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Auto-Tax Strategies: Get Your Dream Car For Free?

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Being a Tax Advisor is a lucrative opportunity...Learn more here: markjkohler.co...
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01:08 - Introduction and Misinformation Discussion
02:13 - Seven Rules of Thumb and Changing Methods
02:55 - Mileage vs Actual: An Examination
06:02 - Tracking Business Miles: Challenges and Importance
12:12 - Finding the Sweet Spot and Key Deductions
23:25 - The Evolution and Priorities of Vehicle Industry
28:42 - Phasing Out and Getting Close to Thresholds
32:35 - The Role of Salespeople and Closing Remarks
#autodeduction #automobile #writeoff #Taxes #avoidtaxes #paylesstaxes #wealth #tax #realestateinvestment #Markjkohler #KKOSLawyers #markjkohlerLIVE #Entrepreneur #rentalrealestate #taxplanning #smallbusiness #taxlaw

Опубликовано:

5 сен 2024

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Комментарии : 49

@xavier_lucas 8 месяцев назад

Facing a financial crunch, especially as seniors, we're pondering the idea of cashing in on our home equity. The question is, should we invest the money, rent, or relocate?

@FranciszekPawal 8 месяцев назад

Homeowners seem to be increasingly exploring home equity, especially when faced with critical needs. It's a better option than borrowing from credit cards.

@simone_maya 8 месяцев назад

While I won't advocate for using home equity to fuel consumer spending, it's worth considering responsible financial choices, like home equity loans.

@RyanBen-zc7bi 8 месяцев назад

Home equity lines of credit (HELOC) offer the lowest "non-mortgage" interest rates, making them an attractive option due to their collateral nature and interest-only payment requirements.

@xavier_lucas 8 месяцев назад

Understanding the economic ebb and flow, seeking guidance from an independent broker familiar with housing and financial markets might be a wise move.

@FranciszekPawal 8 месяцев назад

Any suggestions on how to spot a reputable broker with adequate knowledge of both markets?

@user-ei9my8go6b 8 месяцев назад

You should include a link with a transcription of the video. Love your videos. Would rather skim / read them faster. I would digest more of your content.

@pkkim9384 8 месяцев назад

Thank you so much!!! I am going for an RV as soon as I move to a house with enough lot for parking 😝 incredible learning

@dave5185 8 месяцев назад

I do actual expenses for two reasons - I don't drive as much after covid and I don't want the complexity of tracking business mileage.

@markoberlin2451 8 месяцев назад

There are apps that track your mileage, it's easy

@miketran4672 8 месяцев назад

Great video and perfect timing!

@penguinscantfly 8 месяцев назад

I was listening to get clarity to this: Should my s-corp own the car title, to write it off? Property taxes for company own cars and personal cars are very different in SC, and owning a car on business makes less sense

@boomergames8094 8 месяцев назад

If the business owns it, doesn't the business need to insure it as well?

@toddletrails1016 7 месяцев назад

I would love to hear more details on how you would go about the tax deductions involved with a van conversion. Say I buy a van and then PAY a company to convert it and make it a 4X4 (I live in Alaska so that's basically a requirement) I then rent out that van but also use it about 25% of the time for family camping. TO add to that, say that later on we buy a second van and do the same thing. Now van #1 is 100% the camper van rental. Van #2 is perhaps more like 50/50 for personal use vs. business use. The idea is to grow to having a fleet of 5+ camper van conversions. We also have an old classic van we want to convert and use half the time but rent out half the time. How do you get deductions or write offs for these conversions? (Thanks in advance)

@user-on6yd9uw4n 8 месяцев назад

Idk if i heard correctly but if i did... Nugget = finance a car last minute for a 30k deduction.

@bruceseid2289 8 месяцев назад

"Once you pick mileage method, you're stuck with it". Assume this is only for that vehicle?

@JaneThorson-dm3ev 8 месяцев назад

As a RE professional can i write off my new roof, 19,600, new rewired electrical, 19,000 for my rental AND a new computer for my office? Home office.

@torsten6777 8 месяцев назад

Hey Kohler, did you know that the most popular German slang word for money is "Kohle"?

@azizazeerak3514 6 месяцев назад

Great program, but I wish you had emphasized on the SE portion of taxes not being affected by EV credits. Those of us getting a 1099 who don’t have Federal income taxes due up to $7500 (not including SE taxes) can’t take full advantage of this credit.

@alpinetrader 6 месяцев назад

how about if the car is used to promote or grow a business? automotive RU-vidrs for example. they don't get to write off the cars that creates them content?

@Bormanb23 2 дня назад

Thanks for your video! great info, please respond to my question: does it matter how much you actually drive this vehicle? I work for my LLC doing remote wirj, I visit clients twice a month, do I still qualify for the write off?

@ladonnayoung676 8 месяцев назад

😅The great little Self-driving Electric RV is called the PEBBLE FLOW.

@WilliamSchlott 8 месяцев назад

I have a Prius with about 50 mpg. The car has over 200k on it with no major repairs yet. The miles are my best write off.

@torsten6777 8 месяцев назад

nobrainer!

@torsten6777 8 месяцев назад

(Not you, the situation)

@WilliamSchlott 8 месяцев назад

@@torsten6777 haha got it

@techwizardryforIT 5 месяцев назад

Great video! Question- I already depreciated my car last year and my car is below 6000lbs. Can I still deduct my car payments for my business?

@JM7Blocks 8 месяцев назад

Where's the part about getting a car for free?

@user-du1et2up9c 7 месяцев назад

How do the IRS knows where your going? I mean if u claim u had a business meeting some where and just went on a personal trip and log it, how would IRS know that

@rickwhitford 6 месяцев назад

If business owns it and it is leased, can I deduct payment and mileage??

@debraferrara7682 8 месяцев назад

Nothing but mileage! That's minor compared to all the losses from having biz.

@dross0123 8 месяцев назад

I am so confused. I filed the articles of organization and statement of information earlier this year for SMLLC. I ended up filing late election 2533 to elect S-corp for the LLC. Do I have to go file an articles of organization, etc for a corp now? In terms of the franchise tax, do I have to pay the $800 fee for the LLC and S-corp in additon to the 1.5%? The whole LLC w/ S-corp status is throwing me off. Any help is much appreciated!!

@richvillacres2793 6 месяцев назад

Matt I have thoroughly enjoyed your content and working with some of your tax advisors. if I buy a property and a self-directed IRA or solo for 1K, and then create a separate property management, LLC to manage these properties in self directed accounts am I still able to write off cell phone expenses and various business expenses in management of these properties? I just wasn’t sure if that was possible when these accounts are self-directed

@Andrew-ne1yw 8 месяцев назад

So what do I do for purchasing an EV before year end in my business LLC for Rideshare? I would obviously choose mileage but I didn’t make a lot of money in 2023.

@coryda 8 месяцев назад

Do love the tesla. Once electric never gas again.

@bearvault4086 8 месяцев назад

Im a new business owner and learning lot of things. So i just open my business this year, assisted living, but it takes me a year to run it because of all the inspections and paperworks. So i dont have any income comming yet this year. How can i writeoff everything that i spend for the business if idont have any income this this year. Thanks