Thanks for smashing that like button! 😁 Watch this next: How to write off travel expenses - ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-23ldPYBjHwQ.html
Keep putting these types of videos on a loop.. I'll preach this to anyone who sees this . I was able to buy a $55,000 chrysler pacifica pinicale hybrid !!! WITH MY BUISNESS CREDIT ! JUST LIKE THEY SAY ! Thats a full on minivan that gets up to 80 mpg. A lyft xl that can carry a ladder that gets better mileage than a prius WITH THE LUXURY OF AN ESCLADE also qualifies for the 6000 pound 179 deduction. GOD BLESS AMERICA!!
Awesome vid! Really dig the presentation. Just to add to the Sec 179 rule RE: 6,000lb class: the vehicle doesn't have to be at least 6,000lb as long as it has a Gross Vehicle Weight Rating (GVWR) of 6,000lb or more. So the vehicle can weigh less than 6,000lb but if its set-up is rated for 6,000lb or more, it qualifies. Should be able to look up the vehicle GVWR in the specs during research or check out the driver side door sticker for the GVWR. GVWR may also vary across trim levels within a certain model. For example, a base Jeep Gladiator's GVWR is less than 6,000lb but if you get the Rubicon trim level, it will have the 6,000lb+ GVWR, because they start putting on beefier suspensions that can withstand heavier loads.
Trip log not link that’s fine But I only say it because I want support your channel to give back👍🏽 I did download it 👌🏽 amazing insight. I’m waiting all videos! I’m not a home owner or business owner but you all inspire me. This is my financial literacy. We make 100k just never knew who to talk to or just wanted to hold onto our finances for kids. So thank you.
Could we see ways to write off a plane? Some options I would think that would fit this category: Joining a fractional ownership deal where you own part of a private jet that you can fly around. Buying your own small airplane to fly around (e.g. Cirrus SR22 or Cessna 182) Joining a charter jet company for a monthly fee that gives access to private jets Thanks & awesome video!
Great video thank you. Question: in your given scenario of actual expenses with the 30% vehicle usage for business. Just want to clarify you would be able to then deduct 30% of all qualifying vehicle expenses?
Yes keep the expense accounted for even if you don't have a receipt for each one. I think there is a video about proper record keeping and you'd be surprise how many receipts you actually need to keep handy. The key is not to go overboard and have a mysterious "car wash" every day that happens to cause you to be in the negative in your business profits.
Can section 179 still work for a vehicle under 6000lbs? That's the part I'm confused about. I know 6000lbs and over you can write off 100% in the first year.
Can depend on the vehicle. Look up the "luxury automobile depreciation limitation" and you can find the answer for your specific type. Hope that helps.
Ok just note that the term "luxury" has nothing to do with the car being considered "luxury." It simply means is has four wheels, is driven on public roads, and has a Gvwr of 6k or less.
