How to Write Off a Vehicle in 2024 (NEW Tax Code Changes)

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Here's a new update on How to write off the vehicle in 2023. There have been a few updates to the tax code that makes using the vehicle tax deduction even more powerful. Watch this entire video to get a full understanding of these updates and how they can help you.
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Timestamps
Update on How to Write Off a Vehicle (0:00)
#1 Two Methods for Vehicle Tax Deduction (1:02)
#2 Maximizing Depreciation for Cars (4:37)
#3 Section 179 and Bonus Depreciation (7:28)
#4 Standard vs Actual Method (11:12)
#5 Important Notes & Frequently Asked Questions (13:47)
Depreciation Recapture (15:14)
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Disclaimer: The information provided in this video is for informational purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live).

Опубликовано:

13 июл 2024

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Комментарии : 278

@ericalouie4548 6 месяцев назад

Amazing...your video is very helpful with the notes and examples. Thanks!

@bro.ianmuhammad4331 6 месяцев назад

Ty for dropping these jewels... easily explained with visual effects

@LanierFamily 10 месяцев назад

This was amazingly helpful. Thank you so much!

@user-iv1vc5lv5i Год назад

This video is an all videos in the series are extremely helpful! I would love to see a travel expenses breakdown video!

@preciousrutlin Год назад

Thank you for doing this video. It was very helpful

@sandys2672 5 месяцев назад

You are amazing. So professional, concise, clear, thorough - just wow! If I still owned my medium sized business, I would be calling you right now. Alas, I am “retired”.

@BradBrother 5 месяцев назад

Thank you for posting and providing the right amount of explanation

@josephinebardot8403 5 месяцев назад

Thank you a lot for this video. This is very interesting and informative. Keep posting like those amazing videos, this is awesome.

@Iheartcatz 5 месяцев назад

Thank you for clear cut tax information. You explain it well.

@MikeLocke 4 месяца назад

Such a valuable breakdown - thank you!

@shawntricewms Год назад

You Broke this Down the Best…..MVP💚🔋📶

@richardomar6820 5 месяцев назад

Awesome info very grateful greatly appreciated bro

@IstealXmas 3 месяца назад

Great video. Clear and to the point.

@keithcrowe722 26 дней назад

Solid info thank you

@ZoAzubuikeEdgeHomeFinance 2 месяца назад

Very helpful info, thank you!!

@eddiematti4120 Год назад

Very good video , good information 👍

@aerotheoreo2050 Год назад

Killing it with that suit! Looks awesome on you!

@LYFEAccounting Год назад

That means alot, thank you!

@TheChaz81 4 месяца назад

BTW thanks for doing this! Your helping the little guy while hopefully adding a lil jingle to your pocket. Good on you!

@gladyswj9968 Год назад

Job well done! Much appreciate the timely and relevant content, delivery, time stamps (chapters), and you. Keep at it.

@evylicious4589 Год назад

Please do a video on travel expenses TY in advance

@travay6328 Год назад

Love this 💙

@cheribarker1870 Год назад

Good info, thank you

@eddiematti4120 11 месяцев назад

Great info thanks

@jimtrue1465 Год назад

Keep in mind that if you sell (or trade-in) a vehicle you have been deducting depreciation, then you may have to recapture that depreciation. For example, you bought a vehicle for $30,000, and over the years have depreciated 100% of the cost. Now you trade it in and receive a $10,000 value for the trade-in. That $10,000 will be taxable income, taxed at your ordinary tax rate.

@brockallstate 9 месяцев назад

I think if you have it over 5 years then that doesn’t apply but no Tax advice here, I just know you need to keep it for 5 years and use it for business

@jimtrue1465 9 месяцев назад

@@brockallstate The IRS doesn't care how long you own the vehicle. The 5 years refers to how long you can depreciate (in other words, after 5 years the adjusted basis is 0). But whether you own it 1 year or 10 years, if you sell or trade-in for more than the adjusted basis, then the difference is taxable income.

@hongkongbboy 6 месяцев назад

What if I gift the vehicle for my family relative for $0?

@bayareatutors Год назад

would love a video on business travel expenses! ty for this video

@daisyorpington784 Год назад

Yes..do a vid on the expenses please

@Praisekeeper Год назад

Great video! This is the most thorough explanation that I've seen

@LYFEAccounting Год назад

Wow, thanks!

@10twenty2wholesalevendor2 Год назад

@@LYFEAccounting i don't see anyone talk about if you can write off a downpayment for a personal car you use for business

@kayebreyon 5 месяцев назад

@@LYFEAccounting😢

@JordonJohnson1707 Год назад

Great video. Please make a video on how to deduct travel expenses.

@msjdb723 Год назад

Great video!! One more note: if you take expenses first year, you can't switch to mileage for another year. You can only use the expense method on that vehicle thereafter. IRS: To use the standard mileage rate for a car you own, you must choose to use it in the first year the car is available for use in your business. Then, in later years, you can choose to use the standard mileage rate or actual expenses.

@omarm5496 7 месяцев назад

But what about if I wrote off 2500 on 2022 can I write off the other 50k on 2023?

@sixxxeight 6 месяцев назад

So then if I buy a new car and use the depreciation write off, how long until I can switch over to the standatd mileage deduction?

@girlcremator 5 месяцев назад

Thanks sooo much.

@ukurikubohora Год назад

Thank you

@tyrojames9937 Год назад

Sound Good!😁😁

@Simon-Misiewicz-US-UK-Taxes Год назад

A super video. Nicely explained, thank you😂

@LYFEAccounting Год назад

Glad you liked it!

@bossiretreats Год назад

Please make a video explaining travel expense deductions. Thank you!

@Beautishka1 Год назад

YESSS DO VIDEO BOUT TRAVELS EXPENSES PLEASEE SEANNN

@jaycb5284 Год назад

Please do a video about deducting business travel expenses

@modernhippeegoddess6122 7 месяцев назад

enjoyed this video. Can you do one for 1st year biz owners on how to cover the first year fees and how to get fast funding

@bg8017 7 месяцев назад

Great video thank you. Should the money for the car come from business account or can It come from personal. I am in w2 and have a small aide gig too.

@jaydajourney2884 10 месяцев назад

This is just make easier understanding for person like me who not familiar with TAX vocabulary 😂. Thank you so much. So basically, can use either one of strategy, not both ? Depending on your situation. Correct? What if i use mileage method. Can i use expenses on fixing that car during driving to do my business and tired got flat? It happened to me. 😅. Thank you.

@user-zt2rq7db9q 7 месяцев назад

Thank you for the information. I use an accountable plan to reimburse me for my vehicle's gas, repairs, insurance, etc. Do I claim the depreciation under an accountable plan or when I file my taxes annually, is there a place to claim the deduction?

@Sha25123 Год назад

Yes please make a video about traveling

@ambitiousone1 3 месяца назад

Yes please, I would love a video about how to deduct traveling expenses!

@SILVYAROMERO-th5tr 6 месяцев назад

Awesome video! I bought a Nissan Rouge 2019 last December for my business what is Tax Bracket?

@VHThreefoldCapital 6 месяцев назад

Yes, a video on deducting business travel expenses would be helpful

@ILM2219 Год назад

How to deduct travel expenses...Please :) Thank you NJ GREAT Work!!!

@dcordellbrown-el9883 6 месяцев назад

Need the travel expenses information please sir great work btw

@user-nx4ie5xh7j 7 месяцев назад

Hi do you do schedule C for Truck drivers and an example of how to figure the depreciation for a Semi

@AramHambardzumyan 10 месяцев назад

Thanks for video it is very informative, have question if you 100 % deduct the value of you car, can you use car for personal reasons, and can you buy second car and not use already 100% deducted car? Thanks

@lady_white Год назад

I also add 1 cup sugar and flour too. It feels up the lb cake or Bundt pan.

@htoro 10 месяцев назад

If you take bonus depreciation in the first year, does that affect the depreciation amounts for years 2-6? Also, if I’m understanding correctly, if you use section 179 and the purchase price of the vehicle is covered at 100%, you can still use bonus depreciation?

@vimalpatel1997 8 месяцев назад

Please do a video on deducting business travel expenses please.

@aldomperez Год назад

Awesome video great information I have a question My kid took a internship out of state Had to get a apartment and everything The internship wages not good at all Is there a way she can claim all her expenses ?

@trunks7604 Год назад

Good

@IrfanKadi Год назад

Great video... If I purchased SUV over 6000 lb like Tahoe for business purposes 75% time for $60,000 25% bracket. Using 179 I can write off $15,000 is that correct? Also can I use Standard Milage deduction in 2024 as well or the 60K write off is the max I can get

@ayodeleogunniyi6187 6 месяцев назад

Great video. I do have a unique scenario. I recently purchased a personal vehicle that is over 6000 pounds. I listed the car on Turo one month after buying it and I made less than $1k between June and December. This car was used 60% for Turo business and 40% personal. I do have a second car for personal use. Towards the end of 2023, I had to do maintenance on it after the last rental due to malfunction of the suspension and it cost over $6k and I also bought new tires and rims for about $2.5K. How can I claim bonus deduction on this vehicle and other 179 expenses even though this car is not in any of my small businesses?

@kennethevans8314 10 месяцев назад

Make one with the business expenses please and thanks

@christopherhanford8021 4 месяца назад

Brother I am sold. I will be calling you for my business and personal tax needs. We have been looking for a new CPA.

@FF-xl7yw 10 месяцев назад

Did you consider the rise in gas price when you think of 2000 additional with new per mile rate?

@CSERepair Год назад

So if I’m purchasing a super duty ford , I can fully write it off and since it will be 100% business related ( everyday necessity hauling ) choosing the mileage method would benefit my business significantly?

@iamsharoslyn Год назад

Please create a video about other tax deductions

@AssortedVideosforALL 5 месяцев назад

could you show & tell on filing video = turbotax.. thanks for all of us..

@Haydjay 9 месяцев назад

Yes please make a. travel deductions

@JJStarr Год назад

Can I take section 179, bonus depreciation, and the actual expense method? Like, is Section 179 just one way to deduct depreciation as a line item within the Actual Method? Once the car is fully depreciated, can I continue getting a deduction?

@thattennisdude6112 9 месяцев назад

Hello, can you do a video on how to deduct business travel expenses?

@gregromero3526 Год назад

Does the section 179 apply to RV rentals used for business?

@markcooke4866 11 месяцев назад

I bought a commercial box truck this year and plan to lease it to a business, so it will be 100% business use. If I understand correctly, I can take the depreciation because I'm not using the vehicle for personal use, and the business can take the standard mileage deduction. I own a small percentage in the business.

@taxleverage 6 месяцев назад

If you're leasing your truck to the business, then it will be deductible by the business and then income to you personally. Since you only own a small percentage of the business, you'll probably substantially increase your income by more than the deduction. An alternative option is using it for business use, and getting reimbursed for the mileage from the business under an accountable plan if it's a Corporation (C or S). That would create a deduction on the business and no income to you personally if implemented correctly.

@miraclelove991 Год назад

Can you do depreciation on luxury cars 2022; Dream car 2022 Corvette?

@jeremiah03101 Год назад

do you have to buy the vehicle in 2023 to qualify for depreciation? everyone says year 1 but I'm not sure if that means the first year of depreciation or first year of ownership of the vehicle.

@bml33 Год назад

Please explain what you mean by you cannot use this to put you in a loss at 9:05 in the video. Example: If I have $25,000 total business income, and $5,000 of other expenses, that gives me a net profit of $20,000 without the car. Then, taking the $25,000 car deduction would put me at a $5,000 loss. So does that mean I can't use it? Or can I only use as much as it takes to put the business to zero (so only taking $20,000 deduction for the car)?

@dorisstopka21 Год назад

Can you also claim the finance charge to get the loan for vehicle?

@christianalexandra8927 Год назад

can you use sec.179 on multiple cars in the same year?

@dudausa 9 месяцев назад

So I get the loan on my personal name or the business name ? And do I register as a combercial vehicle or regular plates?

@romanmesina 6 месяцев назад

I thought the maximum 179 deductible for heavy vehicles is $28,900. Not $25,000, before bonus depreciation. I didn’t know you could use section 179 combined with bonus depreciation. This is something new I am learning.

@rnarzu 8 месяцев назад

I would like to see a video about travel expenses

@TONYYAH12 5 месяцев назад

I use mines for business… but it’s not in my business name. But I definitely use for business. Definitely need to write this off!!

@michellefox6029 27 дней назад

Please make video for business travel

@theunfusedelectrician6688 6 месяцев назад

So if i already own the vehicle but my business is new, i can still count the depresiation rates mentioned as well as the standard mileage rate of .655/mi? But what about purchasing brake pads on the company account? Just dont list the expense as a deductible?

@ameermir2351 5 месяцев назад

Can you provide more info and an example for Section 179: Must Show profit or position of income? I work full time, however, I'm thinking of Ridesharing again. If my income is $25,000 from the rideshare before deductibles, but I use standard deductions of miles etc I may get down to $10,000. Then if I want to apply section 179, and it brings me to a "loss" can I still do that?

@alipiracha4264 11 месяцев назад

Does Florida allow bonus depreciation on a vehicle?

@mmarano203 Год назад

How do you do this as a W2 employee that doesn't reimburse miles for a personal vehicle used for business use?

@sassy31 Год назад

Awesome, TFS😢 👍🏾

@LYFEAccounting Год назад

TFS?

@sassy31 Год назад

@@LYFEAccounting Thanks for sharing= TFS.

@juansebastiancastaneda871 6 месяцев назад

Is the vehicle must be own by the company? I mean the title must show the company owns

@DJglobalmexican 6 месяцев назад

If more of my content, it’s in a different state and have to drive there to make it as I count the mileage from when I leave my house till I get to my hotel, or is that counting the whole trip I get back

@freddiethomas9413 Год назад

Yeah a travel expense video would be appreciated.

@MikeLocke 4 месяца назад

I'm confused about the 179 deduction, or maybe you cleared it up for me. I kept hearing about a $28k cap for 2024 vs being able to write off the full purchase price in year 1? ....or is this $28k cap specifically for Bonus Depreciation and people can still write off the full purchase price in year 1? ....asking if I buy a 6000lb vehicle in 2024 (for business use within our S-Corp)?

@ClarisseAM Год назад

if i get my car that i own wrapped with my business logo, is business use 100% because it is always advertising my business ?

@leonardtarver149 Год назад

Yeah only if you’re not counting the mileage. You either get credit for mileage or credit for expensises

@krispy5139 Год назад

You can write off the cost for the wrap, but that has nothing to due with if you use it for personal or business use...

@Swaygooy 10 месяцев назад

@@krispy5139how is advertising not a business use

@FastR1der 10 месяцев назад

Life hack

@jamescrenshaw5097 9 месяцев назад

@@leonardtarver149Yeahhhh….that would be a big NO. There is IRS guidance on point

@irenerodd9991 4 месяца назад

Can one use the mileage write off and use depreciation in the same year?

@mbhatamb 9 месяцев назад

when you say car you own, should the car be on LLC name or personal name

@aortizandrew1 7 месяцев назад

Ok so what method do you recommend for someone trying to lease a 200k vehicle that's less than 6,000lbs? And I'm guessing i cant use bonus depreciation for this?

@frontyarddetail1488 9 месяцев назад

Question! What if I pay $25k cash for a vehicle, is that beneficial or not if so should I do a check or cash. Because I know the IRS check it if it’s a purchase above $9,999. Please let me know asap as I am currently trying to buy a Ford transit. The vehicle will be strictly for business and I do have a separate business account if that’s helpful information.

@bigggdoggg2147 Год назад

Can I use 179 to be a down payment on a new vehicle with proper weight limits?

@ralphposadas1412 5 месяцев назад

How much do you charge for tax prep married filing jointly W2 and 1099?

@creativemind8406 11 месяцев назад

Hello! Under section 179: if i purchase a truck in September can i file 179 in 2024?

@ATMG333 Год назад

If I were to purchase a vehicle over 6000 lbs this year. Can it be deductible for 2022 taxes?

@beccab4349 2 месяца назад

Can I use the depreciation for a vehicle that I use for a business that I do not own?

@TannerForster 3 месяца назад

I’m financing my car it’s a new 23 Jetta and was wondering if I can take depreciation on it. Wasn’t sure if the rules are the same for leasing/financing I do doordash full time

@larick6067 7 месяцев назад

so i drove roughly 40,000 miles this 2023 year its a 2022 honda civic sport i used that car just for business so what do i do and how does that work ? write meaning it just subtracts from what i owe in taxes ? so using the car for business just helps deductive from what i owe ? what is that owe how do i find out how much i owe, like where do i look or what am i deducting from ? ( new to this) trying to understand it all ?