How Grant Cardone Wrote-Off A $50 Million Private Jet
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- Опубліковано 10 лис 2024
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How do you deduct business expenses to pay little to no taxes? This is why Grant Cardone bought a $50 million private jet.
Here's are some tax deduction tips that can help you save you massive amounts of money on your taxes and stay on top of your business finances.
In this video we discuss: Why Grant Cardone Bought A $50 Million Private Jet.
Watch this video until the end to avoid overpaying Uncle Sam and to start making the most out of your real estate business!
*Disclaimer: I am not a financial advisor nor am I an attorney. I am a licensed Enrolled Agent. This information is for entertainment purposes only. It is highly recommended that you speak with a tax professional or tax attorney before performing any of the strategies mentioned in this video. Thank you.
*Disclaimer: I am not a financial advisor nor am I an attorney. This information is for entertainment purposes only. It is highly recommended that you speak with a tax professional or tax attorney before performing any of the strategies mentioned in this video. Thank you.
Elite editing. Enjoyed this.
Dorian!! Seeing you comment on something is crazy after watching you for a while
He is also the same person who will say he can't afford to pay his employees.
Funny That is what’s happening to most companies right now. Most lazy employees should actually get laid off. Only the hardworking and loyal ones will survive
Since the moment I’ve become self employed I knew it was crucial to learn how to use correctly all the tax laws so that I can benefit from them and never fear the gate keepers. Soon I will transition to LLC and will continue to use this knowledge
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I love money conversations
The only thing i dont like is that its still up to the interpretation of the irs. So that means you have to have the right paint job in order for it to work. Lol
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HEY!!!!! I randomly found your content since last month it just was in my feed thanks UA-cam aha! Let's just say I love the info but the thing is I'm in Jamaica lol... but I'm still acquiring the knowledge to advance myself for the future! Love the set up it suits you well and God Bless!!
I am committed to self-development & thriving.
excellent video. took notes. will apply. gotta love american tax laws and the professionals such as yourself that know how to interpret and apply them accurately. I thinks folks miss the tax planning perspective which was his WHY! Im a subbie and I liked the video.
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Thank you for this video. I think I am going to take classes on business fiance before I start my company so I can take my idea to the top. No one is doing what I am working on and it will fill a huge gap that no one has noticed in the specific market. All my surveys have shown a real need for this service so I want to make sure my business plan is solid so I can fend off competition that will arise once others see what I am doing.
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QUESTION: Karlton: How could flight training expense (~$50-80k)(for myself) be structured as a tax write-off if I'm NOT a commercial pilot yet (Brand new pilot)? (May pay with a personal loan or family loan/cash)
Keep up the great content!! Thank you!!
This was great. Thanks
Awesome video man! Keep it up!
Excellent Information thank you 😊
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Great info!!
If we buy a jet under the same code, would we need to personally use it (fly in it ourselves) or would it still be considered necessary if we rented it out 2 times before the years end?
Bro, you're going to Heaven for giving us this game for free!
@@richdibo You have a point
If i continue to take losses year after year because i keep purchasing vehicles, wouldn't it throw a red flag due to my multiple losses? I heard the rule of thumb is 2 years of loss but the 3rd year, i should show profit
so sometimes luxury items are good
i guess im confused here. Does he have to spend 50million on something tax deductible, to not have to pay 50 million to the IRS? How is he saving money?
Great video!
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I will be interested to learn how to leverage the tax code to get out of an apartment and move into a house while running an S Corp business. Or is that even a thing?
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Great content. Got a feeling the channel will explode soon
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Thanks!
How can you leverage your credit to jump into real estate?
what are the best states for tax breaks
I will need you in the near future.
Nice channel
So if we get a vehicle over 6ooo pounds for this baking business it can be written off as long as I do everything In it from deliveries, to shopping, to meeting clients, etc...& I'm good?🤔
Keep the gas receipts to write those off as well and of course buy it through your company
Cool Grant is cool
I’m a bit confused, so let’s say he bought a $50M jet to save taxes, yes he’s saving on taxes but wouldn’t he be paying a lot more for the actual jet?
I love this video. How could bonus depreciation be applicable to someone who does affiliate marketing as a business with an LLC?
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Say I net 150k a year as business owner after taxes and I decided to buy a car for 50k that is falls under the section179 guidelines how much write off do I get Or how much do I get back from the 50k that I spend
A little over $18,000 will be recorded as a depreciation expense, lowering your taxable income and tax liability. At 25% tax bracket, you will save roughly $4,500.
Love it!!
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when I did real estate depreciation, I got audited then IRS asked for documentation proving depreciation which I don't know how to provide, I ended paying back all deduction plus 20% audit fee + about 10% charges
Yes, but that’s because you didn’t have the documentation. He’s giving high level advice. You have to do the actual paperwork to implement it.
Teach us the tax game
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This is forever my everyday man crush lol
that is a hell of a stretch
@@richdibo you know, if the irs decides this is not allowed or if they decide that the necessary part is not necessary, like could the work claimed to be done on the plane have been done on the ground… I think the tax advisor should have to pay those taxes and if there is a lawyer involved they should pay the fees and fines. In this case, I’m not a lawyer, but it seems to me the threshold has to be there was no other way to do this business. I’m sure a case would still be able for the guy to claim but man it sure seems like something that would generate an audit review if nothing but to waste his valuable time. I guess that’s the risk taker part. Plus I guess at the end of the day it is what the taxpayer says it is, cause the irs would spend a lot of wasted effort trying to prove different
@@richdibo in that light, i must ask do think the irs would believe that. i don't know what to think then.
Did he buy the jet in full ?
If you work as an Employee, can you write off your car as an Expense? Can you justify it be the fact that the car is need to go to work? I did that and my CPA told me NO, the car is not necessary as you can take Uber or train
Writing of a vehicle can only be done under a business. I recommend starting a side hustle with the time you have left in the year if you wish to take the car write off. If not we lose the ability to write off the car. Hope this helps!
Cool
Mi loike it!
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10X all day
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Entrepreneur or scammer? This guy is facing multiple class action suits and has multiple ongoing fraud investigations. Maybe you should try to show ppl what he did wrong so they could avoid doing that instead of trying to convince them he’s a legitimate entrepreneur.
You should go back and look at those lawsuits.
You can’t look at ongoing lawsuits. Nothing is in the public domain until they settle
@@vistolux5129 update your records hater
@@richdibo He's talking about Cardone.
@@averybeasley7347 mate it’s not my records, it’s the government. Any time you file a request for information and evidence, if the case isn’t settled you get denied. If you knew anything about the way things really work you’d know that.
Buisness or Business? 🤔
Karlton, the spelling is “business” when you write it out. You are putting the “i” in the incorrect place. Your captions are spelled correctly, though.
@@Geekchica 😭🤣
@@Geekchica 😭🤣😂😂🤣😭😂🤣
🤯
Wouldn’t he have to have a contract signed from the jet ride in the tax year that he purchased the jet?
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Great content!
So if we get a vehicle over 6ooo pounds for this baking business it can be written off as long as I do everything In it from deliveries, to shopping, to meeting clients, etc...& I'm good?🤔
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