Should You Register Your Car Under Your Business?

Should you purchase your car under your business? I go through some pros and cons about doing it that way and what I recommend most people should probably do when they’re faced with this question.
#companycar #businessvehicle
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This video is for entertainment purposes only. The information portrayed in this video should not be considered as tax or legal advice. Consult with your own tax professional and attorney to get proper advice for yourself.

[@NguyenCPAs]

Are you thinking of getting a "company" car? Maybe we should chat first.

[@samtavoosian3059]

I know you are in Denver but can you help me in California? It’s for the same subject

[@millspoolcare4469]

Can you give me advice I need a business vehicle as the vehicle I have been using is down. I have thr money but don't know how to make the purchase

[@thedavevidal]

Great information. I'm considering a new vehicle for business purposes...but have already found a few videos (including this one) that are really making a case for me not to go the putting in business name route. Thanks for this

[@SihotaG]

LEASING/FINANCING: If you plan on buying a home or an investment property, it may make sense to register the vehicle under the business as opposed to personal. That way your TDSR/GDSR ratios do not get impacted when applying for a mortgage. The payments will not show up on your personal credit bureau. (At least in Canada that is the case). The bureau will show that the dealership has pulled your credit at some point, but it won't display any payments going out. Important factor to consider.

[@DeniseAlonzo]

You just answered my question!!! Thank you for being very informative and not confusing!!! (Also your outro was iconic lol!)

[@jodystallings8555]

Joint vs individual vehicle registration pros & cons

[@gurusiddamanu1138]

Very informative to new business owners. Muchas Gracias!

[@LakeishaSantasha]

i wish people who talked about business on youtube would specify which country this laws are from. it would be SO helpful

[@MG-jv7pe]

Can you please do a tax video specifically for real estate agents-brokers-realtors, inspectors-apprasiers who have to use their cars to drive to the homes theyre selling-inspecting-appraising?

[@keyshianorman6]

You are teaching me New things I appreciate this video 🙌🏾🔥👏🏾💋

[@prettyconfidentpassiveme6705]

I got my EIN number today and I dont have a car so I will need the car for business and personal use this video is vary helpful thank you so much 🙂❤❤

[@2007cjt]

Hi- great video. I have an LLC and I want to buy a new truck. can i still take advantage of the bonus depreciation if i buy it under my personal name or does it have to be purchased & titled under the LLC? thx.

[@iluvcakes19]

What if I DON'T want deductions nor write offs from purchasing a vehicle through an LLC? I merely want the benefits associated with registering the vehicle in the operating state of the LLC. Does it make sense under this circumstance?

[@rsb__]

Are you able to buy/register the car personally and claim actual expenses instead of mileage through the business?

[@Newtoschool]

So what if the car is used as business advertisement. Say I have a sticker or wrap on the car. Everywhere I drive I'm still advertising my business

[@donedrivingschool]

Good point. Hmmm 🤔

[@tnygp]

i don’t think this counts. seen another cpa say this

[@niasofly]

Great topic!! Thank you!

[@age5387]

Great video! Do you mind sharing where your book shelves are from?

[@gregspivak5101]

So what if I have personal vehicle and another vehicle solely dedicated to business use. Can I write the whole thing off? Can I use total expenses rather than mileage?? Thank you in advance

[@hleliwemnukwa911]

How much can you charge your business if you have this car in your personal name but you are using it for your business . Say for instance you bought a truck in your personal name becsuse the company did not qualify for finance

[@silviaincer523]

Hi! New here. Do you recommend the mileage deduction vs renting your car to your llc?

[@GoaWay...]

What If the car you want to register to your business is less than 7k dollars?

[@puttputt4849]

Hello If im a sole proprietor and have a small business where I get paid directly to my name and not a company name can I still use section 179

[@dcap9326]

Does this apply to a lease? I co-signed for my business lease. It’s registered in my business & my name. I did it because I need the expense for overhead so my multiplier is higher. Thanks!

[@isaacross5818]

Create information but what I would like to know as a founder of a CEO will you still or should I try to take advantage of the $6,000 ton vehicle

[@Jim37042Patterson]

I have a food trailer and use my truck to pull the trailer. The truck is a 2017 F 150.......

[@omnomnomrawr11]

extremely helpful and insightful. Thanks!

[@liucyndy]

If a car under a business' name has not been used at all during a year, not for business and not for personal, can the business deduct the car's expenses such as auto insurance, depreciation, etc.? I want to know under this situation, what is the business use percentage: 0% or 100% . Thanks.

[@RogerClubv]

Can I take a mileage deduction on an electric car for business use?

[@natashad.5754]

Super helpful, thank you!

[@kc6071]

if I bought the business car as personal do I still get to depreciate the car

[@rmmccarthy1240]

Ballin'!🤘

[@commander3065]

I haven't registered my business vehicle under my biz name. Do I need to do this before I use EIDL funds to get repairs done on it to avoid discrepancies? Also going to use funds for ALL vehicle related expenses, maintenance, insurance etc.

[@JackMcMotivate]

Nice.. Can i finance, reg, n insure under my name, for lower rate, then transfer to biz name to take depreciation or lease deduction? Thanks.

[@trayfasho3069]

Great video man

[@antoninorex5857]

I see alot of questions with no replies.

[@juanluna1638]

Great video bro !!! Been looking to do this but know I know !!!

[@retroremix808]

You rock!!!

[@raybareng4561]

I’m an Amazon Flex/Postmates/Doordash driver in California. If I purchased a vehicle that I use mostly (about 90% of the time) for business in December 2019 for $20k and sell that vehicle in 2020 for $11k, can I deduct that $9k loss in depreciation off my taxes for 2020 on top of the mileage deduction of $0.58/mile?

[@NguyenCPAs]

Nope

[@Someonereallycares]

"Benz or Mercedes"

[@candygylnde1125]

Hi any thing ppp loan forgiveness please update thanks 🙏

[@do4846]

Apply ask ur tax preparer

[@VeronicaDynamite]

See…I’m confused. I am a mobile notary. And I need a new car. BADLY. I wanted to get the car under my business name since it will be my only vehicle (for now). Even if I lease the vehicle and pay the lease payments up front, it’s still not a good idea? My head hurts now LOL

[@NguyenCPAs]

Mileage is better in the long run. Buying it personally is better in the long run.

[@greenfire919]

Is commuting from home to your place of business considered business mileage?

[@NguyenCPAs]

Nope, it is not considered business mileage. That is commuting.

[@FFLDealerSunnyvale]

@@NguyenCPAs from what I learned, if you have a legit home business office (work on the back end of your business such as paying for bills or responding to emails, etc) and then you drive to your real office where you meet clients then you can charge those miles. Is this true?

[@niasofly]

Also, do you have IG yet? I tried to tag you when I shared your video BUT I wasn’t sure if any of those accounts were yours.

[@NguyenCPAs]

We don't have an IG for the business yet. Still trying to decide if it would be something worth doing! Thanks for sharing, though!