How to Write Off 100% of Your Car as a Business [STEP-BY-STEP] | Vehicle Tax Deduction | Sec. 179

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  • Опубліковано 29 лис 2024

КОМЕНТАРІ • 237

  • @LYFEAccounting
    @LYFEAccounting  Рік тому +3

    IMPORTANT UPDATE: BONUS DEPRECIATION IS 80% IN 2023 AND WILL BE 60% IN 2024. WATCH THIS VIDEO NEXT FOR THE MOST UPDATED INFORMATION: ua-cam.com/video/wV_q1Ie6ApY/v-deo.html

    • @briceh1001
      @briceh1001 6 місяців тому

      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
    @AdrenalineandEpiphany 2 роки тому +141

    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
      @tsunamieyes 2 роки тому +2

      Smart 🤓

    • @terelldepina7095
      @terelldepina7095 2 роки тому +2

      Scorp lifestyle

    • @Lifechanging99999
      @Lifechanging99999 2 роки тому +8

      I’m fairly certain that’s disallowed. You can only deduct travel to other work sites after your main travel to your job.

    • @AdrenalineandEpiphany
      @AdrenalineandEpiphany 2 роки тому +10

      @@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
      @CULTUREVULTURETV 2 роки тому

      Great video what’s your Instagram

  • @brandonj7440
    @brandonj7440 2 роки тому +25

    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
      @ITSjpBitch1 2 роки тому +3

      Or was surprised you did

    • @maconjokez
      @maconjokez Рік тому

      Does the truck have to be 6k GVWR and 6ft+ long bed to qualify for 100% bonus depreciation?

    • @ShakyHands556
      @ShakyHands556 Рік тому

      @@maconjokez just 6k GVWR, bed size doesn't matter

    • @blipblop92
      @blipblop92 Рік тому +1

      Same here. I spoke w some "tax advisors" and theyre clueless about section 179. What a tool

  • @withgx3483
    @withgx3483 Рік тому +7

    What are the requirements for a newly formed LLC business to start thinking about leasing or buying a car under the business name?

  • @thedavevidal
    @thedavevidal Рік тому +3

    As always....this is the absolute best channel for accounting advice. A gamechanger for me as a small business owner.

  • @stephenforth
    @stephenforth 10 місяців тому +1

    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.

  • @seanstack180
    @seanstack180 11 місяців тому +1

    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.

  • @dz4679
    @dz4679 Рік тому +1

    As a part time seller on Ebay, would I be able to take advantage of Sec.179?

  • @Gavinx38
    @Gavinx38 2 роки тому +9

    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
      @hannahh.8422 2 роки тому

      Did you ever find out the answer? I’m curious as well.

    • @Gavinx38
      @Gavinx38 2 роки тому +2

      @@hannahh.8422 Yes, you can be financing it still and write off.

    • @hannahh.8422
      @hannahh.8422 2 роки тому

      @@Gavinx38 awesome! Thank you!

  • @shainewinter8264
    @shainewinter8264 Рік тому

    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.

  • @ibasaints
    @ibasaints 2 роки тому +8

    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
      @kingjaries Рік тому +1

      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.

  • @bcmoon4014
    @bcmoon4014 5 місяців тому

    Where exactly do these rules apply? I'm located In Canada! Would this perhaps be only applicable in the US?

  • @marketbuy
    @marketbuy 2 роки тому +6

    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….?

  • @sammyvices2547
    @sammyvices2547 Рік тому +1

    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?

  • @adelecosse8799
    @adelecosse8799 2 роки тому +3

    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?

  • @PGMP2007
    @PGMP2007 2 роки тому +5

    - 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.

  • @houstonshomeautomation3524
    @houstonshomeautomation3524 2 роки тому +11

    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 ....

    • @ycarraza
      @ycarraza 2 місяці тому

      Guys, your job is amazing for all small businesses.

  • @arliepeyton
    @arliepeyton 9 місяців тому

    You two are fantastic together: very clear and useful content! Thank you. 🙏

  • @sagarsigdel6893
    @sagarsigdel6893 2 роки тому +4

    For section 179, does the vehicle have to be over 6000 pounds?

  • @ChristinaD1996
    @ChristinaD1996 2 роки тому +1

    This video has been Dale approved! No "axing" of anyone, found!

  • @xmen123ify
    @xmen123ify Рік тому

    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. :)

  • @schemerzzzz4875
    @schemerzzzz4875 Рік тому +3

    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?

    • @DeclanDavis-y7r
      @DeclanDavis-y7r 20 днів тому

      You can do either but you will just be financing it longer (spending more money) because you won’t be able to write it off until you have opened it and llc and can apply it for business use

  • @kusharora765
    @kusharora765 2 роки тому +3

    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

    • @JOHNjohnmcneese067gmail.comrep
      @JOHNjohnmcneese067gmail.comrep 2 роки тому

      ⬆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
      @TacticalExpedition 2 роки тому +3

      @@jeremyn6726 Yes it does. 2023 Porsche Taycan/Gross vehicle weight rating
      6,162 to 6,349 lbs

  • @martywhite1822
    @martywhite1822 2 роки тому +2

    If you use a specific space in your house for business im assuming your home is now a business address as well?

  • @RoundzMusic
    @RoundzMusic 2 роки тому +2

    Yes!? Your home can still be the business location I think!

  • @briceh1001
    @briceh1001 6 місяців тому

    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?

  • @stevecaple8192
    @stevecaple8192 Рік тому

    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?

  • @GoFastJames
    @GoFastJames 2 роки тому +11

    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
      @simbaproductions4624 2 роки тому +1

      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 UA-camrs do it

  • @gamlielu
    @gamlielu Рік тому

    Very nice although I do not need it. How about using the car for the owned rental property use only?

  • @bbblahoo7
    @bbblahoo7 10 місяців тому

    Could a vehicle that has a company wrap be used like as in it's a rolling billboard essentially?

  • @chrissartin5192
    @chrissartin5192 2 роки тому +18

    Explain how a Porsche is ordinary and necessary as an accountant, and how it benefits your practice.

    • @real1muzik
      @real1muzik 2 роки тому +6

      It's a car with a quality perception. Great choice! Plus EV / Hybrid

    • @TheBiggest7.62
      @TheBiggest7.62 2 роки тому +4

      Would a Toyota be acceptable for you ma’am?

    • @pj-hs7pk
      @pj-hs7pk 2 роки тому

      It’s a green screen

    • @timmychanofficial
      @timmychanofficial 2 роки тому +3

      Clearly it’s an indicator of good wealth management.

    • @surfingtothestars
      @surfingtothestars 2 роки тому

      @@TheBiggest7.62 i'll take a Toyota. It'll def outlast those two Porsches lol

  • @OXFOOT
    @OXFOOT 2 роки тому

    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".

  • @rogerenglish624
    @rogerenglish624 Рік тому

    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

  • @KevinSmith-oz5oz
    @KevinSmith-oz5oz Рік тому

    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?

  • @jamescrenshaw5097
    @jamescrenshaw5097 Рік тому

    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?

  • @TheReviewKing909
    @TheReviewKing909 Рік тому

    If you have a home office, would travel from your home/office to a client's house be Business Travel?

  • @zan0zzza
    @zan0zzza 2 роки тому

    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
      @huanhoang9329 2 роки тому

      I believe there is a bonus depreciation that let you write off 100%. That will expired after 2022 tax year

  • @LifehasnoNiche
    @LifehasnoNiche Рік тому +1

    What if the business didn’t make any money, Does the business have to be profitable?

  • @deedoubleu7339
    @deedoubleu7339 2 роки тому +10

    Your business could be renting office space at your home. Technically your home is considered a business space

    • @amandawatts1317
      @amandawatts1317 2 роки тому +1

      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

  • @GK-bt6dn
    @GK-bt6dn 2 роки тому +2

    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.

  • @michelleegbunike1657
    @michelleegbunike1657 Рік тому

    So that means that you have to have already either purchased or financed it with your business entity correct?

  • @amlandcarellc3164
    @amlandcarellc3164 2 роки тому +2

    @3:55 you answered my question as I was thinking it up. Yes, A home-based biz would "work". Right? irs approved.

  • @ML-bs6dn
    @ML-bs6dn Рік тому

    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
    @angellaracuente6343 Рік тому

    So you can only do one or the other for the standard milages, or Actual Expense, you can't do both?

  • @A1.CLiiiPz
    @A1.CLiiiPz 2 роки тому +1

    Does this work for vehicles used on Turo and uber?

  • @UsaProAlarm
    @UsaProAlarm 2 роки тому

    My guest to your question is if your home office is your main place of work any trip to your stores is deductible.

  • @thriftingsisters1226
    @thriftingsisters1226 2 роки тому +2

    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
      @adelecosse8799 2 роки тому

      Not a CPA, but guessing no since you do not own DoorDash? You must be the employer and not the employee

    • @QuikContent
      @QuikContent 2 роки тому +1

      @@adelecosse8799 he’s a 1099 contractor. Not an employee

  • @larry92adventure65
    @larry92adventure65 Рік тому

    So if I drive my vehicle from one construction to another does that count as business travel

  • @yassinelam8269
    @yassinelam8269 2 роки тому +1

    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?

  • @odariuscole7359
    @odariuscole7359 2 роки тому +1

    what if the vehicle is less then 6k lbs? is everything still the same?

  • @aleksanderdomberg630
    @aleksanderdomberg630 2 роки тому +3

    Thank you both for providing the world such value. Be blessed!

    • @JOHNjohnmcneese067gmail.comrep
      @JOHNjohnmcneese067gmail.comrep 2 роки тому

      ⬆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;;;;

  • @asplendidlyblendedlife
    @asplendidlyblendedlife 2 роки тому +5

    Hello! Thank you for sharing this information. Question: can I take deductions on a used( not brand new) vehicle that I purchased?

  • @ML-bs6dn
    @ML-bs6dn Рік тому

    So could you put it under section 179 under an asset plus the actual expenses could use both methods ?

  • @queendomkingdom2646
    @queendomkingdom2646 2 роки тому +1

    You said it lowers your taxable amount but what amount of money would you get from your vehicles cost?

    • @JOHNjohnmcneese067gmail.comrep
      @JOHNjohnmcneese067gmail.comrep 2 роки тому

      ⬆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;;;;

  • @yuniorsanchez2779
    @yuniorsanchez2779 2 роки тому +1

    I purchased my car about 3 years ago is it to late to claim it under 179 I’m still making payments on it.

  • @Blessed-th4od
    @Blessed-th4od 2 роки тому +1

    Yayyyy congratulations u guys on y'all's new addition 😊

  • @eggsythex6306
    @eggsythex6306 Рік тому

    Did you claim sec 179 and bonus depreciation on the Porsche taycan featured in your video? It’s not a truck or suv but it is over 6,000, so does that qualify?

  • @andresfiguereo6879
    @andresfiguereo6879 Рік тому

    Does renting a car on Turo platform apply for complete business use?

  • @warrencrescenzo9569
    @warrencrescenzo9569 2 роки тому +7

    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
      @AdrenalineandEpiphany 2 роки тому +4

      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.

  • @Morpheus-viii
    @Morpheus-viii 2 роки тому +2

    You guys are changing lives, just wanna thank you

  • @blipblop92
    @blipblop92 Рік тому

    Do i have to use commercial loan with higher interest to get the depreciation?

  • @robertnelson1286
    @robertnelson1286 11 місяців тому

    Does any sub or truck over 6k pounds qualify for the 179

  • @nygreek743
    @nygreek743 2 роки тому

    So, if you travel from your office to a client's house, this doesn't apply as business travel?

  • @JustDoItSmooth
    @JustDoItSmooth 2 роки тому

    What if your vehicle is your business? I am a mobile repair tech fixing computers and cell phones how would I write that off?

  • @Lazee_Dreamah
    @Lazee_Dreamah 2 роки тому +2

    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?

    • @JOHNjohnmcneese067gmail.comrep
      @JOHNjohnmcneese067gmail.comrep 2 роки тому

      ⬆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;;;;

  • @dmjsed
    @dmjsed Рік тому

    Would your home address apply if you are a tele therapist who also meets with patients in the office as well?

  • @tsunamieyes
    @tsunamieyes 2 роки тому +6

    Yes..my home is my business address..😻

    • @wavygoods877
      @wavygoods877 2 роки тому +1

      Same here that’s what I’m trying to figure out lol

  • @jackieosby7154
    @jackieosby7154 Рік тому

    Great informative video

  • @rsar5678
    @rsar5678 2 роки тому

    What if your car is wrapped, would that be considered business usage?

  • @n7y8c7
    @n7y8c7 2 роки тому

    Thank you for publicizing this info. It got me a "free Infiniti!" Next, it'll get me a Rivian!

  • @GDunnPT
    @GDunnPT Рік тому

    Great video. Thanks 🙏

  • @angellaracuente6343
    @angellaracuente6343 Рік тому

    so if you live in a home under you business name and travel to partner for each location all of that is deducted?

  • @virgoqueen148
    @virgoqueen148 2 роки тому

    Hello I would like to use my car for turn is it best to lease it or own it pls I would need to write it off as a company expense

  • @scottsimonton718
    @scottsimonton718 5 місяців тому

    Does it need to be a new Car?

  • @travay6328
    @travay6328 2 роки тому +2

    congrats Krystal🎉❤🤗
    I am so happy for you two

  • @busyteacher2
    @busyteacher2 2 роки тому

    Thank you for the video. Do you have a video on "How to Study for the CPA exam?"

  • @michaelabraham7747
    @michaelabraham7747 2 роки тому +2

    Love the chemistry...and congrats on Baby CPA.

  • @LordRocco777
    @LordRocco777 2 роки тому

    I subscribed within the first couple of minutes, you two do a wonderful job thank you 👏🏽

  • @valmontgroup
    @valmontgroup 2 роки тому +2

    Great advices guys. Keep pushing!

  • @MalluStyleMultiMedia
    @MalluStyleMultiMedia 2 роки тому +2

    Excellent video.. good information
    🔥🔥👍👍

  • @JuanSanchez-nn1db
    @JuanSanchez-nn1db Рік тому

    Pure gold...thanks for sharing!!

  • @carworld1089
    @carworld1089 2 роки тому

    Is this applicable for Canada and USA?

  • @DeneeDubwa
    @DeneeDubwa 2 роки тому +6

    Awww, congrats LYFE team❤️😍 & as always, thank you for the great information!

  • @kevinbomb
    @kevinbomb Рік тому

    deduction is easy however no information about recapture or tax implications on the sale of the vehicle

  • @nevea.4621
    @nevea.4621 Рік тому

    Excellent video !!

  • @CITYBOY5950
    @CITYBOY5950 2 роки тому

    If the business car is purchased with an auto loan, what type of deductions could one take?

    • @chaddsteinberg3758
      @chaddsteinberg3758 2 роки тому

      Another SHORT video said you can put down as little as $20k and get the full depreciation.

  • @tezt3740
    @tezt3740 2 роки тому +1

    One of the best videos ive seen on this topic...great work and quality!!

  • @jamescrenshaw5097
    @jamescrenshaw5097 2 роки тому

    Very good presentation of the topic!

  • @1Four3
    @1Four3 2 роки тому

    do you have a video on how to sell your car to your business?

  • @jimbrown1707
    @jimbrown1707 2 роки тому +1

    You both are awesome! Thanks!

  • @EClarity2023
    @EClarity2023 Рік тому

    I would love to learn how to obtain a Porsche like yours

  • @Christian_Villanueva
    @Christian_Villanueva Рік тому +1

    Came for 2:53 but he said see comments and I don’t see anything. Anyone have the answer??

  • @cnewbol
    @cnewbol 2 роки тому

    So question, I was told this can't be used to generate a loss. The vehicle I wanted is an x6m competition and qualifies for 100%. I however am afraid thati won't make the full 130k the car costs, therefore generating a loss. Does the 179, Grant immunity to this or is the max I can claim whatever I generate? If that's the case should I straight line instead

    • @codyfendley4943
      @codyfendley4943 2 роки тому +2

      You can take bonus depreciation to still get 100% with a loss. Though bonus is phasing out after 2022.

    • @cnewbol
      @cnewbol 2 роки тому

      @@codyfendley4943 noted. To make sure I'm crystal I can grab so something like an x6m at 100k even if I don't make all 100 this year?

    • @codyfendley4943
      @codyfendley4943 2 роки тому +1

      @@cnewbol depends on a variety of things, extremely recommend consulting a local cpa for it. A 100k car is more than likely subject to luxury auto limitations as well as probably a few others. But in basic terms, bonus depreciation allows for 100% depreciation even if it puts the business at a loss whereas 179 is limited to income.

    • @cnewbol
      @cnewbol 2 роки тому

      @@codyfendley4943 thanks a ton I will do.

  • @toddntasha
    @toddntasha 2 роки тому +2

    I love black folk. You guys are just awesome and so professional.

    • @jeffclark5475
      @jeffclark5475 2 роки тому +2

      what .. is that not a bit racist! Love these guys also but why do we have to mention they are black??

    • @seand.warren8330
      @seand.warren8330 11 місяців тому

      @@jeffclark5475cuz she a black. Blacks and blacks bond . We whites aint their brothera

  • @naikeelovince7774
    @naikeelovince7774 2 роки тому

    CPA child’s God Mother right here 💓💓💓

  • @Somal444
    @Somal444 2 роки тому

    Can this be done in canada

  • @JJ-uh7jh
    @JJ-uh7jh 2 роки тому

    The TURO cars on point lol good video guys.

  • @rogeliorodriguez5331
    @rogeliorodriguez5331 2 роки тому +1

    This is gold!

  • @mrki731
    @mrki731 2 роки тому

    Is this USA or Canada?

  • @Laracroft19986
    @Laracroft19986 2 роки тому

    Awesome video! Thank you guys!