Auto-Tax Strategies: Get Your Dream Car For Free?
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- čas přidán 18. 12. 2023
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01:08 - Introduction and Misinformation Discussion
02:13 - Seven Rules of Thumb and Changing Methods
02:55 - Mileage vs Actual: An Examination
06:02 - Tracking Business Miles: Challenges and Importance
12:12 - Finding the Sweet Spot and Key Deductions
23:25 - The Evolution and Priorities of Vehicle Industry
28:42 - Phasing Out and Getting Close to Thresholds
32:35 - The Role of Salespeople and Closing Remarks
#autodeduction #automobile #writeoff #Taxes #avoidtaxes #paylesstaxes #wealth #tax #realestateinvestment #Markjkohler #KKOSLawyers #markjkohlerLIVE #Entrepreneur #rentalrealestate #taxplanning #smallbusiness #taxlaw
Facing a financial crunch, especially as seniors, we're pondering the idea of cashing in on our home equity. The question is, should we invest the money, rent, or relocate?
Homeowners seem to be increasingly exploring home equity, especially when faced with critical needs. It's a better option than borrowing from credit cards.
While I won't advocate for using home equity to fuel consumer spending, it's worth considering responsible financial choices, like home equity loans.
Home equity lines of credit (HELOC) offer the lowest "non-mortgage" interest rates, making them an attractive option due to their collateral nature and interest-only payment requirements.
Understanding the economic ebb and flow, seeking guidance from an independent broker familiar with housing and financial markets might be a wise move.
Any suggestions on how to spot a reputable broker with adequate knowledge of both markets?
Thank you so much!!! I am going for an RV as soon as I move to a house with enough lot for parking 😝 incredible learning
Great video and perfect timing!
You should include a link with a transcription of the video. Love your videos. Would rather skim / read them faster. I would digest more of your content.
😅The great little Self-driving Electric RV is called the PEBBLE FLOW.
I would love to hear more details on how you would go about the tax deductions involved with a van conversion. Say I buy a van and then PAY a company to convert it and make it a 4X4 (I live in Alaska so that's basically a requirement) I then rent out that van but also use it about 25% of the time for family camping. TO add to that, say that later on we buy a second van and do the same thing. Now van #1 is 100% the camper van rental. Van #2 is perhaps more like 50/50 for personal use vs. business use. The idea is to grow to having a fleet of 5+ camper van conversions. We also have an old classic van we want to convert and use half the time but rent out half the time. How do you get deductions or write offs for these conversions?
(Thanks in advance)
So what do I do for purchasing an EV before year end in my business LLC for Rideshare? I would obviously choose mileage but I didn’t make a lot of money in 2023.
Matt I have thoroughly enjoyed your content and working with some of your tax advisors. if I buy a property and a self-directed IRA or solo for 1K, and then create a separate property management, LLC to manage these properties in self directed accounts am I still able to write off cell phone expenses and various business expenses in management of these properties? I just wasn’t sure if that was possible when these accounts are self-directed
When you say you are stuck with it, Mike's or in full. Do you mean for that year only or the duration of ownership?
I do actual expenses for two reasons - I don't drive as much after covid and I don't want the complexity of tracking business mileage.
There are apps that track your mileage, it's easy
Great program, but I wish you had emphasized on the SE portion of taxes not being affected by EV credits. Those of us getting a 1099 who don’t have Federal income taxes due up to $7500 (not including SE taxes) can’t take full advantage of this credit.
Great video! Question- I already depreciated my car last year and my car is below 6000lbs. Can I still deduct my car payments for my business?
"Once you pick mileage method, you're stuck with it". Assume this is only for that vehicle?
I was listening to get clarity to this: Should my s-corp own the car title, to write it off?
Property taxes for company own cars and personal cars are very different in SC, and owning a car on business makes less sense
If the business owns it, doesn't the business need to insure it as well?
Hey Kohler, did you know that the most popular German slang word for money is "Kohle"?
Idk if i heard correctly but if i did... Nugget = finance a car last minute for a 30k deduction.
As a RE professional can i write off my new roof, 19,600, new rewired electrical, 19,000 for my rental AND a new computer for my office? Home office.
After 3 years and the truck is totally depreciated, in year 4 does actual start to apply?
If business owns it and it is leased, can I deduct payment and mileage??
I am so confused. I filed the articles of organization and statement of information earlier this year for SMLLC. I ended up filing late election 2533 to elect S-corp for the LLC. Do I have to go file an articles of organization, etc for a corp now? In terms of the franchise tax, do I have to pay the $800 fee for the LLC and S-corp in additon to the 1.5%? The whole LLC w/ S-corp status is throwing me off. Any help is much appreciated!!
If I have two cars for my business can one car be mileage and the other actual
How do the IRS knows where your going? I mean if u claim u had a business meeting some where and just went on a personal trip and log it, how would IRS know that
I have a Prius with about 50 mpg. The car has over 200k on it with no major repairs yet. The miles are my best write off.
nobrainer!
(Not you, the situation)
@@torsten6777 haha got it
Nothing but mileage! That's minor compared to all the losses from having biz.
how about if the car is used to promote or grow a business? automotive CZcamsrs for example. they don't get to write off the cars that creates them content?
Im a new business owner and learning lot of things. So i just open my business this year, assisted living, but it takes me a year to run it because of all the inspections and paperworks. So i dont have any income comming yet this year. How can i writeoff everything that i spend for the business if idont have any income this this year.
Thanks
have a friend or family member use your service for 1 hour and record that as income.
What about vlogging in your car DAILY?
Where's the part about getting a car for free?
Do love the tesla. Once electric never gas again.
I just bought a electric car, i will put 40,000 miles a year
Do really need 15 minutes to get to the real answer. 🤪
Stop moving the microphone everything 3 seconds it’s so annoying . Great info though
Tesla as a dream car? 🤣🤣🤣🤣🤣 You couldn't pay me to take that hunk of junk.
You lose some credibility with your Tesla love
No way! Tesla’s are AMAZING!