I thoroughly enjoy watching your videos! I'm particularly interested in learning more about tax implications for LLCs that own other LLCs or S-corps that own LLCs. Do you have any videos covering this topic? If so, I'd greatly appreciate it if you could point me in the right direction. Your expertise in this area would be incredibly valuable to me. Thank you!
Hopefully you can help here, I'm an LLC my vehicle is used 80% of the time. Could I wrap my vehicle and the remaining 20% of personal miles be converted to business miles since I am advertising and working now?
@navimarajcpa Question for you: you mentioned @36:07 that for Lyft Drivers they can consider the vehicle as Equipment and deduct 100%, can you clarify if this applies to Turo Rentals as well for vehicles under 6000 GVWR but not used 100% for business (but still over 50% business use)?
The video is good but it is all about the HOW to deduct a business vehicle but there is almost no discussion of what actually qualifies as business use of a vehicle. For example, if someone works 100% from a home office it is unclear what exactly would constitute business use of a vehicle.
