Amazing Auto Deduction Strategies | Mark J Kohler | 2020 Update!!

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There is a lot that goes into the Auto Deduction! Milage or actual, cost of the vehicle, when you purchased it, etc... In this video, I break down everything you need to know about the auto deduction write-off to get started with your analysis!
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[@elumarful]

Hi Mark, thanks for taking time and explaining all those very important tax topics!

[@BlindtoBillionaire]

Hey Mark, this is another amazing video! If you are able to, I would love to hear an in-depth conversation about bonus depreciation or section 179. Thank you once again, I cannot even explain how much I have learned from you! I love it!

[@MarkJKohler]

Thank you for the suggestion I will discuss this with my video team and we will see if this is something that we want to move forward with. Thank you! Also, thank you for the praise. It means a lot!

[@DiscipleofChrist-Yeshua]

@@MarkJKohler Hi Mark, I am a physician and I own an LLC for my practice. I’ve been using my personal car to conduct my medical business and I am not taking any deductions. I actually live in Florida but also travel to Louisiana to cover a hospital as an independent contractor 170 days of the year. I bought a personal car and keep it in my condo in Louisiana and having 0$ deductions for last year. I was researching and find this video and other videos about Turo car rental. Is it legal to create an LLC for car rental and rent my car for my medical company through my car rental? I don’t want to lease a car because it looks good but it looks like you are burning money over 3 years lease period plus I m limited with mileage. I don’t know how to purchase car through my company and do it legally and help myself with some deductions and business expenses

[@olivercollins4836]

Offering a video on section 179 and bonus depreciation is a definite!

[@NathanKwadade]

@@MarkJKohler I'm dealing with a CP2000 letter from IRS for 2015. I bought a brand new vehicle and I used it for Uber. I'm doing a standard mileage deduction, however, can I also claim the sales tax for the vehicle when I first bought it?

[@jesham7627]

Well presented and vividly explained. Thank you very much!!!

[@JourneysTravels]

Would like video on backdoor ROTH conversions, how to do it, etc. Thanks.

[@MarkJKohler]

Thank you for the suggestion I will discuss this with my video team and we will see if this is something that we want to move forward with. Thank you!

[@LoveJesusandLift]

Excellent explanation, thank you so much for your help!

[@mikecolton9176]

What about renting your car to a service like Turo or others? 90% rental. The only time I'd use it is when I'm in the town I am renting it in. The car will be owned by an llc in the state.

[@davidglenn6259]

A lower business use % will skew your chart of mileage vs actual. The chart only really works with high business use % close to 100%.

[@t9gear]

What if I just have a side business that makes only 2k a year since my main job has enough income. Could I still write off a vehicle that I use at least 50% for business?

[@MrSmith-rk3wn]

Thanks Mark. Question, I have an old pickup truck that I use for my LLC that requires me to drive to my jobsites but I use it for my personal life and commuting to my W-2 twice as much. Being that its an old truck I spend a good bit on repairs. Can I deduct 100% of the repairs and maintenance costs or how do I calculate the percentage that I can claim? Thanks.

[@vaggeto]

Can you please add the link the the specific blog article referenced at about 3:45?

[@SgtSam1]

I have a side hustle. Do I have to have an LLC (or any other business entity) to qualify my vehicle I use in my side hustle?

[@MrSDGeek]

Great video. Would driving for Uber or Amazon flex as a contractor qualifies as ur business?

[@greg3424]

Video was clutch OG..keep employees coming

[@albyc4]

Good shit thanks keep it up

[@guardianking9209]

When buying a new car for write-offs do you have to put the business name in the car title? If I buy a truck that is more than 6000lbs I can take 100% deduction using bonus depreciation . However if my business income is not more than the cost of the car, can I still take 100% deductions if combined income with my spouse is a lot more than the value of the vehicle?

[@juzefzoozoo]

Can you write off a car for a net loss on business to be used to offset personal cap gains or AGI?

[@MRZEROTOINFINITY]

Very helpful info! Thanks. 👍

[@MarkJKohler]

You are welcome Michael!

[@jshbbrt]

Thanks for all the information you provide. Question. If a buy a vehicle, my father uses it for Uber, and I use it for real estate (im just a landlord). Can we both utilize the tax deductions on the same vehicle?

[@mamo7274]

HI Mark, any idea on how to invest $60000 401K money without paying taxes/penalties?

[@MarkJKohler]

Hi, due to my busy schedule I recommend you contact my office at 435-586-9366. Sorry for the inconvenience.

[@t9gear]

Also i would love for someone from your team to do my taxes :) Although I only file a simple return with a mortgage I have a feeling you could save me money

[@MarkJKohler]

You need a consultation and I know it will save you! Give my assistant Rosalie a call at 435-586-9366 ext 2024 to set up one with me or with one of my assistants!

[@justins.1827]

Is mileage deduction for your business seperate from the standard deduction that everyone else gets? And is it calculated different from other deductions such as charity? For example if I earn $1000 in income for Doordash, and have 1,739 miles which is equivalent to $1000 in miles for business purposes with the .575 cents per mile. Will I pay any taxes on the $1000 I earned?

[@proudsisof3herosbros.952]

Self employed, contracted and do side work bounty hunter 12yrs .never used car as write off . goo or bad? I use car to ge court minutes, get supplies, pick up n book at jails , surveillance ,airport work trouble parking lot. Everyday 24/7 . Can I write off car , 2020 31,777 miles this yr . last yr 45, +.

[@MarkJKohler]

You sound busy! Sounds like you are missing out on some big auto deductions. Frankly, I think you would benefit from a consult with my firm, we can help you capture all of these auto deduction AND I am sure we can help you implement other powerful strategies that will save you way more money than it will cost to have a short consult. Email my personal assistant [e-mail] and she can get you connected with someone who can help!

[@adolfallesch7648]

Mark, How do you handle Actual Cost for an Electric Car? Specifically since there is no gas and no real maintenance (tune ups, oil change, ect.) Thoughts?

[@AK47HEAVYMETAL83]

Adolf Allesch I’d probably figure out how much electricity it takes to charge it at home or at your office or whatever and account for it and do it as a write off on your electric bill for your residence/office. That’s what I’m thinking. 🤔

[@nikocasey4012]

Can I buy a car and lease to my own company?

[@freds4712]

Hi Mark, Do you still have your mileage app? Thanks G

[@MarkJKohler]

Hey, I actually recommend the QuickBooks mobile app. They have a really awesome mileage tracker. If you use my link: quickbooks.grsm.io/markjkohler you get 55% off your first 3 months. Hopefully this helps!