Write-Off your Home and Your Car!

[@keithschuch1833]

Mark, Matt and Corey thank you for the information. Love your show and podcast!

[@investinknowledge5304]

Please do not respond to "Mark Kohler's" reply. It is NOT HIM!! FRAUD

[@Je.rone_]

As a tax professional myself, I love that your channel exist Mark

[@gogirl8045]

Yes..stilll here..You guys are awesome. Thank you 😊 💓

[@TinkertownRon]

I just found your page and have already learned more in 2 hours than I have about operating a business in 3 years!🙏🏾

[@MrYoshiskakid]

Who could possibly dislike this. It's packed full of information, and I laughed. Amazing, thanks guys.

[@artport7]

Mark, YOU are the coolest, funniest, hunkiest grandpa EVER... and I love watching your informative and lively podcasts!!

[@okpower4959]

I have a room that I use for my home office and I also have a grow room for my microgreens that I sell along with the vegetables and fruits that I sell from my urban farm. I also have an enclosed patio with it's own air conditioner and heater where I grow seedlings and winter crops and store my farming supplies. How do I treat the in-house and the enclosed patio grow rooms and storage areas. I also use over 1/2 of my attached garage to store farming equipment and supplies. I have yet to organize my urban farm beyond it being a sole proprietorship. I need lots of help if you haven't figured that out yet.

[@paul1der]

Mark, you will love the food at Boise Fry Company. its a local burger place in Boise. enjoy

[@Lovepinkdress]

I love these podcasts! Have learned so much! Thank you! And grandpa still got it 🔥 better looking than Matt😅

[@natashaadamson2907]

Awesome video Mark. Thank you!

[@ronloftis9080]

For my wife's side hustle business, she drives to the same location and back. So I just calculate the number of times she went and multiply by how many miles it is there and back. For my vacation rental property, my mileage is easily calculated the same kinda way....but I have to get there via toll road and use EZpass so there is a transaction record of every time I go there and back. Again, just another mulitiplication problem times the mileage there and back. So nice not to have to keep a log, but yet I have justification.

[@investinknowledge5304]

I've been following you for a while. And I'm really grateful that you're willing to share these very important things with us. Thank you..no other words!

[@ZacsMoneyFAQs]

I'm excited for this video! Your videos are so good! Thank you guys so much for sharing your knowledge!

[@123uptime]

Awesome podcast, informative and entertaining, doesn’t get any better.

[@erickimla1559]

Mark recently discovered your content. Wow. Any suggestions on a firm you recommend or partner with in Toronto?

[@jolealynn5311]

Great stuff guys! And the tax info was extremely helpful!! LOL

[@candlesbypurplerose1010]

If a LLC two persons; how do you pay yourselves? Who takes the tax write offs? One person? Both of you?

[@FlyingAnna]

Please make a video about influencer/KZbinr tax deductions

[@areknizamian1739]

You are so funny I love your personality, presentation and everything else.

[@unbelievable9750]

Mark - love the channel. I’m studying for my cpa now and hope to make a channel as well to help educate others. We need to start teaching others about money and tax planning. I was wondering if you could do a video on inheritance tax and give advice to people who had a family member pass away and leave them a house/money. I know the basics, but I’d like to hear the ideas you have on tax planning regarding this. Thanks Mark. Keep being awesome 😎

[@investinknowledge5304]

Please do not respond to "Mark Kohler's" reply. It is NOT HIM!! FRAUD

[@TheTinminator]

You guys are the best!!!

[@OkieJammer2736]

Haha! 🎄😁⚘ Watching this on Christmas AM, 2021. (Don't ask.) LISTEN UP. THERE IS NO JOY LIKE GRANDCHILD JOY. 👣 Thanks for all you do for all of us. Here's to lots of giggles in 2022!

[@Cardroid]

very hopeful thanks!

[@ldstiesto]

El show de los dos amigos. My fav channel to watch and learn. Thanks guys

[@investinknowledge5304]

Please do not respond to "Mark Kohler's" reply. It is NOT HIM!! FRAUD

[@bigt8417]

I love you guys! Such great info. Thanks

[@Uncleamo42]

If I work at home for my W2 job, and also have a side hustle, can I take the home office deduction? My W2 job pays for the office supplies, but I work out of the same place for my side hustle.

[@kathysheeran6589]

Just going thru this with tax cpa. Good stuff. So much well needed advice. Thx for helping me drive my tax return.

[@Rocksolidhandyman]

Congratulations on your grandbaby to be!🎊🎉🥳

[@pmstff700]

Congratulations on the grand baby! 59 yr old stay at home mom all those years so I get the empty nest syndrome but man life at this stage awesome!

[@user-zs1et3jm5d]

Thanks for watching and commenting don't forget to hit the subscription button for more info... consultation...... and advice....text me on w@sap below::::👇 •plus••one••six••four••seven••five••five••seven••zero••five••two••zero

[@fransiscodonald5012]

the philosophy of the Rich and poor is this: the invest their money and spend what is left depot spend their money and invest what is left

[@justinablakeney1089]

it's not how much money you keep but how much money you make How hard it works for you and how many generation you keep it for

[@aleksanderdonald2321]

[@allmanrobby4434]

I have been researching all this while for a digital assets investment and I found Bitcoin to be the most profiting of them all, I'm definitely bouncing on the opportunity. thank you so much

[@user-yh4vn4ln3m]

Really y'all know him?, I even thought I'm the only one he has helped walk through the fears and falls of trading

[@ramseyeverydaymillionaires1926]

@@user-yh4vn4ln3m Yes I can believed that, I got victory with him, was so sad after receiving the first pay knowing I invested so low with fear😓😫

[@jamesisaacs9005]

If I rent cars out on turo is there a deduction related to those cars?

[@cherylboylesricp9411]

Mark, First...thanks so much for your trainings. I know it is profitable for you, but it gives small business owners confidence to do real tax planning. I have been doing this for many years on the Schedule C which originates as an offshoot to my S-Corp as some insurance carriers can not see that paying my Corp is fine, but feel I still need a personal 1099 as I am the agent-not employed by my own company. UGH. SO...I have taken the house against the 1099 Sch C and then any other expenses so I get it to zero for Self EE taxes. QUESTION: Where you say I can take rental expenses against the S-Corp: 1. can I take only the $5 per Sq Ft or the full deduction...I usually get more itemizing it. 2. Is it just "Rental Exp" or do I need to do anything else with it other than itemize it, is there an IRS form needed to back the itemization? 3. If I can itemize in the "Rental Exp", can I dump the 1099 back into the S Corp and then take out money on another Sch C for management fees so I can pay my

[@michaelsang2583]

What If both spouses have separate home office spaces for their separate businesses and filed a joint return? What if the s-corp is a 50/50 partnership with unrelated person, how handle home office and car mileage for that business and where to take the deduction?

[@andrewmason2382]

Don't stop rocking the Tommy Bahamas.hahaha...great video!!!!

[@DM-kr6vd]

Need to make appt w/ accountant but you're booked for months. Please advise. THANKS

[@investinknowledge5304]

Please do not respond to "Mark Kohler's" reply. It is NOT HIM!! FRAUD

[@bradt5426]

Please do a video on a deferred sales trust, Matt and then Mark. Selling a software business and going into real estate

[@investinknowledge5304]

Please do not respond to "Mark Kohler's" reply. It is NOT HIM!! FRAUD

[@investinknowledge5304]

I'm planning on buying a vehicle within a month or so and I will use it primarily for my business (90%). If the cost is $18k, and it's over 6k lbs, the depreciation is the full cost (if I'm not mistaken). Does any of this affect ongoing payments?

[@replyfromalirezatrad..2134]

Thanks for the comments...you can connect me on Whats' App...👇

[@replyfromalirezatrad..2134]

✙𝟷𝟑𝟑𝟎𝟖𝟐𝟖𝟔𝟐𝟑𝟔☎️

[@warrenmolina562]

Awesome guys!!

[@eshycmwangi]

Thank you for the Edutainment Mark & Matt… great Tax duo👍🏾👍🏾

[@revelation777a3]

Thanks for the valuable information ..

[@1jasminamm]

Where can we find a link to the article you referenced that you write each January?

[@caraelamortatumbey2645]

If you rent in an apartment community, and that apartment community has a business center and you work from there, then theoretically that can be your home office - correct? You pay rent at a property and a portion of your rent pays for the use of the gym, club house and business center. So that business center at your apartment community should be an allowable deduction for a home office in theory.

[@amincooper1]

I LOVE THIS SHOW 🙌🏽❤️!!!!!!!

[@kc6071]

I run a home business, can I have my business purchase solar panels for the home and have it written off in taxes

[@bl9536]

You guys are the best

[@chronisterenterprises3068]

What is the “fair home office reimbursement amount” so rent is not inflated? Is it per square foot or other calculation for space?

[@GrandpasPlace]

If I have bee hives on my property 200 miles from where I live, and drive out there twice a month to manage the bees/collect honey to sell. Is the mileage something that can be written off?

[@johndeneen980]

Absolutely!

[@tvintx9741]

Yes!

[@JaiHylRubis]

Stupid question!

[@goodsideofcrypto]

Can auto cost placed in service today be expense deducted against owed taxes from prior years

[@FaithsVessel]

(Due diligence) is a good word

[@rinihaque2946]

can u write off home office for crypto trading (not mining)?

[@loripursey8583]

I've been watching your videos for a long time. I love all of them. Thanks very much! Lori Pursey

[@nadiava1553]

What about contractors that are on there trucks from one estimate to another 🤔 And that spend a whole day buying materials?

[@OffGridNorthIdaho]

Most of my contractors do actual expenses on their work truck, maybe bonus depreciation on the purchase cost, and also take a home office.

[@betsy773]

Jeepers that was awesome! Thank you

[@DubTuck002]

How can independent contractors (hs and college sports official) take advantage of these tax tips?

[@kathysheeran6589]

One remaining question , 2 of us (married) have side hustles. Live in same house. Approx same square feet each for our separate offices. But we one set of bills (Internet , utilitities etc) can we just allocate ? take that total , multiple by 10% (because each of us uses 5% of the sq ft in the house ) then divide by 1/2 and that’s our bus expense for each of us? Thx

[@Brigitte724]

Thank you🎉🎉🎉🎉Just Fabulous 🎉🎉🎉

[@gigid9606]

Are the video still applicable after new tax laws

[@OffGridNorthIdaho]

Mark, no joke my kids listen to these with me, so no swearing or inappropriate stuff. You guys are hilarious and don't need that junk. Let's keep the minds of our young future entrepreneurs clean and appropriate! Thanks.

[@MattPryze]

That’s your problem

[@PermanentHigh]

Sounds more like YOUR problem. Don't try to Police other people's speech. Your kids will be fine. Trust me. Their classmates talk about crazier stuff and say fouler words

[@TylerMcMahan]

Second! Not many adults you can listen to with kids

[@awesometaxes]

🚨🚨🚨Karen alert 🚨🚨🚨

[@WheelTek86]

So I use my new rv for a busy trip I can write off some of its value? I heard that it also qualified as a second home? I deal need some advice.

[@shereew]

My CPA told me that I need to register a Fictitious Business in order to claim home office deduction for rentals held in my LLC, is that really necessary? Why can't I just take the deduction in my LLC?

[@kasiwilliams5927]

Absolutely love you guys!! Enjoy every content thanks for sharing your knowledge.

[@CodyHill.Mastery]

Question: What if you and your wife have 2 different businesses.? Is it possible to have 2 home offices?

[@CodyHill.Mastery]

Just answered my question! Lol! Thank you!

[@EvanEvansE3]

When smart people say they're "in the middle" and "they're all [both sides] wrong", they are Libertarians. Matt's a Libertarian, and Mark's a moderate Conservative.

[@ksommer8438]

Can a storage with filled 95% with power tools, hand tools, materials be written off (monthly fees)?

[@kenyonbissett3512]

20% Fed, 7% state, 3.5% county

[@M.11-u4k]

Got a thumbs up because of the Tommy Bahama comment LOL😆 🤣 😂

[@user-zs1et3jm5d]

WH=AT=SA=PP👇👇

[@user-zs1et3jm5d]

PLUS=ONE=SIX=FOUR=SEVEN=FIVE=FIVE=SEVEN=ZERO=FIVE=TWO=ZERO

[@alexzanderboehmer7146]

Thank you for all the information you guys continue to put out. These videos are absolutely life changing!

[@TheEvaLewis]

If my home office window needs to be replaced, can my business pay for it?

[@gabriellamartinez8149]

Hah this is literally my favorite channel 😂

[@pingme1x]

Matt needs to use a lapel microphone or adjust the range of the primary microphone. Otherwise, excellent and valuable information.

[@chasity8291]

What if you have 2 schedule c businesses and both are run from home, an you take it on each schedule C or just one?

[@artport7]

he said that you can only claim it once even though you might run more than one business out of it.

[@scottdhoppe]

Split it among them. Say 60% of the use is for business 1 and 40% of use is for business 2. Split it the same way across each Sch C. Keep a note for yourself about how you split it for your own records.

[@gilbertmunizofi]

You guys are so funny!! Love your content! Thank you!

[@investinknowledge5304]

Please do not respond to "Mark Kohler's" reply. It is NOT HIM!! FRAUD

[@garyhuertas1735]

Does IRS require you to have an LLC or Scorp to write off 6000lbs car deduction? I have rental business. Thanks

[@MarkJKohler]

To get your question answered, please submit it to podcast.mainstreetbusiness.com/ - thank you!

[@jamessydnor7591]

Great information Anyone in Raleigh NC??? I need a CPA who can execute

[@apesrus6084]

Wonder if my wife can do an LLC as a teacher. She’s always doing work at home that in her office and tutors and lots of charitable work. Just wondering if that would ever work as a write off?

[@dennismc8145]

Can you do a video on a stay at home dad becoming a real estate professional so they can deduct their rental properties and get super wright offs for their 6 figure spouse?

[@mtigress4589]

Do you spend 750 hours a year on the rentals?

[@kriss5300]

Everytime do taxes and try to write off office n other stuff still just falls under standard deduction

[@TylerDalton]

My wife and I file jointly. We both use two separate offices in the house. She’s a free lance marketer and I run multiple small business. Can we both get home write off or just one?

[@macummings7818]

Ow! Mark Kohler, lookin very good, very sharp in that shirt! 😘 ~ your Flirty Fan

[@georgekaras9808]

Do you need a home office telephone # can you use your cell phone

[@OffGridNorthIdaho]

You do not need a separate or landline phone number for your home office.

[@bseck4814]

So, as far as home office for a rental property, do you need more than 1? I only have one rental property at the moment.

[@tvintx9741]

There is no minimum. Take the write off for sure!

[@replyfromalirezatrad..2134]

Thanks for the comments...you can connect me on Whats' App...👇

[@replyfromalirezatrad..2134]

✙𝟷𝟑𝟑𝟎𝟖𝟐𝟖𝟔𝟐𝟑𝟔☎️

[@mtigress4589]

Why do you need a home office for a rental property? It tends to be passive income.

[@rickprince3765]

Is there a law where we have to pay taxes . ?

[@cryptical1394]

Thank you.

[@adrianarodriguez2449]

Mark- I’m a W2 employee that also receives a large portion of her income from commissions. I’m taxed heavily and want to know if there’s any creative strategies that might help me keep more of my money. I’ve been in need of a tax accountant/CPA that I can trust and not just try to sell me a product they’ll make money off of. I’m willing to pay someone for advice but I don’t want to be fooled into buying products that help them and not me. I live in the SoCal area, any referrals would be helpful, or videos

[@pinned2400]

PLUS ONE NINE FOUR ZERO SEVEN FOUR EIGHT SIX SIX EIGHT FIVE !!!!!!!

[@pinned2400]

EARN FREE COINS And INVESTING!!!!!

[@AB-fq4mr]

Can you deduct a basement for an S-Corp (my full time job) and then also a home office deduction for the floor above for an LLC (my part time job)?

[@tomsmith9011]

You can do anything you want you have free will

[@bonniej0]

Modulations being a grandparent is so much more exciting and better than LOL. I say that because the grandkids think you're golden that there's nothing they can find wrong with you not like your kids😂😅

[@shahzebh1]

So if I lease an expensive car let’s say at $1k per month before the end of 2021 ,do I get to write off the lease payment only ? Can I get the 18k depreciation deduction?

[@replyfromalirezatrad..2134]

Thanks for the comments...you can connect me on Whats' App...👇

[@replyfromalirezatrad..2134]

✙𝟷𝟑𝟑𝟎𝟖𝟐𝟖𝟔𝟐𝟑𝟔☎️

[@christopherarmstrong2710]

3:35 Don’t get greedy. Pigs get fat, hogs get slaughtered. 12:04 “If somebody tells me to chillax one more time in Starbucks, I’m gonna throw down some Krav moves.” 😂 19:10 You are the captain of your ship and should be empowering yourself ??? Whatever president is in charge, you have to work around it. ??? If you write-off the vehicle using one method, you must carry through that same method for as long as the vehicle is in service.

[@aricanaan1266]

The words you were looking for are - inconspicuous, subtle, discreet… (not hide)

[@vhotzfeld]

You think the AARP card's bad? Expect the Rascal scooter fliers to start arriving. Happened to me. Mark "chilaxin" in the Putt-putt 😀

[@npradeepkumar]

Thank you. This is a great podcast and a very interesting topic. Is it possible to share the link to Mark's article about Auto deduction that he refers to in the podcast.

[@MarkJKohler]

Yes! Here it is markjkohler.com/maximizing-the-auto-deduction/

[@npradeepkumar]

@@MarkJKohler Thank you so much. I wish we can get an appointment soon with your consultants so that we can start the tax planning discussions.

[@paul1der]

I drove almost 100k miles this year. You guys do taxes for PA? i payed more to my CPA than i payed in taxes.

[@investinknowledge5304]

Please do not respond to "Mark Kohler's" reply. It is NOT HIM!! FRAUD

[@FKS1994]

Hey Mark, been watching your videos for quite some time now. I've been seeing a lot of Tesla vehicles operating as Uber's in NYC the past year. Is there a tax loophole for this or are the Tesla owners actually working as an Uber driver?

[@norseman4763]

I wonder if they aren’t renting their cars out on Turo to Uber drivers? There are some who are writing off up to $25,000 of the purchase price in the first year. That could be part of it, if those are new Tesla’s.

[@investinknowledge5304]

Please do not respond to "Mark Kohler's" reply. It is NOT HIM!! FRAUD

[@FKS1994]

@@norseman4763 Can you explain how they are writing off $25k? The state tax credit exists but I don't believe there are any federal tax credits for Tesla's since 2018.

[@FKS1994]

@@investinknowledge5304 Thanks for the heads up! Yeah, I've seen this fraud in many of his videos.

[@rthilson]

@@FKS1994 the 179 depreciation deduction

[@paolajthesavage]

I love Mark's terrible jokes🤣

[@apesrus6084]

Totally true about the car color. I have a black Camaro with the classic strip down the middle and yes cops let me go by instead of stopping me. Especially works well in NJ and also having an Irish last name helps too 😉

[@laurasantiago6280]

Nice

[@jennakamila7633]

clue ! PAPP mobile token ! The real adventure begins now

[@WhitePickle01]

Here's something new to try n figure out. What about these new play to earn blockchain crypto games like axie infinity, cryptoblades, plant vs undead. Etc? Do they fall into a side hustle, small business like crypto mining and staking?

[@sandrasmith4228]

I have 3 but what?

[@omarkeita3181]

🔥🔥🔥🔥