How I Write-Off My Dream Car (PAY $0 IN TAXES)

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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.

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In this episode of taxes made simple, I show you some simple strategies that you can use to write off your dream car.

Whether you decide to buy or lease your car, I am going to show you the tax deductions that can apply to both.

I give you some easy steps to follow to obtain the maximum amount of tax deductions.

Make sure to follow me on IG, FB, and LinkedIn @KarltonDennis and don't forget to hit the like, comment, and share buttons below!

*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.

[pklemm]

To write off that G550, you had to use Bonus Depreciation also. The special equipment purchase of code section 179 at 25, 500 in 2019

[loneswandon]

Super underrated intro, let's jump RIGHT in!!! straight to it

[itsjordanle]

You’re my new go to tax guy for advice brotha 🙌🏼🙌🏼

[robertdais]

The absolute best & most engaging tax strategist on You Tube! His stuff is fun, fresh & super informative! Keep it coming, Carlton!😁

[FunnyAnimalsCrew]

So if I'm Financing a vehicle over 6k pounds I can write off 100% of the payments if its 100% for business ? Also can I get the depreciation too?

[cscleghorn]

Glad I found you. I hired a CPA to analyze my new business plane and start my journey as a entrepreneur because I could not agree more. Build wealth better by using the ones that now how wealth is regulated!

[Jahguaar]

I am committed to self-development & thriving.

[wisenige]

Definitely had to save this video and subscribe! Great work bro!

[jwbarnes]

Should mention recapture issues when giving accelerated depreciation advice on vehicles. You mentioned the at least 50% use but didn’t hear you explain what happens when the vehicle ceases being at least 50% business use.

[BrandonWilliamyt]

saving this video so I can come back to it later when I have my mclaren that I need help writing off

[Diy-crush]

Can we talk about how CUTE he is for a moment?!?! No seriously, thank you SO much Karlton, for such in-depth explanations of the tax details. Off to shop for my new business car....

[cashmoola]

It appears the IRS rules changed starting tax year 2020 so you would NOT be able to fully depreciate the G-Wagon starting tax years 2020 and onward. Per IRS: "You cannot elect to expense more than $25, 900 of the cost of any heavy sport utility vehicle (SUV) and certain other vehicles placed in service in tax years beginning in 2020. This rule applies to any 4-wheeled vehicle primarily designed or used to carry passengers over public streets, roads, or highways that is rated at more than 6, 000 pounds gross vehicle weight and not more than 14, 000 pounds gross vehicle weight. However, the $25, 900 limit does not apply to any vehicle:

Designed to seat more than nine passengers behind the driver's seat (IE: a large cargo van);
Equipped with a cargo area (either open or enclosed by a cap) of at least 6 feet in interior length that is not readily accessible from the passenger compartment (IE: a truck); or
That has an integral enclosure fully enclosing the driver compartment and load carrying device, does not have seating rearward of the driver's seat, and has no body section protruding more than 30 inches ahead of the leading edge of the windshield(IE: Sprinter van, etc)."

[GoFastJames]

It's interesting how people look at me so confused when tell them about writing off supper cars. Many are like why waste you money on the car, I point out would you rather pay IRS or buy the car?
Then have to explain how cars like this helps with brand perception, marketing, and meeting people. Wish more people would post more like what your doing. As well wish more CPAs and or accountants would learn how things work and help people when things change. So many accountants and cpa's that didt know can make money on youtube or understand how, as well dont understand the ones doing car content on youtube. They dont understand how they can write off the car for content and feel like something not being done right.
Still to this day hard to find people that can help correctly.

[fksebati]

Great to see a fellow entrepreneur on the platform! Welcome! Subscribed!!

[mattfromwiisports]

Oh my god, this is the best and most helpful video I’ve seen. Your explanations are so crystal clear thank you so much!!

[ashleywhite]

Great video. So if I leased a Lamborghini and use it for 100% business, I can write off the entire lease payment?

[veronicagonzales]

I'm slowly absorbing your helpful knowledge. Ty

[TheMagicman]

This might be a stupid question, but if you get a vehicle and have a wrap done on it that promotes your business, then is it technically being used for business every time you drive it? How does the tax code view that?

[chriss]

Nicely done. Clearly articulated. Keep it up!

[treewisemenllc]

This got me excited, until you claimed an s550 was a wagon. And/or weighed over 6, 000lbs.
The clip showed a G 63 wagon, sure. However curb weight still doesn't surpass 6k.
Wet weight does. Not sure which specifically it falls under.