Debunking Myths: Writing Off Your Vehicle

Let’s debunk the myths and reveal the hidden truths behind writing off your vehicle and making smart business choices.

Be aware of the hype around bonus depreciation Section 179 and buying a heavy vehicle. After careful analysis, it's clear that spending an extra $35,000 on a $70,000 business vehicle for higher tax savings isn't worth it. You could save $9,647 more in taxes but at the expense of spending an additional $35,000. So, don't let tax savings blind you from making sound financial choices.

More valuable insights to help you navigate vehicle tax deductions and make informed decisions for your business’s long-term success on my upcoming YouTube video tomorrow at 5 pm.

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[sydneyangielli]

A lot of people don't understand this and they think they save money by spending more. WRONG. I am SO glad you are bringing this up.

[mikethetraveler]

If you want the Lexus, cool… go get it, but let’s not pretend it’s the better financial move. Thanks for this. I’ve been looking for this exact breakdown for a while!

[brianp]

You are assuming a very low tax bracket. My wife and I have W2 jobs, I also own a very profitable sole member LLC, we are unavoidably in the federal 22% tax bracket, 6% for state, and then 15% for self employment tax. Thats 43% in owed taxes. If i buy a $70k truck under 179, that saves me $30, 100 in taxes.

To me; i jusy bought a $70k truck for $39, 900. Im happy about that.

[JasButterfly]

If you’re going to buy it anyway, get the qualified vehicle for the deduction if it makes sense for your business. Most of these people are very wealthy and it makes sense. They were going to buy a high end luxury vehicle anyway. Why not save money? A great video to highlight the you can but should you right now, is that your next best step convo

[mike]

300K in profit as of 10/2023 Restaurant business.
I really don’t want to pay $90K in taxes. So,
I created a LLC to hold real estate.
My restaurant LLC loaned my holding LLC 200K for the down payment in a 1M asset 8 unit apartment building. That produces cash flow. 22% cash in cash return. Find SOME place to put that profit to work for you.

[calcustom]

People need to see the tax deduction as a discount on the purchase and not a way to reduce costs or to get a free car. If you want to buy the more expensive car and you can afford it - cool go for it, but know you won't be saving any money, you will just be paying a bit less for your vehicle.

[matthewrubenstein]

Dude if you make 1 million and you buy a 200k vehicle you save 80k at 40 percent tax bracket.. yes low tax brackets make 0 sense top tax bracket it does.

[Bormanb]

Navi - If I own the S Corp but work from home - can I still qualify for the sec 179/bonus - I work remotely 95% of the time

[mitchellungs]

Do you ever take on new clients, if so I’m in need of help.

[aplus]

If you are onyo making 175k in profit you should not be buying a vehicle thats 75k, unless it is absolutely necessary!