Auto-Tax Strategies: Get Your Dream Car For Free?

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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

[xavier_lucas]

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?

[pkkim]

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

[CameronPrice-wc]

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.

[dave]

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.

[toddletrails]

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)

[penguinscantfly]

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

[bruceseid]

"Once you pick mileage method, you're stuck with it". Assume this is only for that vehicle?

[Bormanb]

Thanks for your video! great info, please respond to my question: does it matter how much you actually drive this vehicle? I work for my LLC doing remote wirj, I visit clients twice a month, do I still qualify for the write off?

[ladonnayoung]

😅The great little Self-driving Electric RV is called the PEBBLE FLOW.

[DavidCulbertson-uw]

Idk if i heard correctly but if i did... Nugget = finance a car last minute for a 30k deduction.

[torsten]

Hey Kohler, did you know that the most popular German slang word for money is "Kohle"?

[azizazeerak]

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.

[alpinetrader]

how about if the car is used to promote or grow a business? automotive YouTubers for example. they don't get to write off the cars that creates them content?

[techwizardryforIT]

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?

[richvillacres]

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

[patrickmelson]

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?

[dross]

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!!

[rickwhitford]

If business owns it and it is leased, can I deduct payment and mileage??

[JaneThorson-dmev]

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.

[mackman]

After 3 years and the truck is totally depreciated, in year 4 does actual start to apply?