The #1 Tax LIE ALL American Business Owners Believe
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- čas přidán 6. 08. 2024
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00:00 - Intro: Vehicle Purchasing and Tax Write-offs
01:32 - Misinformation about Vehicle Tax Write-offs
02:14 - Drawbacks of Buying a Vehicle for Tax Write-offs
03:43 - Proper Reasons for Buying a Business Vehicle
05:14 - Choosing Between Actual and Mileage Deduction
06:33 - Deciding to Buy or Lease a Vehicle
07:48 - Importance of Vehicle Use in Business
09:03 - Benefits of Mileage Deduction
CPA here. Back in the early 2000’s I sold more Suburbans than a Chevy salesman.
I watched Mark for quite some time and I'm also an attorney. His advice on deducting the car is absolutely right. The deductions must make sense to the IRS and their business otherwise taxpayers get themselves in trouble.
Love this! Only make a purchase that makes sense in your business, don’t do it for a tax write off!
Why everyone is talking about AMS89K?
Only scammers like you are talking about it
Great stuff..that said the Tesla isn't truly helping the environment.
Such a great video debunking these myths
Wonderful breakdown of vehicle purchasing and tax write-offs. It's crucial to stay informed and make decisions that benefit our business in the long run. Your breakdown of the actual vs. mileage deduction methods and the importance of aligning vehicle purchases with our business needs is spot on.
Scenario.
It’s the end of September ‘22. My business has done very well. Looks like I’m going to finish the year at $300k in profit. Wait…that’s a 80-90k tax bill. If you ever have to write that check and get NOTHING in return? That doesn’t work for me…,
So I found a cash flowing small apartment 16 units, 800K. Created another LLC. For first business (Scorp) loaned my LLC 160K the funds for the down payment. Loan closed before the end of the year.
Reduced my taxable income by half, tax bill came in at 25K which still upsets me.
But have 800K asset that produces positive cash flow 21% cash on cash return. And the gift of yearly depreciation will help offset my scorp business.
It’s a beautiful setup!
This seems like the worst period.
Even the market are now very unpredictable. Started investing recently when the market prices were a bit high,today I am more than 60% down!?
I agree just reached my goal of $500k yearly trade earnings. Setting realistic goals is an essential part of trading..
Please educate me, i'm willing to make consultations to improve my situation,
Please how do I find this financial counselor?
I'd love to know this mentor of yours
Even after watching so many CZcams tutorial videos about trading I was still making..??
Excellent content! Can you do a video on the recapture tax should you sell a company vehicle?
Can you make a guide for enlisted millitary members Mark? Particularly the E-3 paygrade with no BAH or BAS if you can. Anyways, I enjoyed the video. I am so glad you make these. Much love from South Carolina 🫡
Mr. Kohler what are your thoughts on the corporate transparency act?
You're the CPA/tax lawyer I trust to shoot it straight, so I came to you because I want to understand this new Biden proposal better. I'm sure you've heard of the headline 44.6% capital gains tax proposal from the current admin.
Are you already working on a video for this, or would you if not already in progress?
Would be much appreciated!
Landscape business but here for it
Yes I NEED that new Ford Raptor
When you were talking about people buying cars just to get a tax deduction, it brought to my memory a recent interaction. I was doing Lyft and gave a ride to a person that was doing contract work for the government. They told me they don't ever drive themselves and take Lyft or UBER to get to each job because they can simply write-off at tax time since they are doing contract work (1099). I didn't think that was smart assuming that a Lyft or UBER costs twice or more compared to driving yourself. I didn't argue with them because I wasn't sure if I was right. I was wondering if I was right to believe that wasn't smart? I am also questioning whether or not it was legal for them to write off the cost of Lyft or UBER rides because they were essentially commute miles from home to the job site or vice versa. What do you think?
What about Section 179 and Bonus Depreciation?
🗽I STILL HAVEN'T CALLED -- MY BAD -- NEED AGENCY
My vehicle at 345,000 is about to croak eventually. I want to get the tax discount and take the millage. I avg. 65K miles a year. So do the millage? When you do Turo or Uber are you sure it does not need to be in business LLC name in order to provide protection? Or was was your comment specifically re: IRS doesn't care? I have so many questions.
🔥🔥🔥
Can anyone explain AMS20K?
My investment portfolios are Bitcoin, ETH and AMS89K
Could someone provide a detailed explanation of what AMS20K is all about? I'm intrigued by all the buzz surrounding it
Thank you for sharing AMS89K💗 I really appreciate it
How can I write off $1,100 between tolls and gas a month, commuting to work? NYC, NJ hates working-class people.
Set up an office space near your home where you do business. Like an office suite you share. Or get a job delivering towels or something down the street from where you live. In the AM you deliver clean towels 2 miles from home and make 3 bucks. Then your drive to your primary job is between two places of work, unlike a commute this travel is tax deductible. On the way home pick up the dirty towels from the local yoga studio then your non-deductible commute is 2 miles from home.
@@Tacticalathleticperformance Thank you... how much income will have to be earned for the "towel job" in order to claim the commuting expenses?
@@socksincrocks4421 I am not a CPA but I don't think there is an amount. You can't deduct the drive from home to a place of work, ie the first and last drive of the day, but the IRS does seem to allow driving between two places of work. I did this for years before I went fully remote.