. Great teacher and engaging personality. Man, that Tesla X is looking closer and closer to a reality for real estate investor status. As soon as i heard about the the tax code section 179.....might crack you up...but i stopped Karlton's video and went in search of what is gvw of a Tesla X. Found out it is 6768 lbs....cha ching! What an incredible 'lights on' moment.
@Florida_War_Tribe
Жыл бұрын
Your awesome man. I’ve been hitting your videos getting a ton of information that I plan on using going forward
@datw8665
2 жыл бұрын
That was the most comprehensive and easiest explanation on this that Ive ever seen! GREAT job!!!
@robg7896
3 жыл бұрын
Great info. Gotta binge on the rest of your videos!
@SimonOsamoh
2 жыл бұрын
Man Karlton your a natural teacher brother! Thanks for all you do
@mr.computers6797
2 жыл бұрын
You're the G.O.A.T of this tax world Boss. Keep up the great work. It's the way that you give real world examples and the way you break it down for understanding that makes this so great!
@tharealkiid
10 ай бұрын
Not sure I could afford you, but I would 1000000% love to have you be my CPA! The information you gave was so direct and concise. Also I feel like you’re trustworthy. All in all, great video 💪🏾!
@buckw33t
Жыл бұрын
Great channel…. Love it Karlton
@mattmonster0048
2 жыл бұрын
Can’t beat the simplicity of this video! Thanks for the clear explanations
@ronrosati8896
2 жыл бұрын
I bought my new Suv to run my business, i pay $400 per month for the loan and $300 a month for car insurance
@Jahguaar
3 жыл бұрын
I am committed to self-development & thriving.
@armanitransport2604
3 жыл бұрын
This is great because my wife was just telling two weeks ago. To keep up on the miles but I can seen her this. Because you have more details and information. Stay bless ✌🏿
@karltondennis
3 жыл бұрын
Thanks for watching!
@StrategikMedia
3 ай бұрын
If you're driving for Uber can you deduct the 10k for depreciation? Or do you need an LLC?😊
@ozzy4326
2 жыл бұрын
I have heard that some small businesses get AUDIT only it is because of a car tax write-off. The main question would be, how do we not get AUDIT after we write it off from the tax? What IRS looks on that for and AUDIT? Otherwise, every single person and company would write it off their cars, right?
@ThomasDickson3
3 жыл бұрын
Dope content. Not a wasted minute.
@karltondennis
3 жыл бұрын
Appreciate that
@relentlessfitnessroyalty2163
Жыл бұрын
I have gone down a rabbit hole of your videos! Thank you for your content bro it’s really been helping us quite a bit
@denishagriffin7822
2 жыл бұрын
Omgosh, wow! I had no idea. This is truly going to help me, and my business going forward. What a blessing. I'm subscribing to this channel. Appreciate this.💯
@alexalcala3052
2 ай бұрын
Very valuable information thanks a lot for posting this video. By the way, in what city is your office located?
@RAAC60
3 жыл бұрын
I appreciate your videos so much. Your content and the way you deliver the information are just excellent. Thank you.
@ronrosati8896
2 жыл бұрын
I am a uber driver paying 700 a month for a SUV outlander, i drove close to 30,000 miles 😳, not sure what to do? I paid 25k for the vehicle
@derricksmith1498
3 жыл бұрын
The knowledge and information shared on this channel is nothing short of pure excellence!! Thank you!
@karltondennis
3 жыл бұрын
Thank you
@t.r.halasa9642
2 жыл бұрын
We very much enjoy your informative videos. Thank you. Some of them are interrupted and not reaching the end. Please see why !
@dr.davidschwartz1872
3 жыл бұрын
An excellent, concise breakdown of the tax rules - Thank you for sharing your knowledge.
@karltondennis
3 жыл бұрын
Thank you, glad you enjoyed.
@apostlerayharless5792
7 ай бұрын
I appreciate you sharing this info of always wanted to find out how can I do this I have purchased a vehicle but I'm not for sure on how to go about it on paying it off as you said in the video within one year or less it will be a blessing to find out how to do this I appreciate you again for this info if you somehow can help me out with this would be a blessing indeed
@MzLena2You
3 жыл бұрын
I scheduled my call in August. I am looking forward to it.
@karltondennis
3 жыл бұрын
Looking forward to speaking!
@waltermclean6212
Жыл бұрын
My only question that I have after listening to the tail portion again. What protocol and what is needed to be done to implement the mileage. Now I have implemented mileage reimbursement on many things in my life. Now I already know what vehicle I will buy next it'll be a jeep. That'll be dedicated to my job. And then the following year it'll be a big truck a dually like a Ford 350 with dually. That will be definitely work related. Now you mentioned that you can't use the 25% to your current taxes you can only use 50% of your vehicle for that current year and it rolls over. Now if I were to have a vehicle that's about $85,000. If I am able which potentially since it'll be heavy vehicle I would potentially be able to get the reduction of 100% within the first year 85,000 because it would be the percentage of mileage. I have one question that's coming out of this statement now what if your mileage is low and is being recorded and it's only work related mileage when I say low I'm saying less than 20,000 something under 50,000 miles a year. That would contribute to the 100% of the 100% reduced off of the 85,000 purchase. Now is there any difference in how much mileage? Now if I made $50,000 or something under the $85,000 clearly from having listened to your video that other portion would roll over to the prior year. Now the question is coming out of this portion of my question is I clearly did not have the money to purchase an $85,000 vehicle. Now if I am able to write that vehicle off completely within the first calendar year per the taxes. How can I use that advantage of having written it off and using that to actually pay towards the vehicle being completely paid off? Is there a strategy where all of this can be done to where it can be used to actually pay off the vehicle or is it just merely I'm writing all of this off and any money I get back I can then forward that to the payment of the truck? That is what I'm assuming am I correct on that? I have watched several of your videos and I've subscribed and and I definitely liked the LLC and the C Corp and S Corp video I watched those and several other ones all back to back this evening or technically this morning. And your explanation of that the LLC the S Corp and the C Corp you gave the best example that I had seen and I had seen other videos from IRS and a few other things your explanation really gave a definition that was clear. The question I have out of that video which I didn't post the question is my business is now just starting I'm like entering my fourth week. Now my school has suggested that I do an LLC and I will be at 1099 employee because I am in agent under their Federal authority. And I plan on staying in that for many many years. Because it's going to be very conducive to my needs. Which now brings another question if I am running my business and I'm able to run my business while I am in another country. And while I'm running my business and I am purchasing paper ink and supplies and internet and electricity and lights and bills and phone bill and all the rent and mortgage can I deduct all of that as you stated in your prior video. Even though it's a us-based company but I am literally figuratively in another country. And yet there is no concern of a concern as to running the business. Now am I able to deduct the electricity the water the gas mortgage and all aspects of that. Now to answer and that will contribute to this is I will be dealing with two countries with my business so I have to have negotiations with two countries literally and my business crosses International borders. So driving that vehicle would be used for business purposes I would be buying gas in another country having car insurance for two countries United States and another country.
@januszfilipowicz5841
11 ай бұрын
Thank you for this explanation. You made this very clear. Great video .
@mammamia8882
2 жыл бұрын
Thank you so much, I know for a fact that my tax person did not use the 179 rule, and I had spoken to her husband before we purchased the vehicle, he told us the exact type of vehicle to purchase in order to do our business and have the 179. His wife did our taxes this year, she did not apply the 179, and it's very frustrating. So I have to go in today to pay my taxes but I want to do a deferral in order for my taxes to be done correctly.
@T.O.OBrittanyB
3 жыл бұрын
Thank you for this.. this is awesome info…. My fiancé has a mobile detailing business and we brought a pick up that he now uses for his business and this helps us when we decide to set up the business after marriage
@gutierrezc8709
2 жыл бұрын
Mic drop. Mind blown. Thanks man. Great job.
@cinebaez
3 жыл бұрын
The best channel I have come across in a while!! All the knowledge I am gaining!! I want to start an LLC and have not yet because I am not sure how to go about it in the business that I am going to start. Do you help with entity structure?
@karltondennis
3 жыл бұрын
Check out the links in the description to set up a consultation with myself or my team, would love to help.
@EasyZs
3 жыл бұрын
You are changing my life with your channel. Thank you.
@user-ks6qq3le3e
3 жыл бұрын
Thanks for watching, endeavor to write a review and Reach out for personalized financial coaching..••••+ •1 •7 • 3• 2 •9 •5 •5• 7 •1 •8 •7••••
@MikeDMedia816
3 жыл бұрын
Man you be on your SHIT!!!!!!! I'm learning so much from you thank you!
@karltondennis
3 жыл бұрын
Thanks
@Shoooott
2 жыл бұрын
Wow! Great info. Clear and concise! Thank you!
@sheldonhunter7040
2 жыл бұрын
I am a First-Time viewer and I am loving your content! For this video, does the vehicle have to be new? Can it be used or Certified pre-owned?
@adelelhaj955
2 жыл бұрын
In the case of paying cash for a car that weighs above 6000lbs and you write it off in one year, how long should you keep that car for? When can you sell it without owing taxes or charge backs?
@tracypedroza9969
3 жыл бұрын
That was a mouthful, but thank you so much for the detailed information.
@johngodar7340
2 жыл бұрын
I’ve watched quite a few videos on this topic and this one was definitely the most clear, comprehensive, and easiest to understand! Thanks!!
@ArdaK_Yldz
Жыл бұрын
How will they even know if I just drive around all day and say it was for business while it wasn't?
@glamorouswallflower
2 жыл бұрын
Thanks you for all this free knowledge !
@fatimohjinadu8769
3 жыл бұрын
Thanks Brother great information. Keep upon the good work
@karltondennis
3 жыл бұрын
Thanks
@robertegeland1701
Жыл бұрын
Karlton, you are doing a great job. Love your channel.
@philipbyrne7901
2 жыл бұрын
What a great video.Easy to understand and comprehensive.The best video I have found on this subject . Great job.
@luisduarte9813
Жыл бұрын
Depending on the type of business structure.
@gismoscholars2815
2 жыл бұрын
Sir! You have done a great job with this video. It is very informative and helpful. I love the way you explained everything. Keep up the good work. We need this!!
@charivari85
Жыл бұрын
You educate with simplicity!❤. Thank you!
@cpanchal2002
3 жыл бұрын
My new Fav Channel! Thank you so much
@karltondennis
3 жыл бұрын
Glad you enjoy it!
@dm5129
Жыл бұрын
Great Channel. Thank you Karlton for helping us business owners explore how we can save money.
@thesweetlifeeveryday8143
2 жыл бұрын
Thank you Karlton 🙏.
@tydariuslatson4521
2 жыл бұрын
Thanks for the video!!
@karltondennis
2 жыл бұрын
Thank you following me 👊🏾
@andreshorts6067
3 жыл бұрын
Appreciate your content. I will be setting up consultation with you soon. Thank you for all what you do.
@karltondennis
3 жыл бұрын
Thanks
@maryldemilo
2 жыл бұрын
Great video! Super helpful thank you!
@jpcubancuban1502
2 жыл бұрын
Awesome video btw, im learning tons of info here and taking notes of course, thank's
@enioqirko367
3 жыл бұрын
Karlton, this was GOLD!
@3ggymania
2 жыл бұрын
Sir, your videos are excellent. As a first-time small business owner, these are very insightful.
@jameswiggs9655
Жыл бұрын
Karlton, great videos sir! Question can you purchase new vehicle each year to take advantage of this depreciation 179 + bonus?
@jesserossi3289
3 жыл бұрын
This has been enlightening to say the very least! Amazing content. Will be recommending to my colleagues.
@karltondennis
3 жыл бұрын
Thank you
@alexandrkulikov8539
Ай бұрын
Love it… very clear
@WannabeGardenEden
Жыл бұрын
OMG Karlton, you are great. I'm starting my business soon and I want your office to do my business taxes. Where are you located.
@uhohotdog3483
3 жыл бұрын
Excellent Content Sir 🙂
@ittybittykittypatiya6150
2 жыл бұрын
Thank you Karlton for all the great information. Can you please tell me how I can lease my vehicle to my business and get paid?
@silasvicus8901
3 жыл бұрын
Yes, this channel really works for me, plenty of ripe information, helpful. Thanks 😊
@karltondennis
3 жыл бұрын
Great to hear!
@silasvicus8901
3 жыл бұрын
@@karltondennis I think there is a high chance we are going to be meeting this year or next.
@marketbuy
Жыл бұрын
You did not mention on the recapture depreciation for those who decide to sell their vehicles sooner than the 5 yrs ownership.
@GO-7777
3 жыл бұрын
What an incredible channel! Thank you Karlton!!
@kjosephs01
2 жыл бұрын
What a brilliant educator. I thoroughly enjoy your videos. Keep em coming!!
@Carynhaywood
2 жыл бұрын
Excellent teacher
@ventclinic945
3 жыл бұрын
I can wait to ask questions... I gotta create this llc first ... maybe I should ask before I do this
@Gtrlac43
Жыл бұрын
Great info! Thanks for putting this together and sharing!
@gutierrezc8709
2 жыл бұрын
Scenario and question. What if I have both a car and also an 8,000 pound pickup, can I claim the car for personal use and the truck at 100% for business use? Second question, if yes to the first, do I still need to track mileage if it's entire use is for business?
@anthonynix9659
3 жыл бұрын
Bro this is a straight Gem 💎‼️ Thank you so much‼️
@karltondennis
3 жыл бұрын
Thank you!
@Startin5CEO
2 жыл бұрын
Dropping straight gems. Appreciate it man.
@EV_Cherry
6 ай бұрын
What if I bought a car in 2023 and received the $7500 tax credit, the traded that car for another that meets the 100% tax write off for business purposes. What are some things I should consider?
@HealthyCriticism
Жыл бұрын
This man knows his stuff.
@DustinEddo
Жыл бұрын
Question- If I take the "Bonus Depreciation", does that only just give me a 100% deduction for this year? Or do I get part of my vehicle depreciation this year, and then percentages into the following 5 years? I'm wondering if I should not take the "Special Depreciation Bonus" because I'm not needing a big writeoff for this year. I could use the writeoff over the next 5 years. Thank you for your informative videos!
@victoriachanel2493
3 жыл бұрын
What about if you started your business in1999 and then due to government regulations shutdowns at your place of business, You temporarily shut down. Is your business still considered operational? When would a vehicle purchase be considered as a right off expense?
@qjt8926
3 жыл бұрын
You're really Great!!! Keep it coming!
@karltondennis
3 жыл бұрын
Thank you! Will do!
@haywardhuntsberry7038
5 ай бұрын
I wrote off the entire purchase of my truck last year. What happens if I want to trade the vehicle in for another vehicle? Do I have to pay some of that depreciation back?
@2007cjt
2 жыл бұрын
Hi- great video. I have an LLC and I want to buy a new truck. can i still take advantage of the bonus depreciation if i buy it under my personal name or does it have to be purchased & titled under the LLC? thx.
@jordanknowz
Жыл бұрын
I have a 6,000 lb 2020 Tesla Model X purchased in January / February 2023 under my name. I already had my LLC. However, my properties / business are out of state, so I conduct and transact business remotely in the car via meetings and phone calls. Does the IRS recognize my business in the car? Understanding that the phone apps are much easier. Will the IRS accept a manual ledger work for tracking my business calls and meetings?
@the_isaac_files
3 жыл бұрын
As a business owner i am officially subscribing 👍🏾 thank you for the info
@IbanezGuitarz87
2 жыл бұрын
Karlton thank you for this info!! You do a fantastic job!!
@glamorouswallflower
2 жыл бұрын
Say I buy I car CASH $25,000-$35,000....(Under 6,000 lbs) review it on my channel but also use it most for business in 2022.... any advice on this? PLEEEEASE any advicehelps lol
@TristinOnFoNem
Жыл бұрын
Thanks man 🎉
@kuipslegrand245
3 жыл бұрын
Man listening to u opened up my eyes on so many things. Keep it up 💪💪💪💪💪👊👊👊
@karltondennis
3 жыл бұрын
Happy I could help.
@ryanrish6973
Жыл бұрын
Fantastic content, very educational & put together well!
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