How to get a full tax write off on an $80,000 dollar truck (Section 179)

[@Robert546]

Yes bro, inform the masses! People miss out in so many tax write offs just by having a job instead, at the minimum a home based business.

[@Doggyfreshmunch219]

Question do we get money back at the end of the year

[@marcuscarpenter7230]

@@Doggyfreshmunch219? Do you know how a tax write off works. It pretty much means you you report having less income

[@jlh7109]

@@Doggyfreshmunch219if ur getting money back at the end of the year that means u “made a loan” to the government at 0% apr. u could’ve invested that as a business owner and written off as a loss and paid $0 in taxes instead and report u even lost money. U don’t have to be rich to play rich. Just gotta catch ur stride.

[@KickinWithKid]

Your wrong w2 workers have right offs too, they just have to pay their self as an employee and then they’d be able to but your wrong completely😂

[@twinmoneyoy1223]

@@KickinWithKidyou’re. Learn to spell

[@riccosmooth481]

Did it on a real luxury vehicle too, LX570. That’s class.

[@srinudimpu]

I think you will only get 25 to 35% . It’s a not a tax credit , it’s tax deductible which mean u will only get to reduce your income . It’s a good benifit that IRS helps

[@Billybob-go8hn]

Yea for a 70k truck, you maybe get 16k off in your taxes.

[@PromoCamllc]

Ok For the uneducated "Write off the entire price of the truck" Means That he can take the amount of the Truck $80,000 and lessen his tax obligation by that amount. Its close to $7k refund plus maybe some bonus depreciation Trust me They still bought a truck 👇

[@yaakovnotis9936]

Only educated person in these comments

[@plharvey3820]

Brilliant. Appreciate you dropping dime

[@bertyadventures]

It’s a difference between getting money and flossin 🏦✊🏿

[@TheNaturalKim]

Thanks for this video. Can you break this strategy down?

[@JonathanSorunke]

Smart play!

[@richardmyers7847]

It's a tax deduction not a tax credit. I can't believe people don't understand this

[@redwood6737]

Mr. Jack, I see you are a tax professional after reading the sign on your truck. We are currently trying to figure out our taxes from 2020, I know I’m a bit late. But we are trying to write off a $80,000 Toyota Land Cruiser. From what I figured out so far I think we can take about 26,000 of that since we put that we are using the truck 60% for business and I saw the $26,000 limit somewhere in the lengthy instructions. The step we are at now is where to place that $26,000 figure. We can’t put it on schedule C because we do schedule E since we are the rental property business. I think I found the form I need but not quite 100% sure. Something about the 8959 but I’m out looking at the creek now I’m not in front of my tax file. I love doing my own taxes even if it takes me four weeks at 100 hours. I’m a general contractor working on my own stuff jack of all master of none. Always look at the business angle to things

[@geraldspraggins4868]

T I said it a month or more ago.. 6,000 lb vehicle is a write off

[@CivilizedSavage]

... If you own a business.

[@NEWWAVE-Productions]

@@CivilizedSavageit takes two minutes to create a business or register as sole prop and use your SSN as EIN.

[@vincewilson3757]

@@NEWWAVE-Productionshow will you obtain no doc loans without personal guaranteeing if your business isn’t over two years old with two year tax returns what about commercial credit/ business credit ?

[@ElficSkills]

Your right rear window is delaminating. I would get that fixed. From experience, customers are kind for services and ruthless for presentation.

[@BeauDapro]

My Man ✊🏾👍🏾

[@JxSancheZx510Mex]

This may also be eligible for any car regardless of weight for a MACRS depreciation

[@aarongamble9]

Thank You!!

[@redwood6737]

Sir ,what school did you go to. There are some pretty cool KZbinrs lawyers and CPAs talking about business. I read some cool business books Wayback in the day and then got into real estate. Real Estate has been way awesome to us being a rental property operator, but now Oakland California sucks because the government is full of Commies and they want to take our property. Can’t evict anymore can’t do criminal background checks can’t raise rents more than 3% or 60% of the CPI, government wants a rental registry knowing all about our business of the tenants info and our complete info. But I’m not complaining. At my age of 60+ I am looking at buying a good used ram 5500 totally set up for work and kicking ass. Thinking of new companies I can start using a truck that will haul GVWR of 19,000 pounds. I will have to stop at the scales on the freeway but the possibilities are endless and what I can do related to Construction ,marine salvage, homeless outreach and pretty much outdoors doing what I want to do with a business angle to everything I do. Love to build and head into the forest and explore. Marine salvage has something to do with fishing construction has something to do with getting out into the forest and the woods and buildings stuff. Trying to figure out if I could should keep my investment in Oakland now as it is a beautiful town with a lot going on but when the communist try to take your property that is time to rethink your game plan. You keep telling it man and tell the young dudes out there to get off their ass quit playing video games and think of work that has something to do with what they enjoy doing. As I told my kids from since they were born you can either be the man or you can work for the man. It’s whatever you want just get off your ass and get to work and kill it constantly and he will be a success someday and right now everyone will respect you because you are dressing right and working every day. Keep on keeping on

[@ednaevans2025]

Good Teaching....

[@TrueWealthFinancial]

Well said!

[@bushwhackerslawncarepryoro6526]

Great information.

[@ceharris69]

Wow! Thank you dude!

[@RVAGrappling]

Can you accomplish the same thing with magnetic car advertisements?

[@HowtoRestoreHeadlights]

At the end of the day, marketing is tax deductible so yeah.

[@BillyjohnsonJrSr.]

Get some brother!!! ❤❤❤❤

[@shangosankofa9560]

Brain Power My Ninja!

[@cs2294]

It’s really not worth it after dealing with depreciation recapture if you go to sell it and also potential red flags if you buy a g wagon for your candle company lol

[@HigherCellph]

So u wouod rather not

[@blurryeclipse4464]

Shoot I bet I can write off a nice F250 for my landscaping and or pressure washing “company”😂

[@IM.SO.FLAWLESS]

💯💯🔥🔥

[@pesoschess]

When was the video made? It’s the cap $22,500 for upfront accelerated depreciation on a vehicle no matter how much is business vs personal usage

[@Tekevin]

It can be carried forward indefinitely for the useful life of the vehicle. -Source, I'm studying for the Tax Portion of the CPA, however, you better know how to itemize. It also have a phase-out amount.

[@brianphillip7565]

You can only write down the depreciation of the vehicle

[@juanmartinez8967]

Is their a limit to write off the car Meaning the weight of the car Is their a minimum that it has to weight

[@jonathancaceres3722]

It says section 179 what book yours learning this from?!

[@atfamilyfadez3047]

Good look 💪🏽

[@videoezy2372]

basically you get GST reduction

[@spiritakarabbit369]

Dope

[@BrickWilbur2020]

Costs more for gas and insurance though

[@toyotatundra1874]

🔥

[@debaterforhim]

Smart!!

[@chosen1_jd]

Sheesh that window tint looks illegal

[@officialexe9587]

Yes sir

[@Brian-StarGazer-77]

How many times can you write it off? Only once?

[@AmandablueMua]

Can owning a truck via a business line of credit, help you get a business loan as well?

[@918GmadeDaStreamer]

U can write off 50% if u use it 50% of the time and so on. 😮

[@just.do.something]

Great strategy. But if your gonna put ads all over your car, then don't get an 80k car. Get like a Kia or something.

[@WinningTints]

2000?? 🤔🤔

[@georgeesparza4669]

Does it have to be over 6 thousand pounds

[@arbordazecalifornia815]

I didn't have to wrap mine to get 179

[@elperrocovero]

Why ? What do I have to do to get a suburban for Uber and write it off. Should it be new or used ? Thanks

[@arbordazecalifornia815]

@@elperrocovero it just has to be used as a company vehicle. I'm guessing that getting it wrapped makes it easier to prove it's for business (helpful for someone using the vehicle for things other than business). But if you're actually using it for business there nothing to worry about. Taxes are made for businesses (and rich people)

[@mtigress4589]

The wrap actually has nothing to do with it being considered a business vehicle. It's always about the mileage. Keep daily logs of where you went for work related appointments. Keep track of any personal miles like getting groceries. Records are required to prove business use

[@carolinaharris3366]

What if I’m just buying the new vehicle this month for 100% for my business, can I still write it off?

[@Tekevin]

Consult a CPA, -Currently studying for my regulation exam (Tax portion of the CPA), but there is a limit however you can carry forward indefinitely for the useful life of the vehicle. I believe these is also a phase out limit.

[@LowThread_Z71]

What about under 6,000 pounds?

[@user-lo3dl1ew7o]

In what world is that a truck?

[@vprince9907]

Would you expound upon IRS code 179 as it applies to info u shared here so person knows how to write vehicle that costs 80k plus as you indicate here brotha ?

[@CrayCruz]

Here's an explanation, straight from the IRS: March 16, 2020 Section 179 of the tax code allows business taxpayers to deduct the cost of certain property as an expense when the property is first placed in service. Starting in 2018, the maximum deduction increased to $1 million. However, the deduction begins to phaseout at $2.5 million. This deduction applies to tangible property, such as machinery and equipment purchased for use in a trade or business. Eligible property includes qualified real property and certain property used to furnish lodging. Qualified real property includes improvements to roofs, HVAC, fire alarm systems and security systems to nonresidential real property. (Source: IRS.gov)

[@refinedremnant]

Does it have to be completely wrapped?

[@billiondime]

They don’t need to be wrapped but you need to show that you are actually using it 50% or more for business purposes, so that is a way he chose

[@dresargent8662]

How to write off the truck under the business if you 🤔jus starting the business

[@TheRealMamiiana]

Same thing I want to know

[@jasonchenoweth4343]

Expand your business credit line to be able to afford the truck, buy said truck.. and then claim it on next year's taxes, as a write off!

[@dresargent8662]

@@jasonchenoweth4343 appreciate

[@jasonchenoweth4343]

@@dresargent8662 not a problem. I'm in the same boat. My partner and I are starting a new business, and I'm learning a ton! I'm so glad that I found this information, because we are in need of a work truck and we are now building our business credit up to buy the truck! After that, I'm buying a new car/ truck for work as well! Good luck to all new business owners! Keep striving, keep pushing , keep learning, and you'll achieve greatness! And just an FYI, for those that don't know.. while establishing your business credit, get a gas card! Any vehicle that you are using or have used, in your business needs has right? Save all receipts and use those as write offs as well! The same can be used for lunch, business dinners, upgrades to your business vehicle and maintenance! Take advantage of your business and use your credit to work for you.

[@nathanielabadilla7029]

@@jasonchenoweth4343so, just to be clear, you had to have had history making business expenses basically on your own for at least a year, before you could qualify to write off something like a car?

[@oneone3983]

this what a lot of people done when they lied about having a business to get the ppp and sba money

[@victor_beltran]

Is this still a write off for an s Corp?

[@jomedial]

Do you use a corporation

[@Allgainsnopains]

You have to make over $160,000 in profit for this to be true. So yeah, “free”

[@Hey_Skip9]

Does this strategy work for Tractors?

[@luisprospero6618]

Yes

[@DavidicLineage]

Free Game

[@tenjewishnunsyt93]

It won’t be 100% return just a few k

[@sardiuslyon4091]

But do you have to wrap it for tax purposes?

[@mythrodos]

expose the brand, you don't have to wrap it up fully but definitely have a label somewhere showing your business.

[@Robert546]

It's not mandatory to have it wrapped. It's just a win win. The biggest gem was to have a vehicle over 6,000 pounds like an SUV or van type.

[@coolp45]

When you write of 80000 how much do you get back ?

[@CC-si3cr]

His finger representation of a second reason looks a lot like he's holding up 3 fingers. ijs lol - - Once again. . .no clear explanation of what a tax write off actually is.

[@crowbaril903]

Gotta smoker deal for that wrap

[@mtigress4589]

Wrapping the vehicle doesnt make it 100% business use.

[@mannyrodriguez498]

Did you watch and listen to the video?? He literally the truck is used soley for business purposes. He said the wrap is marketing for more clientele.

[@mannyrodriguez498]

He literally said*

[@mtigress4589]

@@mannyrodriguez498 Yea I did. But a lot of these videos are presented in a way to make people believe the wrap somehow makes it solely a business video. You can tell the confusion by the comments.

[@mannyrodriguez498]

@@mtigress4589 understandable

[@Woody-Tv-13]

That’s the most stupid thing you can do for reduce your tax liability, you are not showing the whole scenario on this video is not make not sense take the depreciation of a vehicle all at once unless is completely necessary, you should get a better accountant.

[@johnzidor]

Lol the part this clown is not telling you is that his business is failing that’s why he’s writing it off

[@elperrocovero]

So if his business wasn’t then he would rather pay outta pocket?

[@Buttmunchenhiemer]

You financed the truck?