How To Write Off Your Vehicle Exclusively For Your Business | Tax Tuesday

Can you talk about writing off a new truck purchase for use exclusively for my business? 52:25
Thank you for joining us for another Tax Tuesday. In this installment, we have Anderson's experts Toby Mathis, Esq. and Jeff Webb, CPA here to answer the communities questions. Join us next time. aba.link/oyg
0:00 Intro
9:13 I have an LLC. Do I need one for each of my properties that are Short-Term Rentals (STR)?
16:16 I have an investment property (a house) that it is paid off and I would like to transfer it to my son who is currently living in it with his family. What is the best way of doing this to eliminate the tax consequences to him and I? I am 67 and my son is 33 years old.
23:09 How many years can you go back to look/audit your tax returns? We had a significant loss of business but still owed taxes for 3 years.
28:03 I started a roofing business in 2020. I only did one roof for $7800. I paid the roofer $6300 and $1200 for supplies. I was told that if you make under $100k you would not have to file. I started the LLC in January of 2020. What late fees do I have to file for 2020?
31:46 Currently trading options in normal non-tax advantage brokerage accounts. Currently paying $1500-3000/mo on trading commissions/fees.
45:17 I started a business last year, setting it up as a C-corps. I invested approx. $180K as the franchise fees, equity injection, etc.
48:57 I bought a rental property on December 8, 2021. The renter signed the lease on December 24, 2021.
52:25 Can you talk about writing off a new truck purchase for use exclusively for my business?
1:00:20 When my WY holding LLC owns another domestic LLC of mine that has active income (both single-member LLCs) as a licensed insurance agent, do both LLCs have to file a tax return? If so, will the active one "flow into" the holding one, which then "flows into" my personal?
1:03:27 How do you do a cost segregation analysis? On the IRS website, they talk about construction blueprints, construction engineers, and construction budget?
1:06:20 I operate my business out of my home and want to rent the home to my entity so I can write off the mortgage/rental expense as a business expense, and use a primary residence loan to purchase a new home. Can I achieve this by writing a lease to my business?
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The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by Anderson Business Advisors with its main office at 3225 McLeod Drive Suite 100 Las Vegas, Nevada 89121. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship with Anderson Business Advisors or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice.
#taxtuesday #writeoff

[@TobyMathis]

Have questions about this video? Sign up for a free consultation to get your questions answered by professionals. aba.link/hjd

[@richardgerwing5377]

Can we have a real conversation please!

[@routerpete1674]

While we could learn a lot from you on your channels, I do appreciate your altruistic sense of business. I signed up for your BE services recently. I am looking forward to learning more in a much more meaningful way. Thank you, Toby.

[@renaflathau1752]

Dag nab it!! No new clients, at least you answer questions and provide superb educational videos. Thank you both Jeff and Toby for today's video.

[@TobyMathis]

Our pleasure!

[@xslayerizedx]

I'm so glad I found your channel . This is extremely helpful information. Keep them coming!

[@TobyMathis]

We have more great content to come so we hope you are subscribed!

[@mariaisabelaguiar-limone5459]

BEST FINANCIAL and LEGAL ADVICE...IN THE INTERNET

[@tommyjones1357]

Here is the story that has been shared regarding my father, RIP. He did well as a factory worker in the 70s and began purchasing real estate. He had a nice profile by the 80s until someone was murdered in a tavern of which, while he did not own the business, he owned the building. He was dragged to court for many years and it costed him almost everything. I believe he owned the buildings in his own name. Gotta protect your assets from drunks.

[@oscarayala-ce9qq]

THank you for all the knowledge

[@TobyMathis]

Any time, we love to create free educational resources for our viewers.

[@jonescreekfarm9084]

We have a 20 acre property that we own personally. We started a farm on this land that we put in a LLC. The house itself isn’t used for the business but we have several out buildings that we have built for the farm, including a workshop/farm stand that cost quite a bit to build. How do I take part of the land as a deduction for the business when the land itself is tied to our home loan which my husband and I own personally?

[@dillonphillips3755]

Great content! Hi from Italy!

[@scottiswatchingtele]

how far back can you do cost seg?

[@richardgerwing5377]

Yes I have a question? How do I write off a truck I purchased for my business ,and what the tax benefits of having a rental out of my personal property?

[@PeymanSultan-wn6iw]

It’s a pipe dream pal

[@sophiesmith5922]

So...for the house gifted to son...why would you not put it in a land trust, then change the beneficiary?

[@kevinmacan2262]

When you say engineer to do the cost Segregation? What Kind of engineer?

[@trippyvortex]

What do you recommend someone do if they filled for a tax use certificate for as sole proprietor, but the person never set up shop like they intended. Then the comptroller started sending letters saying tax due. The person thought that didn't make sense and so a year later after not filing any returns or paying these made up numbers, the comptroller accessed the individuals bank account and took every cent the person had. The person gets a letter from the bank saying the amount was like $10k that they wanted, but the account only had about $1k in it. Does the person have a legal course of action that they should follow? They took everything in the bank. Based on what income? There was nothing but losses

[@TobyMathis]

Hi, we recommend speaking with one of our advisors for any legal advice. Here is the link to schedule a free strategy session, aba.link/tobyss. Or you may call to speak with an advisor at our toll-free line, 800-706-4741.

[@kentlbrown5810]

There is still SE Tax on the $12,800

[@belikenick2]

My wife and I own five rental properties and work full time in our w-2 jobs. Can we depreciate both of our cars?

[@JamesAutoDude]

For the business portion used yeah. If you're an entity then you can take it just from it "benefiting the business" If you're not an entity then it'll be based on actual business vs personal miles that need to be tracked

[@jasontrades4x]

How do I sign up for the Saturday session of the investor group?

[@TobyMathis]

Hi Jason, You can visit infinityinvesting.com/infinity-investing-workshop/

[@kevinmacan2262]

PMI insurance

[@PeymanSultan-wn6iw]

Is robbery

[@mommaoinnh2674]

A buildable lot on my street was taken by the town for non payment of property taxes. The owner has 3 years to redeem, so until Oct 2022 at a minimum. I tracked down the owner and they forgot they owned it and don’t want it. They owned it as Oakes Development Corp. in NH, and they have not renewed the name with the Sec of State. Can I purchase the Corp from the old owners, then go to the town to pay off the amount due on the property to clear the lien, yes with lots of 18% interest? Or even better, can I go to the State and create an Oakes Development Corp, then go directly to the town, since the Corp is listed as Admin dissolved by the state. It has water rights and is worth about $150k.

[@sophiesmith5922]

The city owns it if they repo it. You buy from the city for taxes, get release from previous owner.

[@tlperdue99]

How can I buy a truck and then turn around and lease it to my son who uses a truck to perform his job as an employee of a fire and restoration company?

[@toddhaizlip1785]

Can i write my car off if i just work part time?

[@PeymanSultan-wn6iw]

What kind of a lunacy ideal is that ??? What possesses you to think this way?