Sounds like my bussiness gonna need an AMG, why not

@DavidGarcia-fp5hg

2 жыл бұрын

I have one ☝🏽 recommended

@daR2daO2daZ

2 жыл бұрын

Lol

@jayzell99

2 жыл бұрын

🙌🏿🙌🏿

@GridMassTAC

2 жыл бұрын

All Day!

@turtletom8383

2 жыл бұрын

AMG "Bitch better have my money"

Love your channel. Easy to follow and can rewatch if needed!

This guy is really good. Great info and delivery. Editing is top notch. Subscribed!

BBBBRRRROOOO! i was wondering this so long and i bought my dream car to drive and for the collector value! This is GOLD! For my small buisness!

Wow, I don't think I've ever heard anyone mention or bring up section 179. Dropping the real knowledge on this channel!

@LYFEAccounting

3 жыл бұрын

Not holding anything back!!

@Michael-st9ky

2 жыл бұрын

Game changer!

Keep doing what you doing my brother. Trying to jump my business off from scratch and I had a lot of questions about buying my vehicle and you put me on point thank you keep up the good works!.One Love!❤🙏😃

You’re so laid back and helpful man. You’re cool

@LYFEAccounting

3 жыл бұрын

Thanks, Airmett. You're even cooler for supporting the channel. Thanks.

Love your Simplicity.

Found you guys the other day and i'm learning so much, thank you for uploading these great videos! Even though i'm Canadian and looking for Canadian tax information, this was very informative. Wish there was a Canadian channel like this!

@LYFEAccounting

2 жыл бұрын

Thanks for watching! When you learn, you should start the channel 😉

I appreciate this concise breakdown!

@LYFEAccounting

3 жыл бұрын

You’re welcome!! Are you subscribed?

Sounds like my company needs a 2021 RAM TRX.🤷🏻‍♀️

@manegrindshard

2 жыл бұрын

lmao you and i think alike

@banned474

2 жыл бұрын

Bruh lol

@Daybyday07

2 жыл бұрын

Yup

@KL-cy1wc

2 жыл бұрын

Hell yeah 🤣

@Gio-xp1ds

2 жыл бұрын

All land scaper and pool guys like “👁👃👁✍️”

Great job! Great energy! Calm intelligence! Simple A to B information! Highly likable and recommended!! ⭐️

@LYFEAccounting

Жыл бұрын

I appreciate that!

I just love finding extremely valuable information

@LYFEAccounting

2 жыл бұрын

We do our best to deliver every day!

hey guys pat here from hostons home automation llc .i just wanted to thank you guys again . after watching this and the credit video , i was able to get a 2020 chrysker pacifica s seats 7 or stores 8 ft of cargo . it gets 80 mpg and qualifies for the setion 179 deduction . perfect for lyft , odd jobs chaffeauring etc . it shpuld make me 700 k in 5 years if verything plays out right

You have a great vibe and delivery man. Keep this up g!

@LYFEAccounting

2 жыл бұрын

Thank you! Will do!

Thank you. Great information and easy to follow

Dude i was so f**kin frustrated about being stuck in my lease now you've given me the greatest loophole ever. Seriously bro thank you so much. Can't beleive I'm just findingthis out. Omg thank you.

Great video as always. Thanks, Sean!

@LYFEAccounting

3 жыл бұрын

Glad you enjoyed it, Shannon! :)

Thank you, Sean!! Great content.

@LYFEAccounting

3 жыл бұрын

I appreciate that!

I freaking LOOOOVE this channel. They go into such good detail and explain in a way the most common man can understand

@LYFEAccounting

3 жыл бұрын

Thank you Dale!! 💯

@charlenerevell7543

3 жыл бұрын

Yess!!! So glad I was blessed to run across this channel. Going to use them too!

@TipsyArtist

2 жыл бұрын

me too! so glad I found this today!

GREAT info, super easy to understand! Thank you for taking the time to provide such valuable information 🥰🥰🙌🏾🙌🏾🙌🏾🙌🏾🙌🏾

@LYFEAccounting

2 жыл бұрын

You are so welcome! Just curious, what was your favorite part?

Great break down and delivery 🔥

@LYFEAccounting

2 жыл бұрын

Ahh I really appreciate this - Sean :)

Thanks for all the great info!

@LYFEAccounting

3 жыл бұрын

Thank you for watching!

Awesome video brother, thank you!

For me actual expenses has exceeded standard deduction since 1978. The most deduction you can get is if your business can justify buying the car and it is for business use.

Wow!! Amazing explanation I’m studying for my EA and your content is extremely helping. Thanks for your time and knowledge.

@LYFEAccounting

Жыл бұрын

That means a lot to hear! Hey shoot me an email sean@lyfetaxes.com - after you get your EA, maybe we can work together?

I Learned more than I learned in My whole life off of this video! Very informative and Valuable. Thank You for Sharing 💯😊

@LYFEAccounting

3 жыл бұрын

Wow thanks for such a good time wonderful comment, glad I could help

Amazing stuff! Thanks for the informative video!

6000 pounds is Gross Vehicle Weight, that means Curb weight plus payload capacity. so a heavy SUV with 5000 curb weight that can carry another 1000 pounds qualifies for section 179

Excellent video. I appreciate the knowledge

Great vid. Explain great

Best Channel Ever!

This guy needs more love

Awesome quality and informative video, Thank you very much. Dream car is a gtr & hellcat.

Taking my business serious this late in 2021 and from this point on, this was a perfect recommendation from KZread as I’m a mobile diesel mechanic 👨🏽‍🔧

Great info my man!

Thanks for the info bruh. After watching this I think leasing is the better option for me.

Great content

Liked and subscribed! Good stuff. Easy to listen to and great info!

This is such great information! Thank you. I definitely liked and subscribed

@LYFEAccounting

2 жыл бұрын

Thanks for supporting the channel Kayla!

I want a heavy duty deisel truck to start up my roofing and demolition business, this was very helpful 🙏🏽💯

@LYFEAccounting

2 жыл бұрын

Glad I could help

@DaDE_305

2 жыл бұрын

@@LYFEAccounting hey bro I’m starting up my business that being said if I want to get a call my business name immediately I know I will have to do a personal guarantee what I have to put something down? And what do you think the minimum score is for my personal credit 650?

Awesome video - Thanks alot!

@LYFEAccounting

2 жыл бұрын

No problem Michael, I hope you consider subscribing

thank you you explained this so well

@LYFEAccounting

2 жыл бұрын

This was perfect for you as a mobile DJ!

@TheJennyg76

2 жыл бұрын

@@LYFEAccounting for sure want more information

This one felt like it was extra high quality. Thank you for the great info + presentation. Just got a Model Y. Next is Cybertruck and Roadster!!

@LYFEAccounting

3 жыл бұрын

Good choices!! And thanks that means alot coming from you of course

@jmedia82

2 жыл бұрын

He really had no idea what he was saying...

Great info thanks

The newest Cadillac escalade with Super Cruise technology!! For my personal Private Uber business!!

I know I subscribed for a reason. My dream car is the hardtop convertible Range Rover

Great video. Thank you for providing concrete examples of exactly how to do this. I.e. write off one's car. My accountant doesn't even explain it this well !

@justscrollthru84

2 жыл бұрын

Time to replace them

Okay! This a lot of good information!

@LYFEAccounting

2 жыл бұрын

Glad it was helpful!

thank you keep make videos like this

@LYFEAccounting

3 жыл бұрын

Absolutely will as long as you keep watching!

Listen, I subscribe to a lot of informative business channels and you by far explain the process, the follow thru, and the end game better than any one of them. Thank you for taking the time to do this for all of us small business owners. You make a dream become reality.

@LYFEAccounting

3 жыл бұрын

WOW, this comment means so much to me. I am glad that you took the time to write it and share it with our community. Thanks for watching :)

Thank you so much ❤️

@LYFEAccounting

3 жыл бұрын

You’re welcome 😊

I forgot about this…. And I needed a new large sedan car or even Sprinter van for business. We own a business and have several other cars and trucks as personal vehicles. Thanks.

@LYFEAccounting

2 жыл бұрын

You've definitely got to take advantage!

Really liking the 22-23 GMC Denali 2500 AT4.

That’s crazy. I wish I was smarter to start a business and take advantage of this. But I’m a humble layman

Oh, honey. My wheels are spinning, in a great way. Thanks for the awesome content!

@LYFEAccounting

2 жыл бұрын

Thanks for watching! What’s are you plotting? 👀

My dream car is 1947 Chevy fleetwood . But I like the Bentley and TAHOE

For real...like Sir is this really true..thanks for knowledge.

@LYFEAccounting

3 жыл бұрын

You’re so welcome!

@GoaWay...

3 жыл бұрын

@@territhomasthon5628 you don't have a comment above. 🤔

Liked and subscribed. Preciate it!!

@LYFEAccounting

2 жыл бұрын

Thanks for the sub!

Very valuable. Did this for 2021 and saved over $30,000 in taxes. Thank you!

@kristenburgsteiner1408

2 жыл бұрын

What kind of vehicle did you purchase?

The purple Rolls Royce Phantom!!!! It’s the business!!!

Cadillac 600 I'm going all in!

Bro I learned a lot wtf!! information is soo basic and simple but never would of thought of

@LYFEAccounting

2 жыл бұрын

Happy to help! Be sure to checkout our other videos to fill in any gaps.

Sir you are a lyfe saver 🙌🏿 thank you

@LYFEAccounting

2 жыл бұрын

No problem!

I got the answer thank you in the video!

@LYFEAccounting

2 жыл бұрын

You're welcome!

I am a realtor and my dream vehicle is the 2021 Cadillac Platinum

In Virginia, if you claim a vehicle as business your personal property taxes go way up--thousands for an expensive vehicle. The tax offset may still be beneficial, but be aware of how localities try to bite back.

@LemonySnicket-EUC

4 ай бұрын

That's a write off as well also.

G Wagon for sure

Excellent video. Goal of a model 3 Tesla for 2022! Using actual expenses for gig work :)

@LYFEAccounting

2 жыл бұрын

Thank you and best of luck to you! 💯

I did this with my lambo and Porsche

So the key is to identify if you’ll have a huge tax bill so you can use that strategy. If not you’ll be coming out of pocket to make those payments?

You are the best

@LYFEAccounting

Жыл бұрын

Thanks :)

Santa fe diesel is my dream car, but I think X5 is good for my business.

G-wagon is my dream car .I just started small cake business thank you for the information 🙏🙏🙏❤️

@mtigress4589

2 жыл бұрын

Be careful with this guy's advice. He's failing to mention that Section 179 is still limited by the higher Section 162 that says expenses need to be ordinary and necessary. Try explaining during an audit that you NEEDED a g wagon for cakes.

@BeshEntertainment

2 жыл бұрын

@@mtigress4589 all she has to do is get her car wrapped with her business logo & say it's for marketing.

@mtigress4589

2 жыл бұрын

@@BeshEntertainment That's not true. These personalities make it seem like it's that simple but it's not. They play the odds of the return coming under audit.

@Kay.D

2 жыл бұрын

@@mtigress4589 G-Wagon grabs attention great for advertisement.

@mtigress4589

2 жыл бұрын

@@Kay.D to that point it would be asked how often is it being driven just to advertise. How big is the company info on the car. Who drives it for hours without mixing with personal errands at the same time. My problem with this video is they are trying to sell the idea of writing off your dream car for business but most ppl would like to drive their dream car recreationally. Ppl popped for audit aren't going to be able to get out of a huge bill saying a video gave me this advice.

2022 Freightliner M2 Business Class Extended Cab RollBack with a 21ft Miller Chassis! (Don’t know if Tow Trucks qualify but I’m putting it in the Universe) Cheers!

@comoelitamelendez8467

2 жыл бұрын

I mean that sounds like a utility truck to me. Just saying ---Accountant

My professor did this with his car, his suits, his phone, everything! Genius

@judyhall5624

2 жыл бұрын

Please, explain how as a professor, he wrote off his expenses as a business? Hmmmm

@ProdbyTrehnt

2 жыл бұрын

@@judyhall5624 he owns businesses outside of his professor role

If anyone needs business decals for their car in California lmk, I’m a vinyl wrapper and we can print out anything you need and the wrap is also removable so you can protect your precious paint as well 😇

@LYFEAccounting

3 жыл бұрын

Plug talk

@MariaRodriguez-qp6op

3 жыл бұрын

ALREADY SUBSCRIBED... LET'S NETWORK...

@wraptonic

3 жыл бұрын

@@MariaRodriguez-qp6op of course, let’s do it. What did you have in mind?

@MariaRodriguez-qp6op

3 жыл бұрын

@@wraptonic Marketing, Networking, Merchandise & Collaborations on the East Coast

@Grumpyskater

Жыл бұрын

Where in California?

I got a few questions my man I have a full time job. Pay traditional taxes. I started doing DoorDash on the side and I’ve been tracking my miles. 1) how can I prove to the IRS about my deliveries if I got audited ? I’ve been just logging the mileage 2) how would it affect my “traditional taxes” from my main job? Thank you in advance. I might buy a Lambo to door dash in 😎

Stopped the video like 1 minute in. So I can't do any of this unless I have a business. Got it.

@Tolbat

2 жыл бұрын

You can form an llc and then contract yourself, and pay the llc and then pay yourself

Can you write off electricity costs for EVs? Also can you write off over mileage expense on leases when using the cost approach?

G Wagon AMG

I have had 2 G550’s but never bought one new. I have a 2021 coming in late October and am going to use section 179 and accelerated depreciation. Did this with an F250 platinum for my property co this year.

@Awakened_journeyz

3 жыл бұрын

When you write the car off in October will u receive the money back the same year ?

@bebin73

3 жыл бұрын

@@Awakened_journeyz you don’t receive money back, you just have it negate that amount of tax liability. Meaning if you owe $30,000 in taxes and can deduct $20,000 through a vehicle, you’d only owe $10,000.

@716swaggstar

3 жыл бұрын

@@bebin73 Wasn't sure if I could write off a Truck for an investment property. Thanks

@bebin73

3 жыл бұрын

@@716swaggstar as long as an llc owns the property and truck, and you have legitimate need for a truck in order to run the business

Thanks for the info Uber, lift.food delivery count for tax reduction.

Fav car mustang Shelby GT350 & GT500

nice guy!

Thinking I might just get a G Wagon for my business‼️🙏

Audi R8 is my dream car

Hi! Do I apply section 179 per vehicle? Also, which depreciation method is best for semis?

Great tips!! Thanks you.. my business needs a Tesla.. Go EV!!

My dream car is a convertible zl1 2017-2022

Maybach GLS 600❤

My dream car is Chevy Suburban

Urus 💪🏿

My dream car that weighs over 6,000 pounds is definitely a G-Wagon or Rolls Royce Wraith

@LYFEAccounting

2 жыл бұрын

Wow, I didn't realize the wraith was 6,000 pounds. Makes so much more sense now

This is good stuff. Im looking at getting the new Escalade. I think Im gonna give this a shot. Should I lease it vs buy?

I just purchased a box truck so I guess I qualify code 179..

The Porsche Panamera will soon be mine & it will be my business vehicle 😍 this video came just in time

@LYFEAccounting

3 жыл бұрын

Make it happen!

I have a couple of questions, but first I wanted to thank you for taking the time to explain this. Question 1) does this applies if we purchase a used car and deduct it in 1 year one? Or the car has to be new? 2) can we purchase a second car on year 2? Thank you very much in advance and if you can DM me with your office info please.. thank you!!!

@victoria19853

11 ай бұрын

I believe the vehicle has to be new. I personally know some one with a business and they always get a vehicle new after they can’t get any more tax write offs they get rid of it and get a new one. Check with local state laws because laws are different state to state.

Can you use accelerated depreciation and a mileage rate deduction at the same time in one year?

Great content! I have a couple of questions if you don't mind? 1. What if you have a full-time job, but have an LLC for a side business that has two licensed owners, but one of those owners (me) uses their personal vehicle to make sales calls to try to earn business. Can I track mileage and wear/tear on my personal vehicle while making sales calls? 2. What impact would this have on my personal taxes if doing so, considering I also have a full-time job?

@sdot7117

2 жыл бұрын

1. You can just track the business related miles as he showed in the video. If you want to track actual expenses you can use the miles method. 2. Yes it will have an impact. Typically in a positive way, but consult with your CPA who knows your personal situation.