HOW TO WRITE OFF YOUR CAR #shorts

#car #taxes #taxes #motivation #money #shorts
HOW TO WRITE OFF YOUR CAR -

There are 2 ways of doing this. Lease or own...

[rffvtfp]

instructions unclear, i now have 3 cars & lost my house?

[monissiddiqui]

CPA here. Please keep listening to this type of advice. So when you get audited you can come hire me. 😅

[KylePedretty]

I did this and it only cost me 58k and I save 6k on my taxes. Now I have an extra car worth 30k since I drove it off the lot. And I’m in the hole 52k. Worked perfectly

[robm]

Just buy a Toyota truck and keep it for 20 years. No need to flex and spend money when you don’t need to.

[jacob]

People don’t seem to understand that a write off is not a dollar-for-dollar savings on your taxes. You will save some taxes sure, but it’s equal to your tax rate. So if your effective tax rate is 27% and you “write off” $50k, you save $13.5k in taxes. Think of it as a nice discount on the purchase price of an asset you were already going to buy. But never buy something purely because you can “write it off”

[Nutler]

You can only write off the car using section 179 if you use the vehicle more than 50% of the time for business use and if it's over 6000lb, if you buy the car on December 31st you can't write it off for that year because it would be impossible to use the car enough to reach the 50% threshold.

[larukulunaseas]

Tax attorney here: DO NOT DO THIS. DO NOT LISTEN TO THIS CON MAN HUSTLER.

[victorl]

Never buy an overpriced vehicle that requires expensive maintenance, insurance and depreciates like a rock to save on taxes

[PaaZ]

I’m a multimillionaire. I only have two cars, a Toyota Tacoma & and Grand Cherokee. Live simple.

[cpy]

I love taking notes on his videos because it’s great pointers on just doing the opposite of whatever he says

[jrighteous]

* Disclaimer *

This only works in specific situations for a self-employed individual, say for example you own a landscaping business, you can write off your truck that you use to move your equipment at sed job site, that monthly payment can be used as a company expense and go against your earned income . THIS DOES NOT WORK FOR A PERSON THATS EMPLOYED AND WORKS A 9-5 JOB

[tanL]

Grant is speaking to those in his tax bracket, not those living paycheck to paycheck complaining about grocery prices. Stay in your Honda.

[SawDawify]

its adjusted to a max of 23, 000 for SUVs this year. still up to 1, 080, 000 for actual trucks and heavy equipment, which is what that section is for

[denvermilam]

If you’re spending the 158k on a Rover only to get a tax deduction, wouldn’t it be more beneficial to just pay the taxes and invest the money elsewhere? The most you can be taxed is 37 percent. Spend 158k just to save 58k. Yeah it’s a new asset….but they depreciate rapidly.

[Steve-jxvq]

Tax season really does bring out all the sleazes.

[CaptainWillard]

Looks like all the money in the world, can’t buy this guy a restful night’s sleep

[edg]

If you lease it’s because you don’t have the skills or ability to maintain a vehicle are always in the need for someone to fix things for you. Just like Cardone I can hunt, farm, build a house, sail and rebuild an engine. I can also troubleshoot networks and computers build data managing worksheets and data bases in access. This guy is good at talking and selling you ideas to financial enrich himself based in his NY values.

[chrisgeorge]

Recapture tax on filing a 179. It makes it absolutely useless. If you get caught using it for non business purposes too, your in trouble. Get the car you want and take a standard milage deduction

[Unlovable]

Grant- thankyou for sharing. This is the type of thing i need to learn more of. Self employment tax is making me overwhelmed.

[Clevelandsteamer]

Or you can buy a 4Runner and drive it for 30 years