How ANY Business Owner Can Write-Off Their Car #shorts

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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

[ZxNick]

I hate when I don't understand good info

[sophiamilano]

You will also have to report the income from the lease.

[JW-tksr]

Lease agreement creates income. Why not just create a reimbursement agreement for monthly mileage or auto expenses from the corporation to yourself for the vehicle?

[JAres]

Think about it leasing your car through your corporation that shows u as you making money off your business then you personally get hit with the tax for the 6-700 a day so that’s around 200 a day you pay in back taxes not including your right off. You can write off through the company spending 6-700 a day to rent a vehicle but you personally get hit with the tax. Lease the vehicle through the business then give it to yourself (your employee) write off the gas and the lease as well as the payments you make on the lease.

[miskathonic]

This is gonna depend on how much you use the car personally vs for business.

It's more complicated than this.

[kylehaun]

Better have a big umbrella insurance policy on that vehicle if you ever get in an accident

[scribbles]

This is what the IRS calls a related party transaction and most like any benefit to the corporation is non-deductible

[icuinthelight]

Corp registration and business insurance on the vehicle it's not worth it. Keep it private and deduct milage usage, and yearly depreciation, better savings!

[TCZL]

I'd love to do all this behind the scenes tax stuff with my business, but I have a business to run.

[SkylineREvoX]

This may work, but it is dependent on every situation. Your business saves money, while you pay more individual taxes. You could depreciate the vehicle and use that as your deduction, but using values from Turo will definitely keep you in the profit region and therefore your personal tax rate comes into play

[laceyriley]

So I’ve watched a few of your videos and you don’t seem to differentiate ordinary vs passive income or give a disclaimer that you have to use a vehicle more than 50% for business purposes in order to take a depreciation deduction. If you are only using your vehicle to drive back and forth to work that is commuting and not considered a business expense. Be wary of people giving this kind of hyped up advice. I had a guy come into my office with a notice from the IRS asking for documentation for $30k in deductions his tax preparer had put on his return and he didn’t know what they were, had no proof or documentation and was going to get a big tax bill with penalties and interest. Came to me because his tax preparer wouldn’t help him. The only thing I could advise him to do was amend his tax return, pay the tax and get an attorney.

[davidi]

You can just buy it and depreciate it on accelerated depreciation as well but if you sell it too soon it may not be so smart. Best advice is to not listen to the guy on a YouTube short and just talk to your cpa

[alanvale]

The second you attempt to write off any vehicle if your company isn’t a. obvious “car job” you will Be red flagged by IRS

[jeffreymedeiros]

This is why S class, 7 series, and similar are always leased for 2-3 years and their value drops so much. Drycleaner, dentist, mom and pop shop - their wives all want to drive a nice car and it’s a business write off.

[georgejungle]

you can’t depreciate a lease until you pay it off. you can write of the payment.

[aryanaa]

What if your is paid off? Can I lease my cars to my business and write them off?

[positivityfeedsthesoul]

Omg... I'm loving this info..YESSS!

[noneofyourbusiness]

Almost true but not exactly, the leasing of the vehicle by you, personally, to your business would be considered taxable income (at least anymoney you would make above the lease payment, also this incone would be 1099-misc with no off setting deductions, since there ate no deductions for this type of income unless your going to create another business entity to manage the income. It would be better to lease the vehicle under your business entity directly if the lender would allow you to do that

[jimmysjohn]

That moment when the IRS comes knocking. F around and find out, LOL.

[marketingempiregroup]

That’s what im talking about. 💯 We should connect, there may be some ways for us to work together.