How To Write Off 100% Of Your Car Under Your LLC in 2022

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*Disclaimer: I am not a financial advisor nor am I an attorney. This information is for entertainment purposes only. It is highly recommended that you speak with a tax professional or tax attorney before performing any of the strategies mentioned in this video. Thank you.

#taxes #taxfreeliving #taxexpert #taxreduction #llc

[rodneylegend]

We have to protect him at all costs, he is giving knowledge schools don’t teach

[TravelingDave]

As a CPA licensed consultant, I've worked with a lot of clients that try to do this. It doesn't work unless you buy a used car at a depreciated value of no more than $40k. You're only allowed to claim a maximum of $10, 200 of depreciation year over year for each filing. Also they closed the loophole with luxury cars after Covid-19 so purchasing a Porsche or corvette etc. won't fall under this small business tax write-off. You can no longer allocate a car to an individual or business either. Most people who attempt the second part wind up having their car repo'd and can face jail time.

My advice would be to buy a used car with a luxury or sport trim level (SUV's are best) and pay your monthly payments and write off the car after 2-4 years. Put minimal miles on the car and sell it, essentially that's free money minus the sales tax (Unless you sell from Montana).

[k.c.]

This is a simple business practice, as long as your LLC is a legitimate business, and not just an LLC to write off “business expenses” that really aren’t used for your business. If your a sales rep for XYC corporation, you can’t open an LLC and say your a sales rep for the LLC, when you don’t exchange any finances, make any revenue with the LLC, etc. When you file your taxes, your LLC has to show profits, salaries paid, expenses like the car, etc, or it will throw up a red flag and an audit will follow. I know because I’ve done it for 20+ years.

[kimbertmedina]

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[jaquevius]

It all depends on how long you keep your car. My wife and I own an LLC and an S Corp. Since we keep cars for well over 10 years, based on the advice of our accountant, we opted for deducting monthly travel/mileage expenses, so we receive $750 each for each company which is 36K a year that doesn't go through payroll and is a business expense. It's my understanding that if you purchase the car through the LLC or S Corp, you can not deduct mileage etc in addition to the payments/depreciation. Now, if you turn over cars every few years, then purchasing would work out in your favor.

[raymondwong]

I am an enrolled agent and have been doing taxes for over 15 years. You better be very careful to follow what this man is saying, because he is not giving the complete picture.

[LonestarHawaiian]

Such quality content. Not only the information, but how it’s delivered. Very well done.

[froy_boyproductions]

This totally just helped me with my dads current business I wanted to create an LLC for myself. But really had no business but will be getting my management degree. Instead of being a manager within my fathers company I can have my own management company and work with him from that perspective to give myself/ entity more tax opportunities!!

[TurdFurgeson]

And by watching just one video, I have subscribed. Well done. I know your strategy is not unique in the business world, the privileged class grew up in families that have empires where these practices are not only commonplace but expected and passed on. And that, in and of itself, that class structure, acts as a gatekeeper to this kind of knowledge you're spreading in this video. You're helping the ordinary man circumvent those gatekeepers that have held supreme authority throughout history. Good on you. I can't wait to watch more of your catalog to see what other topics you delve into.

[ToolDeals]

Pops to you and your family bro. I've been waaaayyy too scared over the years to teach exactly what you're teaching in this video. Most people won't be able to digest it and I feared people messing up and blaming me. You know how that goes! But I love to hear how your entire family works together! Next to understanding taxes, working together is how you truly build wealth.

[kawikasmith]

Great explanation of using a management business to work for your other business! I’ve heard of rich people doing that but didn’t know the concept as to why!

[wmmn]

40K value is the new limit, vehicles can't be assigned to an individual or business in this way, and... any way it goes..., 10K is the max depreciation now due to post plandemic tax law changes... there are 87, 000 new reasons why I would question all this...

[Ndasuunye]

i financed my car for uber and I was able to save ~90% of my tax burden thanks to partly my car. Phew, between gas, insurance and car note, it was incredible. It's amazing how much the IRS taxes you otherwise.

[armybros]

Wow, you're so well spoken, I cannot think of anyone who could've explained this to me any better. Take my like and follow sir.

[TheMattyMoShow]

You're phenomenal. As a new business LLC owner, I have no income yet to purchase a new vehicle, but I can't wait until I am!

[TheRicosauve]

I'm glad I stumbled onto this video...a couple of questions: A). Is the Porsche lease in the name of your company and did you have to personally guarantee? B). Would this work if the company is a holding company?

[traingear]

as a business man going on 50, having been a self employed business owner since 21.. i've bought lots of cars in my business, and in my line of work were justified. but the 6 figure Mercedes, Auidi, Vettes, Range Rover etc.. I regret every single one of them. you don't need that kind of tax write off, much smarter choices in the business world .. i now drive a 20 year old truck with 150k miles on it. nope its not an expensive tax write off, but that's the point. . it gets me from point a to point b and i leave the expensive tax write offs for things that have far far more return on investment and appreciation

[anvarizbakiev]

I think this video may get people audited by IRS and State revenue departments. You need to make sure you pay “Management co” for actual service they provide and MUST be reasonable. You can’t just make payments without any reasonable business needs. IRS would challenge that and possibly hit you with penalties and interest.

[ChrisGoldenKid]

I'm thinking about forming an LLC for a rental property, and just knowing that you have so many options with establishing a business opposed to leaving everything in your personal name is very interesting!

[sarahs]

A BIG piece of information that’s missing from this video is if you want to write off 100% of your vehicle, it needs to be 100% used for business only.