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

Such a valuable breakdown - thank you!

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”.

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

This was amazingly helpful. Thank you so much!

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

Thank you for posting and providing the right amount of explanation

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

Yes..do a vid on the expenses please

Thank you for doing this video. It was very helpful

You Broke this Down the Best…..MVP💚🔋📶

Solid info thank you

Great video. Clear and to the point.

Love this 💙

Killing it with that suit! Looks awesome on you!

@LYFEAccounting

Жыл бұрын

That means alot, thank you!

Awesome info very grateful greatly appreciated bro

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

@evylicious4589

Жыл бұрын

Please do a video on travel expenses TY in advance

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

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 ай бұрын

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 ай бұрын

@@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 ай бұрын

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

Very good video , good information 👍

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

@LYFEAccounting

Жыл бұрын

Wow, thanks!

@10twenty2wholesalevendor2

Жыл бұрын

​@@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 ай бұрын

@@LYFEAccounting😢

Good info, thank you

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

Great info thanks

Very helpful info, thank you!!

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

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

Thank you

Thanks sooo much.

A super video. Nicely explained, thank you😂

@LYFEAccounting

Жыл бұрын

Glad you liked it!

Please do a video about deducting business travel expenses

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

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.

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

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 ай бұрын

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

@sixxxeight

6 ай бұрын

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?

Sound Good!😁😁

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

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

Yes please make a video about traveling

YESSS DO VIDEO BOUT TRAVELS EXPENSES PLEASEE SEANNN

Please do a video on deducting business travel expenses please.

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

Need the travel expenses information please sir great work btw

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.

Yes please make a. travel deductions

Please create a video about other tax deductions

Make one with the business expenses please and thanks

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

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

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?

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

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 ай бұрын

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.

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!!

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

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

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?

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

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?

Good

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.

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

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 ?

Yeah a travel expense video would be appreciated.

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?

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

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

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

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

I would like to see a video about travel expenses

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)?

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

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?

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

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

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)?

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

Awesome, TFS😢 👍🏾

@LYFEAccounting

Жыл бұрын

TFS?

@sassy31

Жыл бұрын

@@LYFEAccounting Thanks for sharing= TFS.

What makes a more substantial tax liability?

Does Florida allow bonus depreciation on a vehicle?

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

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.

Please make video for business travel

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

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

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

Just got done talking with my CPA 2 days ago. He said overall for our situation, standard mileage is the best. Was hoping I could talk my wife into a new tesla and writing off the lease. But hey, gotta do what is best for business

@Choclocd

Жыл бұрын

It depends on if you have more miles. Sometimes standard mileage is better, sometimes depreciation is better. But if you have a qualified Tesla, you can get the EV credit in addition to whatever method you use (depreciation or mileage)

@this_one_guy

Жыл бұрын

​@@Choclocdif you're referring to the federal EV tax credit, this commenter wouldn't get that since they plan to lease

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

How does it reduce your line of business

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?

Their is leasing and their is financing? Or is it the same for the IRS

My question is the busniess has to be in positive profit before applying the deductions and thus putting the busniess net income negative that wouldn’t work under section 179

Does this also apply for 1099ers

Can you write off the Ioniq 5?

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

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?

Does the vehicle need to be purchased under your s Corp or LLC name? Or can it be bought in your name and written off when filing? Say if the business is brand-new and hasn't built credit. Also what's the best way to build credit in business name? Apply for a credit card in the name of the company???

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

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

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.

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 ?