The TRUTH about writing off a 6000+ lb vehicle

Vehicle Tax Write-Offs👇🏻

➡️ Giving a bit more clarity to Section 179 of the IRS Tax Code

💳 Essentially, this allows businesses to deduct the full purchase price of certain equipment and vehicles purchased before December 31st of a given tax year.

🚨Generally speaking, the Section 179 tax deduction applies to passenger vehicles, heavy SUVs, trucks, and vans used at least 50% of the time for business-related purposes.

Truthfully, there is a lot of nuance involved, so I recommend speaking to a Tax Professional to see what you’re eligible for, and what makes most sense with your current tax strategy!

FOLLOW ALONG for all the ways to make & save $$ 🤑

[hakimvlogs]

Key point! Tax write off literally means you reduce your tax liability by the % you would’ve paid with that thing you’re writing off.. so if it’s 70k you’re not 70k tax free now… it’s 19% (in the uk) corporation tax so you would’ve saved 19% of 70k which is 13, 300 so you’re still spending like 56, 700 out your pocket .. we need to find out all the tax credits lol

[TristinOnFoNem]

Lol she right but she’s also wrong-You can leverage 179 Duduction and bonus depreciation 😮

[kekoskennel]

Wow you sure did get me Addison but great math

[miguelcabral]

Now we need to know what the difference is, between a deduction and a credit 😵‍💫

[chris]

Do you need a business license to justify the tax write off?

[mandude]

But if you’re a W-2 and have an LLC. What income would be lowered? Just the LLC’s income? Or your total income, or even if you’re like a single employee company

[GrAttitud]

Ok so if in the first year of buying a vehicle I use it 100% for business, I can write it off as that and get the full claim.. but in the second year, I use it 70% for business.. then I can write it as that way too? And only get 70% of the claim

[lavidachinga]

How is the IRS able to determine the percentage I use for business versus personal?

[derek]

I mean if you’re gonna spend the money on a new G wagon anyways, might as well write off business expense to reduce tax liability.

[hasankothiwala]

what if you buy it through your corportation wouldnt you be able to fully right it off? am i missing something

[nicktolson]

What app is that at the end of the video where you can check off expenses?

[wokeup_high]

What’s the easiest business I can start for one lol

[tomikaashanti]

Really appreciate this video hun but I'm curious to know what's best for a business vehicle finance or Lease

[bonecc]

Can you give a example of like say a 60, 000k truck. With a write off. If it lowers the amount that your taxes of does that mean that you just get back more during Tex season?

[jakelynch]

What if you have an online store and you add your Brand on the car, is that now 100%

[ramirogarcia]

Addison just remember it’s not about you it’s always about the information

[daddyschainsjewelry]

Your still paying for the car tho. Your just saving some income tax. So yeah ide rather buy a car than give it to the government. But it’s not free by any means. Just a way to say “ope I spent the money so you can’t take it bitches” lol.

[vincentdreemurr]

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