Amazing video, you work for 40yrs to have $1M in your retirement, meanwhile some people are putting just $10K into trading from just few months ago and now they are multimillionaires
Hello , I am very interested. As you know, there are tons of investments out there and without solid knowledge, I can't decide what is best. Can you explain further how you invest and earn?
*Layan Talia Chokr* is my CFA, is a well-known professional in her field. I advise looking over her qualifications in more detail. She is an invaluable resource for anyone trying to navigate the financial market because of her extensive knowledge.
Buying both my vehicles to be able to run my business. Yes they will be used for some personal use but mainly to operate the biz. Thanks guys, best FREE info on UA-cam.
Great content. I would love to give a tip. If you loosen your tie you can push the lapel mic down into the knot and hide it from hanging over the top. Look at the sports talk shows. They typically hide it In the tie.
It depends on what you're wanting to do with the vehicle - are you buying in your own name then "renting" or leasing it to your biz? Is it purchased in the biz name? If you lease you can't use section 179 with accelerated depreciation as you don't own it (from my understanding). You have to buy it outright (cash or financing) to take advantage of that. People like to lease because they can afford a lot more car than they could if they financed it. You also know exactly how much it's going to cost you to own the vehicle. You can still pay off the lease at any time and sell it if you can benefit from a high value market (like we are experiencing now). You can also buy it at the end of the lease and keep it if you like it that much. So leasing is no different than a loan - you don't own a vehicle you have a loan on with a bank. The other nice thing about leasing is you don't pay all the sales tax and you don't pay it all up front. You only pay tax on each payment and you pay on the amount you are using. A lease also doesn't show up as a huge debt on your credit score - it just shows up as a payment. Leasing doesn't really make sense for an individual, but through a biz it can be very useful. If you want section 179 and bonus depreciation you need to buy (finance). If the vehicle is over 6,000 pounds you def want to buy.
Amazing video. Me and my wife have been leasing for 9 years but cars have gotten so expensive and interest rates that it doesn’t make sense to lease again. The same car we have now would be 18,000 more in just 3 years We have an option to buy so we may buy the car and deduct the interests and gas etc on that vehicle until these companies get back down to earth with prices and leasing options
This was very informative. For me being a "Car Guy", I would purchase if the car was to be kept for my personal Collection. If the car was just something I wanted to just drive to experience... I would lease. As for the methods of depreciation, I prefer the Actual Expense method... #Hotep
He forgot to mention the advanced subject, Lease Inclusion Amount. You need to reduce the lease deduction if the car value is up to certain annual limit. This prevents business owners from deducting a Ferrari lease.
I am interested in getting a used truck under 6K lbs to use for both personal and business. What is the best bank loan for a new startup I should consider, my business has not launched yet, but this is my first step and I need this to move into my primary business entity land ownership for rental properties. I have a budget of $30K for the vehicle and will use the SBA for my Veteran Loans and grants. Thanks for any advice you can share.
Thanks for the tips! Question: I currently have a mobile business, own my vehicle (paid off), and use the standard mileage deduction. My CPA said once I chose this method I can't switch to expense method. I plan on getting another vehicle for 100% business. In the video you said if I lease, can I write off lease payments as well as the standard mileage. Can I write off the insurance payments as well? Thanks
I'm a sole proprietor. I'm trying to decide if I should go LLC and put a car in my business name or should I just stay sole proprietor and if so can I put the car in the name of the business if I'm a sole proprietor because I always thought being a sole proprietor was just like being a person not necessarily a business. I have no idea what to do as I'm just beginning on this journey
At least an eBay that I use for my business and I'm planning on buying a hybrid to for my wife That is solar powered the new Hyundai . The cost Of the least payment and fuel costs and insurance is still less than the gas payment that I was paying per month on My old many man by $200 by $200
Wow your content is amazing, exactly what I needed. I own a vacation rental company ( Airbnb). I focus manly in luxury real estate space with 5 homes with 2hours of my home. I want to lease a corvette next year to use 50% of the time for business. I’ll earn 500k on revenue this year and hopefully a million next year. Is it necessary enough for someone like me to lease a 80k corvette and not get in trouble with the IRS??
Man great questions! I’m going to be honest, (not trying to sell), but for me to answer this I need more information on your business and personal finances. Would you consider booking a 1-on1 consultation?
If I leased a vehicle and used the Actual Expenses method and later do a lease buy out at the end of the lease term, can I then switch to the Standard Mileage method and take depreciation? Thank you, this was a very educational video!
Great video as always! I do have a question... If you use the bonus depreciation in the first year and write off the entire purchase price of the vehicle, do or can you still use standard mileage deduction?
@@LYFEAccounting Thanks for the reply. last question. Can I still get reimbursed for my business miles from my LLC to myself personally even though there won’t be any other deductions taken by my LLC because 100% bonus was taken? I’m currently electing S-Corp and have a monthly expense report.
If you end up depreciating the car and then sell it at a later time are you required to pay gains tax (if you make profit) and pay back depreciation for that vehicle?
Great video. Quick question, if you’re employed (w2) and self employed- real estate agent / landlord (1099) can the vehicle deduction off set my W2 income ?
Well, kinda. It may be more appropriate to state that active business losses can offset W2 income. You just gave me an idea for a video, thanks for the comment!
@@LYFEAccounting I modified my question so it reads more appropriate - guess I got to excited after watching your video lol. Well, I hope you make the video in the near future - I’ll be sure to watch it, as I’m subscribed to the channel. You’re making a real difference for people - thank you.
Does putting your logo on your business vehicle while driving considered as advertising thus tax credit for advertising and miles driven? Would I have yo have that auto in a video if I created content?
@@LYFEAccounting going to the dealership doesn’t seem like a good idea. They’re known to run your credit several times and I don’t want that. I was hoping for a more direct answer.
This was the best information that I have EVER come across. As a Financial Advisor I am always looking for people to support clients that have these issues and can explain what is going on without them "wasting" money with no results. I will definitely support this recommendation CREDITROYALE NET to all of my clients when I see they have a credit issue. I have been hood winked by so many companies and people in this line of business and I am excited that theyre a team of integrity to actually help people
![14 Biggest Tax Write Offs for Small Businesses! [What the Top 1% Write-Off]](http://i.ytimg.com/vi/5YggWhLeckM/mqdefault.jpg)
Amazing video, you work for 40yrs to have $1M in your retirement, meanwhile some people are putting just $10K into trading from just few months ago and now they are multimillionaires
Waking up every 14th of each month to 210,000 dollars it’s a blessing to I and my family… Big gratitude to *Layan Talia Chokr*
Hello , I am very interested. As you know, there are tons of investments out there and without solid knowledge, I can't decide what is best. Can you explain further how you invest and earn?
How do you make such monthly?? I'm a born Christian and sometimes I feel so down of myself because of low finance but I still believe in God
*Layan Talia Chokr* is my CFA, is a well-known professional in her field. I advise looking over her qualifications in more detail. She is an invaluable resource for anyone trying to navigate the financial market because of her extensive knowledge.
I went online and typed her entire name, found her page, and emailed her to set up a meeting. I'm hoping she gets back to me soon. Regards
Buying both my vehicles to be able to run my business. Yes they will be used for some personal use but mainly to operate the biz. Thanks guys, best FREE info on UA-cam.
do i havde to own the vehicle?
Great content. I would love to give a tip. If you loosen your tie you can push the lapel mic down into the knot and hide it from hanging over the top. Look at the sports talk shows. They typically hide it In the tie.
It depends on what you're wanting to do with the vehicle - are you buying in your own name then "renting" or leasing it to your biz? Is it purchased in the biz name? If you lease you can't use section 179 with accelerated depreciation as you don't own it (from my understanding). You have to buy it outright (cash or financing) to take advantage of that. People like to lease because they can afford a lot more car than they could if they financed it. You also know exactly how much it's going to cost you to own the vehicle. You can still pay off the lease at any time and sell it if you can benefit from a high value market (like we are experiencing now). You can also buy it at the end of the lease and keep it if you like it that much. So leasing is no different than a loan - you don't own a vehicle you have a loan on with a bank. The other nice thing about leasing is you don't pay all the sales tax and you don't pay it all up front. You only pay tax on each payment and you pay on the amount you are using. A lease also doesn't show up as a huge debt on your credit score - it just shows up as a payment. Leasing doesn't really make sense for an individual, but through a biz it can be very useful. If you want section 179 and bonus depreciation you need to buy (finance). If the vehicle is over 6,000 pounds you def want to buy.
Finally a video that makes sense and goes through actual facts and rules. Loved it & Subbed.
Amazing video. Me and my wife have been leasing for 9 years but cars have gotten so expensive and interest rates that it doesn’t make sense to lease again. The same car we have now would be 18,000 more in just 3 years
We have an option to buy so we may buy the car and deduct the interests and gas etc on that vehicle until these companies get back down to earth with prices and leasing options
This was very informative. For me being a "Car Guy", I would purchase if the car was to be kept for my
personal Collection. If the car was just something I wanted to just drive to experience... I would lease.
As for the methods of depreciation, I prefer the Actual Expense method... #Hotep
Thanks for sharing, I love that perspective!
If I had a rental or Fleet business definitely going the lease route. Saves you a ton of headaches.
Good info. Thank you.
You forgot to mention recapture if vehicle is disposed.
🤣🤣🤣 No one reports a vehicle sale.
Lease always make more sense for me.
Very clear and informative! Thank you
This was very informative and well done. Thank you!
I bought my vehicles. I lease one of them to my business for business purposes.
More on depreciation, please
Noted, thanks for sharing! Do you have a business vehicle?
He forgot to mention the advanced subject, Lease Inclusion Amount. You need to reduce the lease deduction if the car value is up to certain annual limit. This prevents business owners from deducting a Ferrari lease.
Always great video,The next video how to buy a car under llc
Great suggestion! I’ll add that to my ideas list
This is very helpful. Thank you
Loved this
I would definitely buy.
Solid. Thank you.
Please do one about depreciation
Great topic! very informative.
Buy
Bro you look just like the guy who does the aggressive dance offs against the green screen " bust it out 🎵 bust it out 🎵",
Love this
Excellent video. Thank you.
Love the channel
I prefer cash flow. :D
I am interested in getting a used truck under 6K lbs to use for both personal and business. What is the best bank loan for a new startup I should consider, my business has not launched yet, but this is my first step and I need this to move into my primary business entity land ownership for rental properties. I have a budget of $30K for the vehicle and will use the SBA for my Veteran Loans and grants. Thanks for any advice you can share.
Thank you so much!
Why don’t we want a huge deduction if we have very little profit or taxable business income?
What if I'm a landlord and I advertise on my vehicle about my rentals, how would my vehicle be looked at as a expense. Thanks
Thanks for the tips! Question: I currently have a mobile business, own my vehicle (paid off), and use the standard mileage deduction. My CPA said once I chose this method I can't switch to expense method. I plan on getting another vehicle for 100% business. In the video you said if I lease, can I write off lease payments as well as the standard mileage. Can I write off the insurance payments as well? Thanks
Great video Sean. I'm eyeing the model S for my business car maybe in about 2 years.
Thanks! Do you have a car that you use for business now? But yeah I love that car
Great job young man!
I'm a sole proprietor. I'm trying to decide if I should go LLC and put a car in my business name or should I just stay sole proprietor and if so can I put the car in the name of the business if I'm a sole proprietor because I always thought being a sole proprietor was just like being a person not necessarily a business. I have no idea what to do as I'm just beginning on this journey
buy
Question: can you deduct capital cost reductions on leases?
Great information video, I am a property manager and I am hired by property ownership could this be considered as a business?
So much value in this video thank you so much I greatly appreciate it liked and subscribed!
Don't leases require you to put some money down?
Lease
At least an eBay that I use for my business and I'm planning on buying a hybrid to for my wife That is solar powered the new Hyundai . The cost Of the least payment and fuel costs and insurance is still less than the gas payment that I was paying per month on My old many man by $200 by $200
I thought you couldn’t depreciate a leased vehicle?
Wow your content is amazing, exactly what I needed. I own a vacation rental company ( Airbnb). I focus manly in luxury real estate space with 5 homes with 2hours of my home. I want to lease a corvette next year to use 50% of the time for business.
I’ll earn 500k on revenue this year and hopefully a million next year. Is it necessary enough for someone like me to lease a 80k corvette and not get in trouble with the IRS??
Man great questions! I’m going to be honest, (not trying to sell), but for me to answer this I need more information on your business and personal finances. Would you consider booking a 1-on1 consultation?
@@LYFEAccounting because I don’t have too many questions I think that a 30 minute session might work
Wait so you can lease a new car every year helping with the high beneficial tax cut right?
What if I buy a vehicle before I started my business but I’ll write it off text time business, mileage, and least an insurance
I’m new here and I’m really enjoying your channel. Man I wish I knew you personally lol
Haha where do you live?
@@LYFEAccounting I live in Arkansas
Arizona, here.
If I leased a vehicle and used the Actual Expenses method and later do a lease buy out at the end of the lease term, can I then switch to the Standard Mileage method and take depreciation?
Thank you, this was a very educational video!
Of course. Once you switch to financing you then own it. You can use depreciation
Can’t you buy a car at the end of the lease?
Great video as always! I do have a question... If you use the bonus depreciation in the first year and write off the entire purchase price of the vehicle, do or can you still use standard mileage deduction?
If you take bonus depreciation then you cannot take the standard mileage deduction
@@LYFEAccounting Thanks for the reply. last question. Can I still get reimbursed for my business miles from my LLC to myself personally even though there won’t be any other deductions taken by my LLC because 100% bonus was taken? I’m currently electing S-Corp and have a monthly expense report.
I am a 1099 worker for Uber, Lyft and hutch. I just l financed/ leased a 2023 Nissan pathfinder could I apply these same methods?
So you can use the actual expense method and use the depreciation bonus in one tax year?
When you buy the business vehicle, does it have to be bought with business revenue? Or can I personally get a loan
Great content topic! In my opinion, buying and leasing seems feasible depending on your circumstance and budget.
Exactly! Do you currently have a business vehicle? Curious what you do
If you end up depreciating the car and then sell it at a later time are you required to pay gains tax (if you make profit) and pay back depreciation for that vehicle?
If I buy a property, and I put it under LLc , do I have to do the same if I buy a car ? 2 different LLC? Or the car can be under personal name ?😊
Looking at having my son lease
Great video. Quick question, if you’re employed (w2) and self employed- real estate agent / landlord (1099) can the vehicle deduction off set my W2 income ?
Well, kinda. It may be more appropriate to state that active business losses can offset W2 income. You just gave me an idea for a video, thanks for the comment!
@@LYFEAccounting I modified my question so it reads more appropriate - guess I got to excited after watching your video lol. Well, I hope you make the video in the near future - I’ll be sure to watch it, as I’m subscribed to the channel. You’re making a real difference for people - thank you.
Does putting your logo on your business vehicle while driving considered as advertising thus tax credit for advertising and miles driven? Would I have yo have that auto in a video if I created content?
If I lease my business vehicle and it's over 6000 lbs and I still use the tax bonus tax deduction?
Purchase a car
What leasing company do you recommend?
Did you know most car dealerships have financing and leasing options?
@@LYFEAccounting going to the dealership doesn’t seem like a good idea. They’re known to run your credit several times and I don’t want that. I was hoping for a more direct answer.
Is this for Canadian tax system?
This was the best information that I have EVER come across. As a Financial Advisor I am always looking for people to support clients that have these issues and can explain what is going on without them "wasting" money with no results. I will definitely support this recommendation CREDITROYALE NET to all of my clients when I see they have a credit issue. I have been hood winked by so many companies and people in this line of business and I am excited that theyre a team of integrity to actually help people
Do a video on depreciation
Buy