How To Write Off Your Car Under Your Business In 2021 

Have you written off your vehicle under your business?

The first time in my life that I have ever ENJOYED learning anything about TAXES. Karlton is an exceptional teacher!

I’m a cpa and am learning tons from you

Karlton, I don't think this could be explained any clearer or simpler than how you've laid this out. Thank you so much. Saved in my business folder for later use/reference.

So informative, awesome to see someone from the Black community excelling. Definitely subscribed and will do so on my business videography page as well! High quality, NO BS content! Love this!

I really appreciate this channel so much!

I’m 19 and been watching these videos ever since I started my business, hope to give this knowledge to my parents and friends

Finally real advice , its the small details that matter, thank you

That was the most comprehensive and easiest explanation on this that Ive ever seen! GREAT job!!!

Incredible timing. I'll be calling your firm next week. You're the man.

You're the G.O.A.T of this tax world Boss. Keep up the great work. It's the way that you give real world examples and the way you break it down for understanding that makes this so great!

Your awesome man. I’ve been hitting your videos getting a ton of information that I plan on using going forward

Wow! This guy is awesome. It's hard for me to concentrate on these types of videos, but this one made it very easy! Thank you

Great info. Gotta binge on the rest of your videos!

Man Karlton your a natural teacher brother! Thanks for all you do

Dope content. Not a wasted minute.

My God! A man’s gift will make room for him! Hats off to you, man, you are excellent at this tax stuff! Damn! Hats off Karlton!

Great channel…. Love it Karlton

You da bomb baby. Great teacher and engaging personality. Man, that Tesla X is looking closer and closer to a reality for real estate investor status. As soon as i heard about the the tax code section 179.....might crack you up...but i stopped Karlton's video and went in search of what is gvw of a Tesla X. Found out it is 6768 lbs....cha ching! What an incredible 'lights on' moment.

straight from south africa .. much love great advice

I bought my new Suv to run my business, i pay $400 per month for the loan and $300 a month for car insurance

An excellent, concise breakdown of the tax rules - Thank you for sharing your knowledge.

I’m glad I come across your video, new subscriber here

This is great because my wife was just telling two weeks ago. To keep up on the miles but I can seen her this. Because you have more details and information. Stay bless ✌🏿

Can’t beat the simplicity of this video! Thanks for the clear explanations

The knowledge and information shared on this channel is nothing short of pure excellence!! Thank you!

Man you be on your SHIT!!!!!!! I'm learning so much from you thank you!

you have to tell about Fair market value and how it is calculated if I want to put my personal car into business use.

Thanks Brother great information. Keep upon the good work

You are great. Wishing you much success

I’ve watched quite a few videos on this topic and this one was definitely the most clear, comprehensive, and easiest to understand! Thanks!!

This man knows his stuff.

Excelent. Bro. Really good explanation

I appreciate your videos so much. Your content and the way you deliver the information are just excellent. Thank you.

Great job explaining the 179 tax law. Q? Could you explain the difference in benefits between leasing and financing a vehicle for business owners. Thank you

Thank you for this.. this is awesome info…. My fiancé has a mobile detailing business and we brought a pick up that he now uses for his business and this helps us when we decide to set up the business after marriage

I have gone down a rabbit hole of your videos! Thank you for your content bro it’s really been helping us quite a bit

Karlton, you are doing a great job. Love your channel.

THAT INTRO HILARIOUS LMAOOO THE WAY HE GOT OUT THE CAR AND HAD HIS PHONE LMAOOO

The best channel I have come across in a while!! All the knowledge I am gaining!! I want to start an LLC and have not yet because I am not sure how to go about it in the business that I am going to start. Do you help with entity structure?

I scheduled my call in August. I am looking forward to it.

Sir! You have done a great job with this video. It is very informative and helpful. I love the way you explained everything. Keep up the good work. We need this!!

Finally, someone that makes tax write-offs easier to under.

That was a mouthful, but thank you so much for the detailed information.

Very useful but the think I want to know is any car able to be written off let’s say I buy a Rolls Royce that I use for business and clientele

Wow! Great info. Clear and concise! Thank you!

My new Fav Channel! Thank you so much

Thank you Karlton 🙏.

Great Channel. Thank you Karlton for helping us business owners explore how we can save money.

I have heard that some small businesses get AUDIT only it is because of a car tax write-off. The main question would be, how do we not get AUDIT after we write it off from the tax? What IRS looks on that for and AUDIT? Otherwise, every single person and company would write it off their cars, right?

I just found you, I am going to watch all your videos. Tysm.

Omgosh, wow! I had no idea. This is truly going to help me, and my business going forward. What a blessing. I'm subscribing to this channel. Appreciate this.💯

Appreciate your content. I will be setting up consultation with you soon. Thank you for all what you do.

This has been enlightening to say the very least! Amazing content. Will be recommending to my colleagues.

Great job explaining things. You are helping me a great deal. 👍🏾

You are changing my life with your channel. Thank you.

Bro this is a straight Gem 💎‼️ Thank you so much‼️

Excellent Content Sir 🙂

You're really Great!!! Keep it coming!

Thank you so much, I know for a fact that my tax person did not use the 179 rule, and I had spoken to her husband before we purchased the vehicle, he told us the exact type of vehicle to purchase in order to do our business and have the 179. His wife did our taxes this year, she did not apply the 179, and it's very frustrating. So I have to go in today to pay my taxes but I want to do a deferral in order for my taxes to be done correctly.

I am committed to self-development & thriving.

Another great video!!!

As a business owner i am officially subscribing 👍🏾 thank you for the info

What a great video.Easy to understand and comprehensive.The best video I have found on this subject . Great job.

You did not mention on the recapture depreciation for those who decide to sell their vehicles sooner than the 5 yrs ownership.

In the case of paying cash for a car that weighs above 6000lbs and you write it off in one year, how long should you keep that car for? When can you sell it without owing taxes or charge backs?

What an incredible channel! Thank you Karlton!!

We very much enjoy your informative videos. Thank you. Some of them are interrupted and not reaching the end. Please see why !

My only question that I have after listening to the tail portion again. What protocol and what is needed to be done to implement the mileage. Now I have implemented mileage reimbursement on many things in my life. Now I already know what vehicle I will buy next it'll be a jeep. That'll be dedicated to my job. And then the following year it'll be a big truck a dually like a Ford 350 with dually. That will be definitely work related. Now you mentioned that you can't use the 25% to your current taxes you can only use 50% of your vehicle for that current year and it rolls over. Now if I were to have a vehicle that's about $85,000. If I am able which potentially since it'll be heavy vehicle I would potentially be able to get the reduction of 100% within the first year 85,000 because it would be the percentage of mileage. I have one question that's coming out of this statement now what if your mileage is low and is being recorded and it's only work related mileage when I say low I'm saying less than 20,000 something under 50,000 miles a year. That would contribute to the 100% of the 100% reduced off of the 85,000 purchase. Now is there any difference in how much mileage? Now if I made $50,000 or something under the $85,000 clearly from having listened to your video that other portion would roll over to the prior year. Now the question is coming out of this portion of my question is I clearly did not have the money to purchase an $85,000 vehicle. Now if I am able to write that vehicle off completely within the first calendar year per the taxes. How can I use that advantage of having written it off and using that to actually pay towards the vehicle being completely paid off? Is there a strategy where all of this can be done to where it can be used to actually pay off the vehicle or is it just merely I'm writing all of this off and any money I get back I can then forward that to the payment of the truck? That is what I'm assuming am I correct on that? I have watched several of your videos and I've subscribed and and I definitely liked the LLC and the C Corp and S Corp video I watched those and several other ones all back to back this evening or technically this morning. And your explanation of that the LLC the S Corp and the C Corp you gave the best example that I had seen and I had seen other videos from IRS and a few other things your explanation really gave a definition that was clear. The question I have out of that video which I didn't post the question is my business is now just starting I'm like entering my fourth week. Now my school has suggested that I do an LLC and I will be at 1099 employee because I am in agent under their Federal authority. And I plan on staying in that for many many years. Because it's going to be very conducive to my needs. Which now brings another question if I am running my business and I'm able to run my business while I am in another country. And while I'm running my business and I am purchasing paper ink and supplies and internet and electricity and lights and bills and phone bill and all the rent and mortgage can I deduct all of that as you stated in your prior video. Even though it's a us-based company but I am literally figuratively in another country. And yet there is no concern of a concern as to running the business. Now am I able to deduct the electricity the water the gas mortgage and all aspects of that. Now to answer and that will contribute to this is I will be dealing with two countries with my business so I have to have negotiations with two countries literally and my business crosses International borders. So driving that vehicle would be used for business purposes I would be buying gas in another country having car insurance for two countries United States and another country.

How will they even know if I just drive around all day and say it was for business while it wasn't?

Very helpfull. And knowledgeable

What a brilliant educator. I thoroughly enjoy your videos. Keep em coming!!

Thanks you for all this free knowledge !

I learned so much! You earned yourself a subscriber. Thank you for the information.

Depending on the type of business structure.

Thank you so much !! Your freaking amazing

Super helpful and educational video!! Keep the content coming!

Hi- great video. I have an LLC and I want to buy a new truck. can i still take advantage of the bonus depreciation if i buy it under my personal name or does it have to be purchased & titled under the LLC? thx.

Karlton thank you for this info!! You do a fantastic job!!

Jewels...Thank you brother! 💯

I appreciate you sharing this info of always wanted to find out how can I do this I have purchased a vehicle but I'm not for sure on how to go about it on paying it off as you said in the video within one year or less it will be a blessing to find out how to do this I appreciate you again for this info if you somehow can help me out with this would be a blessing indeed

I love and appreciate your videos. Simple and concise. Very well explained. You’re the man!

I am a First-Time viewer and I am loving your content! For this video, does the vehicle have to be new? Can it be used or Certified pre-owned?

Sir, your videos are excellent. As a first-time small business owner, these are very insightful.

Yes, this channel really works for me, plenty of ripe information, helpful. Thanks 😊

Man listening to u opened up my eyes on so many things. Keep it up 💪💪💪💪💪👊👊👊

Thank you for this explanation. You made this very clear. Great video .

Karlton, this was GOLD!

Thank u 4 taking the time boss u really out here educating

Great info! Thanks for putting this together and sharing!

Scenario and question. What if I have both a car and also an 8,000 pound pickup, can I claim the car for personal use and the truck at 100% for business use? Second question, if yes to the first, do I still need to track mileage if it's entire use is for business?

Thank you for this information brother

If you have business paper losses (in part due to 179 plus depreciation) you can carry losses forward for 7 years? So the 100% writeoff would still assist you in reducing future tax liability.

Fantastic content, very educational & put together well!

Mic drop. Mind blown. Thanks man. Great job.

Large vehicle, take full depreciation in the first year. What happens when you sell the vehicle the next year?

Thank you Karlton, Great information!

Dropping straight gems. Appreciate it man.

This was a great video!

Not sure I could afford you, but I would 1000000% love to have you be my CPA! The information you gave was so direct and concise. Also I feel like you’re trustworthy. All in all, great video 💪🏾!