Can You Legally 100% Write-Off Your Car?
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- čas přidán 13. 04. 2024
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ABOUT JASMINE DILUCCI, JD, CPA, EA
Jasmine DiLucci has specialized in tax since high school when she first became licensed to represent taxpayers before the IRS.
Now as a tax attorney and CPA, she works with individuals and business owners across the nation to on Tax Planning, CFO Advisory, and IRS Tax Resolution
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Disclaimer: This information on this channel is for educational purposes only and does not constitute professional legal or tax advice.
# #jasminedilucci
Why is this lady trying to single-handedly debunk all of my favorite tax CZcamsrs😂
Because they're often annoyingly inaccurate.
She's actually 3 IRS's in a trenchcoat. Don't trust her.
You have favorite tax CZcamsrs? Brother in Christ go to school and learn tax, or train to become a tax preparer. CZcamsrs only know surface level knowledge and give you half truths
Cuz this is her fuckin career and she has her degree in being a cpa dont listen to bullshit youtubers who just talk out of there ass 🙄 so all u have to do is just sub to this gurl and just listen to her lol 🤣🤣🤣
No frl she be shitting on my boy like every other videos …. He needs to respond frl frl 😅
Does anyone get the impression that this lady’s sole purpose in life is to debunk IRS BS? She really is good at this and may we all be this lucky to find our calling.
I think she has a greater purpose than that. I just think you are poorly misinformed concerning the internal revenue code
This is my favorite part of CZcams
Better explanations by professionals with knowledge and context.
Thank you 🙏
Mmmmmhhmm. Cause you can’t do your own research. It has to feel good right😂
@@marshallosantos9035 lol😂
Partially true. I owned a tax company but I wasn’t a tax attorney. 😅
and you believe her why .... there are hundreds of laws that the irs passed , ave you seen the tax code
@@marshallosantos9035 the internet is filled with people who "do their own research" 😂
So awesome to have you making accurate statements instead of the CZcams entertainment style of others.
Thank you!
That's exactly what she's doing
do not fool yourself@@taxleverage
Did she Just condone Congress Screwing us over in a sort of passive and accepting manner? sure sounded like it...
Are you dumb or stupid? She’s doing the exact same shit 😂. What makes her more right than him? Fact check both of them boss
If this is the business deduction I am thinking of, I seem to recall places like dentist offices, realtor offices, and CPA practices were buying Chevy Suburban and Hummers with a 10,000# GVW simply to get the write off. And about the heaviest hauling these 10,000 # GVW “commercial vehicles “ were doing was a daily run to Starbucks.
The car sales create jobs and commerce(which includes raw materials - and related jobs, worker salaries - that generate income tax revenue, state sales tax(tax revenue), etc., worth more $ than the tax deduction takes from the gov't.
@carlfrye1566 Broken window fallacy- it's an inefficient allocation of resources.
@@carlfrye1566 ah yes, lets get bigger cars out on the road that are not needed to be there. If all they are being used for is to get from point a to point b and not actually to haul anything besides your spawn, then they are not needed. 90 to 95% of those cars are never going to see a lick of off roading ever.
We had a similar problem with farmers eligible for fuel rebates.
Professionals started registering their vehicles in rural ares so they could gt the rebates...
I think you’re correct. I feel like most Mercedes G wagons were probably sold bc of that deduction
So congress doesnt want us to have tax favorable deductions but, they get all the deductions and have insder trading with no consequences
Please keep making videos love that money talk
I love this channel so much! I’m glad I found your content.
My left ear learned today.
Totally fuked with me. Thought my headset was broken.
first tax/finance youtuber ive seen that actually knows what they’re talking about and isn’t just repeating some headline or some concept they barely understand, kudos
So nicely and professionally explained in a way that I can understand, you just got another subscriber. 😊👍
You are one of like four content creators that I actually stop everything and pay attention when your work comes through my feed.
Thank you for this.
Thank you
Good stuff! Thanks for sharing
Basic civics and the law. It's OK 👍
You do an excellent job
Thank you!
I’m gonna start using that one. “I got two questions, you got a second? Okay second question, do you have any plans with this property?”
They should change it so you can only use USA produced vehicles
Hmmm like Honda or Toyota👌🏼
There many cars from manufacturers like Mercedes that assemble many of their cars in the US. Not saying I don’t agree with you. But a lot of ppl would expect your statement to apply to American auto makers, who mostly produce cars in Mexico and Canada lol
Very good. Just subscribed.
Thank you!
Great topics. Thanks!
Your channel is providing me with so much good information thank you.
Claiming congress tried to"remain in a budget" is borderline hilarious
Well it’s more like they set a terrible budget so they can claim a win on a mediocre one
Thank you!
Congress is not smart enough to come up with elaborate tax rules.
They approved what the “special interest groups “ come up with. And guess what?!
A huge number of these special interest groups are staffed or owned by Tax Attorneys.
The more complicated our tax code becomes the more we need your services, right?!
Imagine if we all paid 18%?!
Every one.
The industry built around the systematic theft of Americans wealth is propping up the enforcers of said theft. At this point, id rather pay taxes to Italian mobsters. At least they are honest
18% is tolerable
@@dr7b622incorrect. No amount of tax is tolerable to pay to pedophiles compromised by Mousaad
Flat rate sales tax that way people who are payed in cash can pay as well.
You will hurt lower income family's while improving higher income family's the idea is the high your income the higher you pay. Deduction help lower income people who may be able to not pay taxes with the standard deduction.
I don’t understand how allowing someone to write off their vehicle completely in year one versus overtime cost the IRS anything?
The person was going to be able to write off the vehicle either way it’s just a matter of how many years it takes to do it.
Thank you. Richard Jr.
Jd and ea, well done.
I'm so grateful for your videos, I work in banking. So I somewhat know a little bit, not much as you. But I definitely see a lot of misinformation out there, which could lead people to make very poor choices
U r the best.
Thanks!!
@@taxleverage if you're ever single let me know 😂
Love this page lol
Does this mean tac code 168k will be back 100%?
thank you, I love you
As a farmer if i buy a heavy truck for hauling grain to market (not a semi) i will not be able to expense or deduct the purchase price?
He did not say the IRS Makes the law. But, thank you for the extra information
Hello can you please balance audio to both sides instead of fust on the left side, thank you much appreciated
Thanks for the info
Do you have an LLM degree?
What do I do if last year was half a W-2 working for someone in the other half was sole proprietor and I'm late on taxes
can you do a video on 1099-k form? i'm so confused whether i have to treat it like income, i'm worried i'll get audited not treating it as income, hard to prove a friend just paying me back.
Yes you do
It comes down to whether or not it meets the tax law definition of income. I have a lot of content on this channel about inaccurate 1099s and also how I file my return to prevent issues- here’s a post I did on handling inaccurate 1099s: instagram.com/p/C5ox160sEwn/?igsh=eTVud2k3bnRzZDli
Either way you will want to report it or the IRS will add it to your return for you. There may be a separate consideration to do more on your return if the 1099 is not correct
@@taxleverage thank you!
@@LebronCCPThat’s because the tax code is intentionally convoluted to allow those that write the code to navigate it easier than rest of us.
I love how she speaks real facts after the other influencer. “ IRS does not make laws” ect ….
My left heir really loved this.
Yeah that sounds great. All these people buying top trim $90,000 trucks and suvs for their business raising the prices for people that need them for other than business and actually pay for them.
What law says I need to pay taxes or go to jail?
What's the difference in force and making.
I am curious, why do you only mention Bonus and not Section 179 which is 100% on 6k lbs+ so long as you use it for 51% the following 5 years ?
Please don’t stop cooking cause I’m eatin this stuff 😂
Can you study the tax code in Australia
Thanks 😊
Wait so you can’t write off the whole purchase price (even if it’s over 6000lb and used for 100% business only??)
What year was this?
Not all heroes wear capes.
Thanks.
Is this section 179 depreciation?
No, the IRS clearly influences the law, to say otherwise is either incompetent or willfully misleading. Those laws do benefit the IRS, the Federal Reserve Bank (another influential non-governmental entity), and Congress.
can you give specific examples instead of just spouting off bs?
No, that’s dumb. The IRS does not care, they take orders from congress, which decides how to allocate taxpayer funds. IRS just collects. This isn’t that deep.
guess not, huh
Congress makes laws, but agencies create "regulations" or rules of how THEY interpret the law. Furthermore, tax court is it's own closed system where it's a taxpayer on one side, and the IRS on the other arguing for their interpretation of the law. The rulings become precedents. This "influences" the law. Now there are laws against agencies and government employees lobbying, but there are mechanisms for agencies to interact with Congress about issues
@@_m_K_. Can you give an example of the IRS doing what you claim?
At last a cogent explanation.
You are talking and not talking at the same time 😂
you can try asking questions if there’s something you don’t understand
Try listening closer
@@williamcasa6406 all she said was "ummm acchtually it was congress"
we already all know the IRS doesn't make the laws. We use 'the IRS' as shorthand, as it's not Congress who will be mailing me letters about my deductions.
Your comprehension is the problem. She even discussed the reason why Congress did this.
Just passing by checking some short like overall content but dont know why the quality of sound seems odd for me compare to other content creator may be it is from the mic. I heard from mainly left ear and so little in right ear (earbud user)
THANK YOU. No really THANK YOU. No one ever makes that Distinction between the IRS and Congress. Its is a Fundamental element we HAVE to get right when talking about taxes. Otherwise the conversations on improvements or changes are for not cause we are LITTERALLY barking up the wrong tree.
I have my taxes done by an accountant a tax accountant tax professional I pay $500 is it worth it is it is it worth it? Everyone else pays 150
There is no guarantee that the deduction will be renewed. So, why not plug loopholes for the wealthiest rather the something "...this good for individuals."
audio is jacked up on your mic.
This hurts contractors who need a utility truck that costs 80k new. You pay cash for it then you get screwed on tax deductions for your business.
What tf are people here on? Evryone is so hostile y'all need to switch to edibles and chill tf out
Why is the tax code so hard to understand? Why is so much of my money wasted?
Dang, a lot of shade on this one 😂
The impact from now having to deduct R&D expenses over 5 years is a much bigger issue.
There never should have been any special tax rules for treating the depreciation of vehicles based on the weights of the vehicles. The last thing we need in this country is to encourage people to buy larger, heavier, less fuel efficient vehicles that waste gasoline and drive up gas prices, are harder on roads costing more for maintenance, and are more dangerous in collisions reaulting in greater injuries and death.
“Congress” has stood against making any advantage, to or for or from purchasing many anythings, being stable long enough to really accomplishing much good for anyone else.
*_You own that shirt in (at least) three colors._*
Honestly I think there are few circumstances where it’s justified to write off a car. Like bro you’re not paying for the company car (that’s why it’s called a company car) and if you buy a car FOR work idk like is that a reasonable necessity if 90% of Americans buy a car regardless of employment?
Read A1S8
They don't care if you buy a vehicle or not. It's just a change in how you get to depreciate an item. The dramatic music in the background doesn't make it bad, it just makes it seem bad. ROFL.
Why you don't buy a car or truck in the USA
I wish they wouldn’t renew it. Encouraging heavier vehicles makes our roads less safe and also causes more damage.
It’s good information but all those terms are not commonly known to the average person. If you can break down in everyday words you would get more follows
Holding a pen makes you an expert these days
It was so businesses would pump money into the economy and wouldn’t drag along the depreciation for the next several years.
very few people even think of this and what the separation of powers mean in todays civilization.. irs is like police, is executive power, but congress is legislative, they make the laws esentially, and irs execute whatever laws congress passes, but is the people who vote for congress members, so ultimately regular people elect congress, congress push the laws into adoption and irs executes the laws as executive institution ( like police it is also), so the people voting trump, theoretically everyone else, so when irs force you to pay x amount of taxes, is the people's laws who voted the congress, and pay irs, their jobs, by the way , who force you to pay your taxes.. when you watch late at night congress debacles, that's no joke, or it shouldn't be, those people are there to represent the interest of the citizens who voted for them, and they debate EXACTLY the laws that will entitle police irs, etc to force the execution of those laws
They need to get rid of it and keep it gone
Hmmm…correcting Karlton…you’ve got my attention. 🧐
He's usually not wrong, but he doesn't give the whole picture in much of his content.
@@roadmap2wealthso you are essentially saying he is framing the information = WRONG lol
@schmorris If that's your interpretation, I respect it. I think he's more about grabbing attention and giving you a small snippet of info that is accurate. He isn't trying to truly educate you on the situation. So the info os accurate, but not the whole picture. His opinion is designed to grab your attention. Always vet what we say online.
New viewer here. When using business jargon, it's important to consider that your audience may not understand it. Therefore, you should strive to make your language more relatable to them.
Its not buisness jargon its the actual terminology used in the law. So its impossible to be accurate if you use other terms.
So soon i will be able to gett 100%, if i purchase a vehicle under my s corp llc?
I’ll believe it when I seevit
You made my day!!!! Yay!!!!
Correct, but to present the argument as if Congress doesn’t, in any way, work with the IRS in order to determine policy/law … is misleading. IRS may not make the law, but to say the IRS has no opinion or doesnt care in any way, cannot be correct in the slightest of way.
It’s not misleading. The IRS enforces the law. Bonus depreciation phaseout was clear cut law created by Congress and there’s no real room for interpretation for the IRS to enforce it any other way unless Congress makes a change.
Shes the ONLY woman on earth i give a pass for nasal speech
Why would the government incentivize buying a vehicle that weighs over 6,000lbs? 🤔
Business vehicles, especially in the trucking and construction sectors help drive the economy.
@@Kluberus Exxon Mobil agrees
Trucks or cargo vans
@@eddiecuevas1085fossil fuels are good for human civilization
I have the right to not incriminate myself. The IRS feels as though it has the right to make me do so. Abolish the IRS.
And the dollar would collapse the next day. Your right is to not self-incriminate in civil and criminal proceedings. Tax returns are neither.
@@danielmorton9956 That is so weird because before 1913 the dollar was super strong and we had no income tax. It is as if the government is just the mafia extorting people.
Also yes if i have to report something to the government and i did something wrong i would be incriminating myself you goon. the IRS is plainly unconstitutional, end of story
Trusting anyone in the government is just plain dumb.
Someone hyping the G-wagon deduction is the first and only thing I need to know they aren't a serious person. Thank you for laughing at this man.
.
In the US the laws are written to make wealthy people wealthier and poor people poorer.
Few people will understand the way the tax law is done. It is very deceptive. There is the surface understanding for the poor and there is a description from a legal perspective.
But in reality, as she explains, they revised the tax law so people don't take advantage of it.
Whenever there is something that's beneficial for the people and the people will become aware of it, they will change the rules.
Travel overseas on a religious trip and take the tax write off.
Wear t-shirts for your business and take the mileage write off.
Go to lunch with your friends and talk business so you can get the tax write-off.
Play their game
If the laws existed, only for wealthy people, then we wouldn't be able to 'play their game'
The laws exist for everyone, most just don't take advantage of them...which is why they're poor.
@@asdfbeau.
Your wisdom is astounding.
So many people making minimum wage or $25,000 and living on their own are really taking advantage of that schedule A. That's awesome tax deductions for their apartment or medical expenses. That is why accountants cater to these people.
🤔
I am sure if there's any problem their attorney on retainer can help them.
Made by congress to fit a budget😂😂 made by congress to rob the ppl they pretend to serve.
I love how you low key called him stupid AF for saying the IRS makes law and that you laughed at him while making this video🤣🤣☠️
Now tell that to the ATF
I love you
Irs can make laws... They are called regulations
The US Treasury makes regulations
"The IRS doesnt make the law"
Glad we agree that executive branch agencies shouldnt make laws.
Go talk to the ATF.
It’s ridiculous how favored cars are in American society. Such an L policy.
My girl! Straight up called this dude a nobody...love it😂
You're projecting your own feelings onto this. She did nothing of the sort.
What she did is calmly, logically explain the WHY behind the IRS changes these deductions and how the Congressional budget factors into this *fluctuating* law that goes down and back up to 100% when the bill is renewed.
You're as overly dramatic as this guy who is kind of ranting a bit in the video.
How did she call him a nobody? All she did was explain the WHY part that the black dude was missing and she also made the subtle statement that the IRS doesn’t make the tax code but enforces it… you seem mad for some reason
Then next week they’ll be another person reacting to her videos saying she’s lying🤦🏻♂️🤦🏻♂️🤦🏻♂️ a train full of adults trying to down play another adults. What he said was true doesn’t matter who makes the rules the irs will enforce it which means what he says is literally in play smh.
So he's right but wrong about who's responsible?
Yes it is the politicians doing this crap. We dont want taxation on everything at every exchange etc. It's ridiculous.
This deduction is NOT good for taxpayers, it is good for rich tax-avoiders.