How I Write-Off My Dream Car (PAY $0 IN TAXES)

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In this episode of taxes made simple, I show you some simple strategies that you can use to write off your dream car.
Whether you decide to buy or lease your car, I am going to show you the tax deductions that can apply to both.
I give you some easy steps to follow to obtain the maximum amount of tax deductions.
If you have any further questions, visit my website at www.karltondennis.com and schedule a consultation to speak with either myself or one of my team members with www.KarlaDennis.com ...
Make sure to follow me on IG, FB, and LinkedIn @KarltonDennis and don't forget to hit the like, comment, and share buttons below!
*Disclaimer: I am not a financial advisor nor am I an attorney. This information is for entertainment purposes only. It is highly recommended that you speak with a tax professional or tax attorney before performing any of the strategies mentioned in this video. Thank you.

[@pklemm1]

To write off that G550, you had to use Bonus Depreciation also. The special equipment purchase of code section 179 at 25,500 in 2019

[@youngatnaruto5842]

First time I heard bonus deprecation

[@MUGGAS.]

This channel is going to grow.

[@karltondennis]

Thank you brother! continue to share videos to your peers!

[@arturocoronel2788]

@@karltondennis social media?

[@DiscipleofChrist-Yeshua]

@@karltondennis Hi Karlton If I purchase a car for 80K on my business and get 20% depreciation every year After 5 years ( 100% depreciation) I decided to sell it and I am able to sell for 35k. Do I need to pay tax on 35K?

[@kenkaelechi5620]

Karlton thank u for the video very informative, how can I contact you?

[@boblangworthy]

@@DiscipleofChrist-Yeshua Yes. Your basis would be $0 and you would have a long term capital gain of $35k. Long term capital gains are currently taxed at more favorable rates than any other type of income.

[@mattfromwiisports7780]

Oh my god, this is the best and most helpful video I’ve seen. Your explanations are so crystal clear thank you so much!!

[@fksebati]

Great to see a fellow entrepreneur on the platform! Welcome! Subscribed!!

[@karltondennis]

Thank you Fares! i will subsribe to your channel now

[@wisenige]

Definitely had to save this video and subscribe! Great work bro!

[@karltondennis]

Awesome, thank you!

[@Presidential_Papi]

Incredibly easy to digest sir!!! Much appreciated!

[@loneswandon651]

Super underrated intro, let's jump RIGHT in!!! straight to it

[@seanstout7904]

Thank you for your knowledge and helping us grow with you!! ❤❤

[@coreywilliams3094]

Very excited about this information! Thank you 🙏🏾

[@karltondennis]

You are so welcome!

[@itsjordanle]

You’re my new go to tax guy for advice brotha 🙌🏼🙌🏼

[@tovarseasycleaning]

Yep! I second that!

[@karltondennis]

Appreciate it

[@JoseMartinez-gf2tu]

It’s good info, but you still need a cpa

[@chriss2352]

Nicely done. Clearly articulated. Keep it up!

[@karltondennis]

Thanks, will do!

[@doncorleyone]

Excellent .. loving the jewels that you’re dropping!! Subscribed!

[@caballosdeaguilera]

I just started seeing your channel. I have learn a lot from you. Thank you for your educational system.

[@carsgolfcigars]

Very well presented . I’m a car guy and collector so this was very helpful

[@jjohnson2912]

I love your content and your bubbly character! Keep it coming!

[@VernonJrSHM]

Wow this was great and really useful, Ive heard a lot of tax videos this was the best one ive ever watched simple and easy.

[@authortitom.bradley2972]

Bro I really appreciate your videos. They are very informative. Keep up the good work.

[@karltondennis]

Thanks, will do!

[@gustomadeit27]

Wow bro! Amazing channel. Subbed and sharing these videos.

[@marquezjackson7895]

Thanks so much I’m trying to be great in life 🙌🏾

[@karltondennis]

You got this!

[@gostworkers]

Finally something useful in KZbin!! Thank you for the info !! Subscribed..

[@karltondennis]

Thank you!

[@JowyCenatVlogs]

God bless you , your posting A1 context about tax stuff .

[@karltondennis]

Thanks!

[@designerofjourneys7961]

Bravo! Great info! Hope your channel grows exponentially!

[@karltondennis]

I hope so too!

[@cpncredits1791]

Thanks Karlton!

[@karltondennis]

Anytime

[@rbthecreative5413]

Dope content bro, very helpful and informative!

[@amrak7425]

Glad I found your page!

[@veronicagonzales4781]

I'm slowly absorbing your helpful knowledge. Ty

[@johnwagenhofferjr1132]

Karlton - Excellent info and great YT channel. Definitely worthy a subscribe.

[@kensg]

Boom..love the information

[@ronaldvinson4284]

Thanks for the game!

[@jamelsgoodfoodgang4566]

Just started watching your videos. I had to sub! Thanks for the information

[@christophercobb6925]

Great video. I’m in the market for a car as an entrepreneur also so this was very helpful.

[@karltondennis]

Glad it was helpful!

[@mikej7095]

Good advice!✊🏽 I need more lll

[@brandonb.288]

Your content is good. Keep up the good work!

[@jbo5021]

recently came across your channel, you are awesome man!

[@derricksmith1498]

Dimes and Gems 💎 Splendid video, my friend! You have a new sub!

[@nathanperez9809]

This is great knowledge!! Thanks sir !

[@karltondennis]

My pleasure

[@TheTurboDad]

Great info and very well articulated. Ihavr subscribed.

[@kamaalmcilwain9625]

Great vid big dog ✊🏾

[@UnwanaUdoh]

Just came across your channel, now a new subscriber 👍

[@karltondennis]

Welcome aboard!

[@luisweast]

Boom! You earned. New sub and I'm sharing with the squad. Thank you sir.

[@relaxn3111]

You sound like a smart dude, great advice 👌🏼

[@cooperscreditconsultingint6792]

Thank you so much!!

[@argentinianninja]

Great work bro!!!

[@karltondennis]

Appreciate it!

[@cscleghorn]

Glad I found you. I hired a CPA to analyze my new business plane and start my journey as a entrepreneur because I could not agree more. Build wealth better by using the ones that now how wealth is regulated!

[@karltondennis]

Keep it up!

[@dolfgabanna5952]

Wow absolutely phenomenal information!

[@karltondennis]

Glad it was helpful!

[@uliacost2928]

Awesome and very interesting! Just subscribed

[@karltondennis]

Welcome aboard!

[@perezg04]

Super dope info!!

[@jimmyg9720]

I appreciate the advice man I'm just starting my business and still dont have a accountant

[@jwbarnes1168]

Should mention recapture issues when giving accelerated depreciation advice on vehicles. You mentioned the at least 50% use but didn’t hear you explain what happens when the vehicle ceases being at least 50% business use.

[@robertdais7569]

The absolute best & most engaging tax strategist on You Tube! His stuff is fun, fresh & super informative! Keep it coming, Carlton!😁

[@jonathanlofrisco9098]

Hey Karlton - can you do something like this but for Turo owners? How to categorize an LLC and the write offs?

[@dropbackbrazilianbeachfoot4306]

Thank you!

[@dvits00]

Great video. Thanks.

[@karltondennis]

Glad you enjoyed

[@thecharlielive]

This video is so clutch, gold nugget 🏆

[@karltondennis]

Droppin' them keys

[@lalainetorrenueva4772]

Thanks for the info grat content

[@karltondennis]

Any time!

[@holleelifestyles2844]

Great information! Im starting my business this year💕

[@od4407]

It’s nice to see trans folk having their own businesses, good for you

[@karltondennis]

You got this!

[@BrandonWilliamyt]

saving this video so I can come back to it later when I have my mclaren that I need help writing off

[@karltondennis]

Love it

[@bodavis9492]

Awesome video! Will watch a lot more of your videos! I have to say though isnt mileage spelt wrong?

[@peterbeater012]

New subscriber here, I'm hooked! I'm new to real estate investing and wanted to know how do you figure out the percentage of your vehicle for business use. Is this based solely on mileage or are there other factors to consider? Thank you in advance!

[@huntemall219]

Brilliant content. I just subbed.

[@Royaldane375]

This guy is going places. Accounting rock star!

[@larr8844]

You are a great teacher

[@infiniteintelligence108]

thank you!

[@AB_THE_CEO]

good video King 🔥🔥🔥🔥🔥

[@karltondennis]

Thanks!

[@Jahguaar]

I am committed to self-development & thriving.

[@lukeward5047]

Hey Karlton! Can one utilize both methods if they have two different vehicles for difference uses? Example: Utilizing the actual deduction for a truck typically used in town for shorter distances & the mileage deduction on a vehicle used for long distance highway commuting (500+ miles per week). Thanks!

[@ihabbadr]

I am really enjoying your videos. Keep up the good work. Can any of these technique be used when I have a full time job (W2) along some side businesses?

[@karltondennis]

Thank you! If you have a business you can leverage a vehicle deduction based on the percentage dedicated to business use

[@GoFastJames]

It's interesting how people look at me so confused when tell them about writing off supper cars. Many are like why waste you money on the car, I point out would you rather pay IRS or buy the car? Then have to explain how cars like this helps with brand perception, marketing, and meeting people. Wish more people would post more like what your doing. As well wish more CPAs and or accountants would learn how things work and help people when things change. So many accountants and cpa's that didt know can make money on youtube or understand how, as well dont understand the ones doing car content on youtube. They dont understand how they can write off the car for content and feel like something not being done right. Still to this day hard to find people that can help correctly.

[@DThornDigital]

Thanks for the info, I want to lease a car strictly for Business purposes. I will look into this method. ‼️‼️💯💯💯

[@danielmontana5718]

Awesome 👏 good job 👍 thanks 🙏

[@DJSASS]

Good stuff 👏 👍

[@karltondennis]

Thanks 👍

[@justauser]

Amazing video

[@seanhaecker2256]

Love the video. How do you prove or justify the percentage that you are claiming as business use? Thank you!

[@MrStaybrown]

Thank you so much. I've had people say they write off vehicles and when I ask them how..they didn't have an answer.

[@LawnCareProfits]

Subscribed!!

[@karltondennis]

Glad to have you!

[@jonathanpopham5483]

bro you are so good at sales

[@SideHustleInspiration]

Hey Karlton, Your video is quite engaging. I was cirious and wanted to ask what kind of video editing program would you recommend? I'm having a hard time deciding which one to buy. Thanks kindly, Karlton. :)

[@3SHOTS3QUESTIONS]

You have a great personality; very likable dude

[@sinnombre5466]

I like this dude 💵🤙🏼

[@justins2397]

Hey Karleton just subscribed I have one question how would you go about finding a knowledge CPA that’s going to help save you the most money on taxes?!!!

[@karltondennis]

Interview them. You are hiring them.

[@Diy-crush]

Can we talk about how CUTE he is for a moment?!?! No seriously, thank you SO much Karlton, for such in-depth explanations of the tax details. Off to shop for my new business car....

[@BLoveMOA]

Thanks for this! Driving for dollars just got a lot more affordable for me!

[@MohammedAlomrani]

How many cars can I write off in what time frame, what are the consequences/downsides. Can I sell written off cars repeatedly?

[@mr.jollof]

You're The Best

[@christinebell6928]

Thanks!!

[@karltondennis]

No problem!

[@Kay-jk2gi]

❤️ this. So glad I found this channel. I'm realizing that tax savings are in favor of business owners vs we earners. I've been trying to research how I can best apply this to myself. Looking for a tax Prof who can help with. To bad you're not in my area (WNY). If you have any affiliates in my area plz plz let me know. I'll continue to learn what I can from your vids.

[@joshuafootman1593]

Remember like Karlton says the tax laws allow the write off because your business will generate income!

[@colbystrickland]

Love your content brother! Keep up the amazing work and perhaps someday, we'll be doing business together.

[@bws5929]

Didn't the tax code change about the 179 depreciation/writeoff? I saw another video talking about it that its now limited to $25k for vehicles between 6k to 14k pounds.

[@chrislyles9478]

@Karlton Dennis Can the vehicle be in the business’ name or does it have to be in my name in order to write off? I’m a single member LLC and utilize the pass-thru method for tax filing. Thanks

[@jahblessone]

You may have mentioned this elsewhere, but the vehicle itself doesn’t have to weight 6,000 pounds as long as the Gross Vehicle Weight Rating is >6,000 lb (the loaded weight). Thanks !

[@jahblessone]

Also, is 100% bonus depreciation applicable to luxury SUVs? Thought it was only applicable to trucks/vans etc.

[@karltondennis]

Gross vehicle rate

[@karltondennis]

Not limited!

[@anthonyburton7941]

How can someone prove to the IRS that they’ve used the vehicle for business? Are there certain documents?

[@karltondennis]

Video on this coming soon!

[@joelong6731]

@@karltondennis Has this video come out? I'm going to start up an e-commerce and plan to have decals and/or paint job to advertise it. Would this be a beneficial move?

[@geneporter73]

@@joelong6731 possibly a wrap?

[@markjackson1970]

Great, informative video. I look forward to seeing more. …. I hate to be that guy, but mileage is misspelled.

[@87stuntman87]

What about accessories for a vehicle? Lift, wheels & tires, exhaust, etc.

[@LexxReader]

Ty so much!

[@karltondennis]

Anytime!

[@fallenzgod3959]

Are you able to use section 179 to offset short term capital gains? Thank you.

[@user-mn3tz8ht1l]

Thanks for sharing, question for - S550, it is 100k worth, the write off is 155k, about how much is from the S550?

[@UncleZoo]

This was dope

[@parkernicholas3180]

Looking at buying a small pool company, ( 50k income a year) should I develop the LLC then buy a vehicle or can you transfer it over to the company as a business vehicle after?

[@FunnyAnimalsCrew]

So if I'm Financing a vehicle over 6k pounds I can write off 100% of the payments if its 100% for business ? Also can I get the depreciation too?

[@i8mg]

How do you justify car expenses for an online based business and be able to write off the expenses?