How to get a full tax write off on an $80,000 dollar truck (Section 179)

Hey Youtube. Quick 49 second video on why I wrap my vehicles & use them for business. It's helped me tremendously tax wise and overall business wise to get customers.

[Robert]

Yes bro, inform the masses!
People miss out in so many tax write offs just by having a job instead, at the minimum a home based business.

[riccosmooth]

Did it on a real luxury vehicle too, LX570. That’s class.

[bertyadventures]

It’s a difference between getting money and flossin 🏦✊🏿

[PromoCamllc]

Ok

For the uneducated

"Write off the entire price of the truck"

Means

That he can take the amount of the Truck $80, 000 and lessen his tax obligation by that amount.

Its close to $7k refund plus maybe some bonus depreciation

Trust me

They still bought a truck

👇

[plharvey]

Brilliant. Appreciate you dropping dime

[srinudimpu]

I think you will only get 25 to 35% . It’s a not a tax credit, it’s tax deductible which mean u will only get to reduce your income .

It’s a good benifit that IRS helps

[TheNaturalKim]

Thanks for this video. Can you break this strategy down?

[LotusJewelz]

My LLC is new and is only making about 100$ a month, can I still do this if I pay for it with my own money at first?

[redwood]

Mr. Jack, I see you are a tax professional after reading the sign on your truck. We are currently trying to figure out our taxes from 2020, I know I’m a bit late. But we are trying to write off a $80, 000 Toyota Land Cruiser. From what I figured out so far I think we can take about 26, 000 of that since we put that we are using the truck 60% for business and I saw the $26, 000 limit somewhere in the lengthy instructions. The step we are at now is where to place that $26, 000 figure. We can’t put it on schedule C because we do schedule E since we are the rental property business. I think I found the form I need but not quite 100% sure. Something about the 8959 but I’m out looking at the creek now I’m not in front of my tax file. I love doing my own taxes even if it takes me four weeks at 100 hours. I’m a general contractor working on my own stuff jack of all master of none. Always look at the business angle to things

[geraldspraggins]

T I said it a month or more ago.. 6, 000 lb vehicle is a write off

[ElficSkills]

Your right rear window is delaminating. I would get that fixed. From experience, customers are kind for services and ruthless for presentation.

[JxSancheZxMex]

This may also be eligible for any car regardless of weight for a MACRS depreciation

[redwood]

Sir, what school did you go to. There are some pretty cool Youtubers lawyers and CPAs talking about business. I read some cool business books Wayback in the day and then got into real estate. Real Estate has been way awesome to us being a rental property operator, but now Oakland California sucks because the government is full of Commies and they want to take our property. Can’t evict anymore can’t do criminal background checks can’t raise rents more than 3% or 60% of the CPI, government wants a rental registry knowing all about our business of the tenants info and our complete info. But I’m not complaining. At my age of 60+ I am looking at buying a good used ram 5500 totally set up for work and kicking ass. Thinking of new companies I can start using a truck that will haul GVWR of 19, 000 pounds. I will have to stop at the scales on the freeway but the possibilities are endless and what I can do related to Construction, marine salvage, homeless outreach and pretty much outdoors doing what I want to do with a business angle to everything I do. Love to build and head into the forest and explore. Marine salvage has something to do with fishing construction has something to do with getting out into the forest and the woods and buildings stuff. Trying to figure out if I could should keep my investment in Oakland now as it is a beautiful town with a lot going on but when the communist try to take your property that is time to rethink your game plan. You keep telling it man and tell the young dudes out there to get off their ass quit playing video games and think of work that has something to do with what they enjoy doing. As I told my kids from since they were born you can either be the man or you can work for the man. It’s whatever you want just get off your ass and get to work and kill it constantly and he will be a success someday and right now everyone will respect you because you are dressing right and working every day. Keep on keeping on

[RVAGrappling]

Can you accomplish the same thing with magnetic car advertisements?

[jonathancaceres]

It says section 179 what book yours learning this from?!

[juanmartinez]

Is their a limit to write off the car
Meaning the weight of the car
Is their a minimum that it has to weight

[AmandablueMua]

Can owning a truck via a business line of credit, help you get a business loan as well?

[brianphillip]

You can only write down the depreciation of the vehicle

[pesoschess]

When was the video made? It’s the cap $22, 500 for upfront accelerated depreciation on a vehicle no matter how much is business vs personal usage

[BrickWilbur]

Costs more for gas and insurance though