How to Write Off Your Car As a Small Business Owner | Vehicle Tax Deductions

How to write off your car or vehicle in 2022. There are 11.5 ways the IRS will allow you to write off your car for small businesses. Including section 179 and bonus depreciation.

Time Stamps:
Intro: 0:00
Who can write off their car: 0:54
Loophole to write off your car: 1:17
Cars you can write off: 1:42
Write Off #11: 2:37
Write Off #10: 4:21
Write Off #9: 4:58
Write Off #8: 5:13
Write Off #7: 5:28
Write Off #6: 6:07
Write Off #5: 6:30
Write Off #4: 6:43
Write Off #3: 7:00
Write Off #2: 7:16
Write Off #1: 7:28
Write Off #.5: 8:18
Standard Mileage vs Actual Expenses: 9:45
How to track miles and expenses: 10:31

Please be sure to give this video a like and subscribe to our channel so you don't miss out on future videos!

///
Disclaimer: The information provided in this video is for informational purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live).

[LYFEAccounting]

Thanks for smashing that like button! 😁

[houstonshomeautomation]

Keep putting these types of videos on a loop.. I'll preach this to anyone who sees this . I was able to buy a $55, 000 chrysler pacifica pinicale hybrid !!! WITH MY BUISNESS CREDIT ! JUST LIKE THEY SAY ! Thats a full on minivan that gets up to 80 mpg. A lyft xl that can carry a ladder that gets better mileage than a prius WITH THE LUXURY OF AN ESCLADE also qualifies for the 6000 pound 179 deduction. GOD BLESS AMERICA!!

[vanoccupanther]

How could you possibly only have around 400 likes for this video!? Anyway, it was an enormous help to me… thanks!

[aprilwspoon]

Trip log not link that’s fine But I only say it because I want support your channel to give back👍🏽 I did download it 👌🏽 amazing insight. I’m waiting all videos! I’m not a home owner or business owner but you all inspire me. This is my financial literacy. We make 100k just never knew who to talk to or just wanted to hold onto our finances for kids. So thank you.

[jowoka]

Awesome vid! Really dig the presentation.

Just to add to the Sec 179 rule RE: 6, 000lb class: the vehicle doesn't have to be at least 6, 000lb as long as it has a Gross Vehicle Weight Rating (GVWR) of 6, 000lb or more. So the vehicle can weigh less than 6, 000lb but if its set-up is rated for 6, 000lb or more, it qualifies. Should be able to look up the vehicle GVWR in the specs during research or check out the driver side door sticker for the GVWR.

GVWR may also vary across trim levels within a certain model. For example, a base Jeep Gladiator's GVWR is less than 6, 000lb but if you get the Rubicon trim level, it will have the 6, 000lb+ GVWR, because they start putting on beefier suspensions that can withstand heavier loads.

[gunslinga]

just started a tiling and flooring llc with my brother. we need another truck thanks for the tips bro

[aprilmcknight]

You can also deduct the interest, if your paying payments on the vehicle and Interest on any business loans.

[Huber]

Could we see ways to write off a plane?
Some options I would think that would fit this category:
Joining a fractional ownership deal where you own part of a private jet that you can fly around.
Buying your own small airplane to fly around (e.g. Cirrus SR22 or Cessna 182)
Joining a charter jet company for a monthly fee that gives access to private jets
Thanks & awesome video!

[MPPJ]

Didn’t get through all of your video yet, but I believe final half of 2022, the standard section is raised to 62.5 cents.

[johnwalker]

The vehicle doesn't have to be in the business name right? it can be in your personal name?

[alexmandujanojr]

Great video thank you. Question: in your given scenario of actual expenses with the 30% vehicle usage for business. Just want to clarify you would be able to then deduct 30% of all qualifying vehicle expenses?

[pearlbubbles]

More deductions if the vehicle is in the business name ??

[EricHBryant]

how do they know what percentage of usage your vehicle is used for what is my question

[Krthaspecialist]

Does trip log cost? And is it a reliable tool?

[lovingsoul]

Let's say you want to write off your car washes but where you wash they don't give receipts, will it be possible for you to write those washes off?

[powerfull]

can you expense a car that was gifted?

[roscoetube]

IS it smart to get an LLC then use it to invest into a online business such as drop shipping & selling online courses? Please let me know.

[GoaWay...]

This video was great. If I could, I would give you ten likes for this one.

[Vctr]

I’m a beginner, does it manner if the vehicle is register under my name or the business ?

[aureliohernandez]

So if I use the vehicle 25% for business use, I qualify for 25% return?