Don't Buy A Car In 2023 Without Knowing This
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- Опубліковано 19 вер 2024
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If you drive high miles, the mileage write off method really helps. I have a 2014 Mazda 3 with 367k miles on it, paid off. I haven't done any work to the engine, nothing is leaking, it's running solid. Still has the original clutch (it's a manual). The last few years, my 40 to 50k mile a year write off has been huge for me, only having a few hundred a year in maintenance, which I do myself (brakes, oil spark plugs, trans fluid, tires). Also, I started a solo 401k three years ago and max it out and have the business pay as much toward it as I can. These really help me keep my taxes to a minimum (although, it still feels like I pay a heck of a lot).
I’m glad I pulled through, despite the crises. I am retiring next yr at 55 with 3 houses paid off worth 4.5 million. One is my place of residence the other 2 properties will give me $80,000per/yr rent . I will have an income stream of $20,000 per mnth through my super which gives me total $240,000 a yr to live comfortably. I have no debts ... Stay Motivated!!
@@cathyspiegel6765 You have done great for yourself. I have heard many good recommendations about Rochelle Dungca-Schreiber by some YT channels, Seminars and other platforms.
If you're car is still running just wait until the price and interest drops down. Let the dealer and the manufacturer feel they don't have to increase the price tag.
Cash buyers don’t feel interest rates. I buy new every 5yrs
#6 is the reason my dad chose to go with a BMW XM. Personally, I think it’s obnoxious… But if it’s a right off, I can’t fault him.
Finally tax advice for every day life and every day people. Subscribed.
My Dad told me to be an accountant years back, he taught me accounting on his desk, but as a rebelious son did not pay attention to his advice then, now I regret I didn't, I read IRS stuff and keep abreast of all tax things which have been very useful thought the years, I even helped prepared taxes to some clients periodically, but with my other occupations I lost interest on making money that way. I might go back to school but I am also interested in law, will see, I might hire your services or you hire me, lol. Thank you for your great programs, clarify many things, many details at times.
This is why you hire an accountant. Just save your receipts and if a good accountant, they will give your deductions
Very informative. The illustrations on the whiteboard really helped me understand the advice better, so thanks!
There is a big difference between a tax write off and a business expense. I want to know how to expense my vehicle, not get a tax deduction for miles driven because I don't want to use my personal income to purchase the car and then apply a small portion of it my business. I want my business to purchase the car.
Section 179 is winding down. Last year was the last 100% immediate depreciation. This year it’s 80% next year 60% until it’s gone. Then depreciation is year over year.
That was Trump doing that right?
What if you buy a car, create a UA-cam channel around it, use it for Door Dash and Turo could that be 100% business usage?
Just keep it simple just tell people you can't write off your initial first trip out after that when you leave to go anywhere else you can claim it that's it if you have the same mileage from the same place
Ownership doesn’t matter?
Are you saying that an owner of an LLC taxed as an S-corp can “contribute” a vehicle that is titled in the owner’s name to the S-Corp and then the S-Corp can deduct the same expenses (mileage or actual (including depreciation)) as it could if the vehicle was titled in the S-Corp’s name?
Phenomenal information, which is very difficult to find. I have 3 vehicles. All 3 are on Turo. One is leased, and the other two have liens, which one of those is electric. I use whatever one is not rented out to help deliver the others to clients, plus for my personal use.
Hi @savemaui! I'm on Oahu and looking to start a 2-3 car turo business. How is it working for you? Wondering how much I could actually make with 2-3 small sedans here on Oahu. Looking to build from there and maybe have a truck or a Tesla added one day since those are in high demand. Would love to hear more from you!
If you move to a Roth from a traditional IRA you still get hit with the taxes in transferring.
Mark, could you do a video or a piece of a video, about creative things to do as a dog trainer? Like write-offs etc? I drive a ton, so I understand the mileage, just thought it would be cool if maybe there were some creative things you could discuss in this dog training context.
Good and professional advice fellows.
What if it’s a low mile car and only $27,000,leasing the car off and over 50% use for business
Hello MJK, I really like your videos!! Such great information!! Congratulations!!
When you put the sticker on your car the company that provides a sticker pays you and the magnets are way better than getting it painted but I did it for a month and I didn't pay the $9.99 on time when it was time to you know I was just learning so they wouldn't pay me anything I'm like scam I'm gone
Blessed to be able learn things like this thank you I'm subscribed 🙏
Always good advice Mark.
Any Accountants you can recommend in Pennsylvania ? Lancaster even better ...
What about purchasing an expensive vehicle (Such as a Corvette) for a social media channel dedicated to content around that vehicle?
I can think of so many better things to use as a write off.
QUESTION ? Actual or mileage … Scenario: 1. Porsche Cayenne bought outright in 2019, no payments. … 2. going through a divorce and get the Porsche as part of settlement … 3. I’ve been retired for over 5 years but will be resurrecting my self-employed vocation for income … low mileage, 50% + business use … 4. Can I take depreciation and deductions ? … the purchase of the car was over $100,000. but the KBB says the value is about half of original cost … what do you suggest ?
To get your question answered, please submit it to podcast.mainstreetbusiness.com/ OR you can head to markjkohler.com/tax-advisor-network/ and get connected with one of our amazing Tax Advisors that can help you dive deeper into your questions. Thank you!
I plan on buying a Tesla later this year. I have a day job, and my plan to comply with the 50% rule is to drive on the weekends for Uber at least to the extent that that use is more than commuting to the day job and personal use. My only question is what you said about putting it into a business name to optimize tax write offs on the vehicle purchase. Are you saying I get more write off by putting the vehicle in the name of an LLC I control? Or did I misunderstand and it doesn't matter if the vehicle is in my personal name or business name?
To get your question answered, please submit it to podcast.mainstreetbusiness.com/ OR if you want to get set up with one of our amazing Tax Advisors to dive further into your questions, please head to markjkohler.com/tax-advisor-network/ - thank you!
DO NOT BUY A TESLA THEY ARE THE MOST UNRELIABLE VEHICLES IN THE CURRENT MARKET PERIOD THIS IS FACT . DO NOT FALL FOR THE HYPE THEY ARE BAD CARS THEY ARE NOT ACTUALLY GREEN .
What about a high annual miles vehicle (>30K miles/year) with an average MPG (30 mpg combined) in the $40K cost range, that's used for business 100% of the time? I'd guess Actual. Correct?
when i worked at Census commute to work they refunded as work miles, and all miles in the field. The commute home was not refunded. I would think it would be the same for commute to work but not home from work.
Mark - what are you considering "low" or "high" miles?
Very diplomatic answer on that backdating the vehicle purchase "strategy." Love it, Mark!
I "assume" they're not using a calendar tax year.
Good one, thanks
Please advise on business income requirements. Specifically if there is not enough income can losses offset 2
W2 income or crossing other schedules.
Wish you had someone in Australia
Question for Mark, I have 2 S corps cash accounting method. I have 2 vehicles that I use for both businesses. My truck I use for my home services business, its been paid off for quite a time, but I use the mileage method and don't drive much, maybe less than 10k a year, and I use it more than 50% for business. I also have a car I purchased in 2022 and claimed the special depreciation $19,200 on, but put on like 25,000 miles for my other s-corp consulting business a year and wrote off my vehicle expenses like gas, oil changes and car washes. My question is, can I switch my second consulting business vehicle(asset) to the mileage method in 2023, after claiming the bonus depreciation in 2022, or would I be better served keeping it as bonus depreciation. Let me add a caveat that I am anticipating purchasing a THIRD vehicle, which would be used for my business services s-corp, would have low miles used more than 50% for business and would be a high cost vehicle. Should I take the bonus depreciation at 80% in 2023 for my consulting business, AND can I take the 80% bonus depreciation for the NEW home services vehicle I plan to purchase? Really two questions I would love some guidance on.
Kory! Great question, to get your question answered, please submit it to podcast.mainstreetbusiness.com/ thank you!
Carlos is a fed
If you have 10 vehicles can you take mileage on the Prius sales cars and actual on HD trucks ? I always thought you can only take one car as mileage 100% business , I keep an old truck as my personal auto
Hello love your content. What about a fleet of 10 cheap cars on car sharing platform like Turo? ( lots of miles)
Can you buy a car with the purpose of start an uber or doordash hustle and write the payments with miles?
I’m a salaried employee, but I work from home 3 weeks and then commute 800 miles round-trip to the company office every fourth week. Since that’s a ‘temporary’ location can I deduct anything?
To get your question answered, please submit it to podcast.mainstreetbusiness.com/ OR if you want to get set up with one of our amazing Tax Advisors to dive further into your questions, please head to markjkohler.com/tax-advisor-network/ - thank you!
Thanks - this was helpful. 35:21
Great information thank you!
Love it! Great video!
what are my options if I get a $400 car allowance through my W-2 job but have rental properties that I use the same vehicle for? my lease $586 a month, plus I have insurance to pay
Start a vehicle rental business and rent the car to yourself
I write off my new ram 2500
Hi thank you for teaching us.
Can I buy any car to use for my cleaning company?
Im a real estate agent under my aunts business and i would say i would be in Catagory 3 and 5(if possible)...in order for me to lease something nice and use it for work would i need to be an owner of the business?
I understand that a "wrap" doesn't make the vehicle eligible but is the "wrap" a write-off for advertising? Also, is it beneficial to rent it through Turo or is there a better way to protect yourself?
Back dating purchase sounds sketchy. Sounds sketchy to koehler too
I need to get 3 suv to run my newly registered business . Please advise me with the best options
which conditions of cars is the best to get for the contract corporate transportation business.
What if you are employed full time?
For UA-camrs, form LLC, buy a car, ... Guide on this?
Can I write off if my business is not making money?
I didn’t watch the video but people buy cars and other assets all the time to start a business and maybe won’t profit until about years 3-5. If you’re not making money it’s ok you just have to demonstrate you are actually running a business and expectations are to be profitable within that time frame. There are also loss limitations etc to prevent people from writing down an attempted business to offset different income items.
Are you allowed to switch methods from one year to the next? Meaning, can you start with the Actual and switch to Mileage the following tax year?
To get your question answered, please submit it to podcast.mainstreetbusiness.com/ - thank you!
Great Stuff!!! Love the visuals and simplification. Gotta get that book. #write-offsaregold
I provide a car for my contractor (1099). Can I deduct something? She deducts mileage on her return, but what can I do for providing the car?
To get your question answered, please submit it to podcast.mainstreetbusiness.com/ - thank you!
Is there anything you can write off for personal use truck purchase?
Hey Mark
I have a s corp can I buy suv on my business. For text deduction in 2023
Zero mileage
what do you consider low miles?
If I work from a home office and drive to company’s office (not my co., but im on 1099) only once a week on Fridays, is Friday a commute or business miles?
Can I write off my commuter miles if I am talking to clients or listening to books that educate me for my business or required CE courses?
I'll bet that's why many UA-cam videos are filmed while driving. Ha
Hi Mark, If I have a in home business can I write off my utilities
If I lease a car and use it more than 50% for business, can I write off the entire lease or is it prorated with personal use %?
Gregory, to get your question answered, please submit it to podcast.mainstreetbusiness.com/ - thank you!
I am not buying another car ever.
How can I buy a car in my business for my over 18 child who will be doing work for me remotely from college? Does the child have to be a w-2?
Would make sense since no longer a child at home. Consult with you cpa
To get your question answered, please submit it to podcast.mainstreetbusiness.com - thank you!
Hi Mark： I have a Digital Marketing Biz working mostly（80%） from home N a Uber-like biz， can I used the same LLC entity for simplicity on Tax caculation？ Thanks Buddy~
I need a good accountant
Nothing is free…someone is paying for the energy needed to generate the energy needed to produce the electricity !
can you write off the mileage to the business and back to home office or just one way to the business
One way
I have a two part question.
I drive a LOT of miles. I am over the 50% rule. I need a new/newer vehicle. I was thinking about leasing for the lower initial payments. I'm actually planning on buying the car at the end of the lease. (I like Toyota hybrids and they hold their value really well.) Can I use the bonus with the mileage? You said mileage for hybrid's.
The hybrid tax credit is only for brand new cars, right? When car shopping, I generally prefer to get a 2 year old pre-owned car.
To get your question answered, please submit it to podcast.mainstreetbusiness.com/ OR you can head to markjkohler.com/tax-advisor-network/ and get connected with one of our amazing Tax Advisors that can help you dive deeper into your questions. Thank you!
There is no more great deals to lease a car like before it used to be much cheaper to get a great deal than actually buy a car.
None of these deductions are really worth it if you are not the type of person who likes dealing with all the BS. You are better off foregoing the deductions, concentrate on keeping costs down, and spend your time improving yourself and your business until you have built up your income to the point you have employees and professional services who will do all this for you.
There are actually people, like the host, who enjoy this stuff like a hobby. We’d all be better off we can get the government to simplify the code, and get everyone working on doing better business instead of avoiding taxes.
Remember, if there are 5 or more vehicles used in the business, mileage is not allowed. You must use actual method.
I’m a UA-camr digital nomad with a SDIRA Llc and I want to buy or lease a travel suv for the business. Which rule of thumb should I consider? I would use the vehicle primarily for traveling to locations for the YT channel.
To get your question answered, please submit it to podcast.mainstreetbusiness.com/ Thank you!
How do i get a cpa certified by you? I just got my llc and i do uber and lyft fulltime but trying to venture off to my own thing. im in orlando fl if that helps.
Hey Bryan, please head to markjkohler.com/tax-advisor-network/ to get connected with one of our Tax Advisors in our certified Network! They will be able to help you :) Thanks!
@@MarkJKohler thank you!! i found someone 5yrs plus experience in fort myers hopefully he can help me out
not more than 2 min in and he is already dogging other tax accountants. Thats this guy's marking strategy,
6000lb plus 6 foot bed! 5.5 bed doesn't apply...
👍👍👍😎😎😎🥰🥰🥰
21:45 Tesla's are the worst for the ecosystem and taxes LOL
Can i use this if i already purchased a car ?
Most of the time i drive the car from home to work and doing shipping.
I have kia telluride i do financing