Tax Strategist REVEALS How to Write Off a G-Wagon

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*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.
#taxes #taxfreeliving #taxexpert #taxreduction #llc

[@Greg-sw7uu]

Me watching watching this with $50 in my bank account 😂

[@Relaxedjack]

Stop watching this and get a job

[@Greg-sw7uu]

@@Relaxedjack I have a job I have to pay bills for myself and I have a family I’m trying to learn other ways of making money. You shouldn’t assume someone doesn’t have a job.

[@Relaxedjack]

@@Greg-sw7uu this isn’t teaching you how to make money this is advice for people who already have money how to save money on taxes when purchasing this car

[@Relaxedjack]

@@Greg-sw7uuwatch videos that teach you about day trading and get more then one job and save up as much as you possibly can instead of wasting time watching pointless KZbin vids like why would you watch a video about buying a 200 thousand dollar car if you only have $50 in the bank

[@Greg-sw7uu]

@@Relaxedjack I’m sure you don’t have 200k in the bank as well. I get what your saying but this is what I’m interested in and I’m learning and expanding my knowledge on everything, no one can have too much knowledge.

[@jonesaaron62]

I don't think I have ran into someone's video and was so glued and subbed mid video lmao! Bro. Nice accurate content!

[@MarkMcDowell]

Man all your videos are 🔥🔥🔥

[@MortarMike]

I'm so glad I found this video. I saw this dude in a car interview a while back and forgot his name but LOVED how he thought 👌🏾👌🏾👌🏾 Instant Subscribe!

[@layparisss]

Thank you for this quick summary. I just left a webinar on same topic and 30 minutes in the idiot still hadn’t started to tell us what you just said in less than 5 minutes

[@erikamonique4492]

One thing I like that you said here in so many words was “after all of your other tax deferred strategies are in place” i.e. don’t go buy a expensive car without benefiting first from all the other tax strategies.

[@roninmotors7466]

Another thing that is important to remember is 2 parts.....1. financing whatever vehicle it is, you still get the write off and free up cash flow, #2? the biggie? what vehicle will have the best resale after that 4-5 depreciation. G wagons are one of the best at that, you get all these huge write offs and are left with a vehicle that is still very valuable. 2019 G wagons are STILL selling for MSRP or higher, almost 4 years later. Think about that.

[@639ONELOVE]

Kartlon, I clicked on the link to schedule a consultation, however, there were no times available. May I ask when or if you’ll be accepting new clients? Thank you

[@LeonScottMD]

Re: leasing to yourself if you personally leased the car from the dealer. Is the benefit that the company writes off the full lease price as an expense (100% write-off) & you personally get taxed on the income at your marginal rate (35%). This makes a net 65% write off, correct?

[@josepha8415]

Great content 🔥

[@theinspectionco6189]

One time write off certain percentage and payments that no one needs. Just because it can be done, doesn't people should do it or that it's beneficial long-term

[@dat9152]

Hello, what state or states are you licensed to practice in as a CPA? Thanks

[@mthusiastmedia9782]

So glad you hit on things others fail to mention about 179. BONUS DEPRECIATION is the key. If I’m not mistaken, over 6k pounds is traditionally capped at $25k depreciation annually. Also just clarifying my understanding here, writing off depreciated value doesn’t mean you get a check for that amount/a free G Wagen. It lowers your taxable income. If you make 300k and can write off 120k, that significantly lowers your taxation. Or am I missing something. I will be paying 6 figures in state and federal taxes by the end of the year. This gotta go.

[@McSlinkyTB]

Yeah I thought it was a max of $25k as well

[@giftcard8478]

@@McSlinkyTB The maximum Section 179 expense deduction is $1,080,000. It’s reduced dollar-for-dollar for qualified expenditures more than $2 million. The Section 179 deduction is limited to: The amount of taxable income from an active trade or business $27,000 for SUVs and other vehicles rated at more than 6,000 pounds but not more than 14,000 pounds The $27,000 limit doesn’t apply if your vehicle is: Designed for more than nine passengers behind the driver’s seat Equipped with a cargo area of at least six feet in interior length that’s not readily accessible from the passenger compartment A vehicle that: Has an integral enclosure fully enclosing the driver compartment and load-carrying device Doesn’t have seating rearward of the driver’s seat Has no body section protruding more than 30 inches ahead of the leading edge of the windshield You can carry over costs for an unlimited number of years that: You expense using the Section 179 deduction Are limited due to the business income limitations Vehicle expenses have a separate limitation for the maximum amount of depreciation you can take. The limitation is based on these factors: If the vehicle is a car, truck, or a van If it’s an electric vehicle If you have chosen to take special or bonus depreciation If the vehicle is bought or leased You can carry over any amounts over the maximum that you can’t claim in 2022.

[@user-ic6kq4vt9t]

Most states have a lease tax/sales tax on leases. What about this additionl cost? What about personal use? Do you ever talk about 162 (ordinary and necessary business expense)? Do you know there are many taking your advice who have online businesses? Let me ask you, "how is a SUV expenditure a ordinary and necessary business exp for such business?" What about documenting business use/mileage? - and you wrote off 100% of a Rolls? How did the IRS audit go? I am CERTAIN he was not audited and successful

[@kiair5886]

Can you get a used g wagon or like a 2008 like the same way you could get a new one and still write it off?

[@gregkuchar2867]

Can’t book a session with you via your website… no dates available apparently?

[@MariahLundy]

I was looking for the exact reasoning behind purchasing the G63 based on current laws and you nailed it. I can plan out the rest of my year in regard to business income around purchasing this vehicle to further advertise. You got a follow from this vid.

[@savingdollarz]

Will this work on only New cars or also used cars?

[@ToDaMn]

How can I exceed the single standard deduction, as a single person trading stocks and renting.

[@seaguls9974]

Will it prevent to use section 179 if your. Business generates royalties income and no other?

[@thelazyhandyman8581]

Perfect example of knowledge is power

[@AlexTapia8616]

I’m starting my hot shot trucking business and the truck weighs over 8k pounds and I think it would be a perfect start.

[@96Views]

Can you do a tax write of once you’ve already financed it also if I live in the uk and I want to do a KZbin car channel do I need to make money first from the channel before I can do the write off

[@user-yu6sc6ty6s]

can you go over all the tax strategies you briefly mentioned before buying a G wagon?

[@rockon8174]

If you have to ask...you don't need a G-Wagon. 🙄

[@dannykanchanarin4295]

Because I DON’T KNOW, but aren’t there tax benefits for leasing a vehicle (over 6,000 lbs) for a business?

[@TremayneDouglas]

First thing Monday morning bro 👊

[@princejacksoniv6049]

I have a question ⁉️, looking to finally start my first small venture. I'm a chef, seeking to start a food truck. First time ever. Checking out your for weeks now. Currently improving my credit score and working overtime at My full time job to get up start up capital for this summer. should I buy a food truck before now , and takeout a small business loan or personal loan And then form a LLc . Or buy and form a LLC and then buy the food truck under my LLC. Best strategy

[@stevenrobert6992]

What if I'm a realtor, have a business EIN but no business credit to get finances. Can I purchase this as a personal vehicle that is being used for real estate purposes when filing with my accountant if I put it on my business with my as the guaranteer

[@Newshooter702]

Shout to this guy !!!

[@ryanbarnes8301]

We need a uk version of this guy!!!!

[@markjaret4731]

Hey. I’m in real estate and I’m looking for a CPA tax consultant that has real esta investments themselves. How can I work with your firm?

[@nygreek743]

But how do you actually do this? Can we get a deep look at the process?

[@jayvisuals7359]

He has a video on his channel explaining this in detail.

[@bowang8747]

All this stuff sounds good in theory but can you show an example of where this actually works? For example, someone that has multiple properties under their name, gets a W2 and manages them by themselves. How does one reduce taxes on things other than just gas and materials?

[@tylersanders2388]

He makes it sound like a magic trick but it has to be a 100% work vehicle. For your example, what a lot of property managers do is buy an f250 or f350 for around 80,000 and use that to do maintenance and other business related tasks only and write that off

[@what2watchyt]

Does the year matter of vehicle when purchasing?

[@craiglowther9485]

KARLTON: Firstly, LOVE your work and informative videos. However, You should make it clear that in order to qualify for this write off a business must show At Least a profit of $25k for that year in operating expenses. This is an important aspect of 179 that you fail to point out on many of your 179 related videos.

[@rebelrocksmm]

New subscriber off this video👍🏾

[@YoutubeSupportOfficialUS]

Smart point. With the heavy weight of EVs, they will close this deductions.

[@tobyhawes3113]

He didn’t talk about recapture and isn’t bonus depreciation section 168k?

[@yekaesh]

You can’t personally depreciate a car on your tax return like if you’re a W-2 employee; it would have to be like one of your businesses buys the car and leases it to another one of your businesses. Even then you can’t fully write off the lease on one business and depreciate it on another. You have to report how much of the car was used for one business and how much was used for the other so you end up claiming only a portion of the lease and a portion of the depreciation.

[@leepialong]

Nice troll but this man is tax god genius. You are so wrong.

[@LoneCub23]

@@leepialong Is he really wrong

[@thetruth3514]

He’s not wrong. Carlton is leaving out details

[@TheZebMasowdi]

​@@thetruth3514yup

[@jmm1817]

​@@leepialongGod? Please!!!!

[@adamalfi6546]

There is a cap of $25k on the deduction. Just went through it. Not 100% as mentioned. The payments CAN be tax deductible.

[@gr3vis]

Under new TCJA, Bonus Depreciation allows you to deduct a specified percentage of the cost of assets in the year they are placed in service. This deduction allows you to take your profit to negative as compared to Section 179 which only allows you to break even or make your profit zero.

[@henryh3496]

The Phantom II EWB is a bit over 6k as well....I think.

[@chesteryu1980]

How about for Canada?

[@reaper98765]

He’s my new hero

[@tremellelester]

Are any other cars eligible for this? Porsche cayenne, tesla model x

[@KoshinJimcali]

I love your content bro! Question: what’s the advantage of leasing your vehicle to your corporation? Are there tax implications and what are they?

[@mattmahoney890]

Probably for legal reasons. One bc his business operations are already under that unbrella therefore he has a legal tax use. Also so he doesn’t get sued personally

[@Tkenny35]

From what I broadly know, You can write off the lease of the car, the gas, the maintenance because you use the car to do business in. So for a simple example, if you made 50k you'd pay 20% in taxes on that 50k which would be 10k. Lets say you leased a vehicle and it costs you 1k per month and your gas is $150 per month which together is $13,800 for the year. instead of paying 20% on the 50k youd pay 20% on $36,200 which is $7,240. That is why business owners pay very little tax because of deductions like a car lease and everything. You dont have to prove that you do business with the car, I think you just need it to be under your corporation to get the tax benefits.

[@doubleg4409]

Can I do this with the cyber truck? The beast version is well over the 6000 pounds. I already pre order and put my deposit down in my name though. October expected delivery.

[@WintersBae]

Is buying an electric car for your business a good tax move with the current electric card credit and the new 23 rules coming up?

[@moses-525]

The car can only be used for business related functions. Your own transportation from and to the business does not count. You’ll have to purchase commercial car insurance which is much more expensive than personal car insurance. Finally any CPA would tell you that expensing out LUXURY SUVs is a red flag for tax audit. This is one of those things you can do but should you? I think if you are already rich to nickel and dime the IRS is a bad idea.

[@Mr.Bryan1234]

Always finance as you can write it off and make minimum payments you will get a good return , never put it under your name put it under business you need LLC or corp. I wrote off my new rolls royce recently.

[@UberYou2ber]

Would a 2023 BMW X7 M60i be considered a "luxury vehicle"? I hope not. Anyway, it was roughly $125k, taxes and delivery included. And I was hoping to write off about $100k (80%), as I'm purchasing it for work (Realtor) this year. Thank you for your time 🙏🏽

[@jumpshooter23]

Lol $125k for a car and you don't think it's a luxury? You must live quite the life of privilege! BMW is a luxury brand. Your car is literally 4x the price of a brand new mid size Honda or Toyota. So yes, it's a luxury vehicle.

[@TallisLizzy]

You don’t need a 125k brand new car to be a realtor. Lol.

[@UberYou2ber]

@@TallisLizzy That I don’t. But I got one, bitch lol

[@fernandojob1]

HI KARLTON, HOW CAN I GET YOU TO DO MY TAXES?!!

[@FBA502]

I need a tax strategist

[@Cellusj23]

Does my business need to be profitable to use this tragedy? I started my small business 4 months ago and I’m in the hole already but I need a suv for my business before this year is up. Please help

[@_srnao]

This dude is a tax genius, THE BLACK TAX GOD

[@TheRoyal769sr]

How about… The Tax God

[@_srnao]

@@TheRoyal769sr You seem bitter. Let me break this down for you. As per MY previous comment, I (Serena) coined him THE BLACK TAX GOD. Which I can do. I already mentioned that he’s a tax genius-simply for his mastery of the American Tax system. THAT, achievement in itself has nothing to do with his race. If you want to refer to him as “The Tax God” (which you truly don’t want to do, you just don’t like that BLACK was used in an unofficial nickname praising him) I don’t care. Just don’t come under my comment trying to correct mine.

[@UnbiasedTruth..]

@@_srnao lol what a clown

[@flyingwithanything27]

BLM

[@UnbiasedTruth..]

@@flyingwithanything27 no they don't

[@jeffvantil1800]

can you do the same with a class A Rv that weighs more than 6,000

[@limitedtime5471]

If you can show that the rv is used for business, could be possible

[@BobbyMucka]

As long as its used 100% for business though. I always make that known when giving tax advice.

[@StasiaReviewsStuff]

Exactly. This is the issue. Otherwise you’re asking for trouble (audit)

[@Bird1502]

And it’s not being used for 100% business (not even 25% probably) in the vast majority of these scenarios involving white collar workers. People are misled by videos like this

[@BobbyMucka]

@@Bird1502 it just needs to be used 100% for that first year, then it can actually be reduced to 50% without issue. No depreciation recapture unless use goes below 50%.

[@Bird1502]

@@BobbyMucka problem is that business use will be less than 50% in all years in the majority of cases for white collar workers except for specific industries - maybe real estate who is driving between properties often every day

[@Bird1502]

@@BobbyMucka the vast majority of white collar workers should be using standard mileage for this reason

[@621jihoonkim]

what will be the business purpose of that G wagon

[@skylarlysaker948]

Now he has the Urus ;)

[@austinwolfe2373]

0:55 you need to give credits to the straight pipes for using their footage..

[@rodinymoise8248]

Karlton I Love you You just answer my question. You need to do my taxes.

[@501soap]

Also the bussiness have to make profit to get deductions.

[@SirCavemaninthewest]

For the people in the back. Yeah get your license FIRST then worry about a G wagon🤣🤣

[@randomguy-yv2ec]

What kind of business does It have to be

[@cameronmanning8606]

🔥🔥

[@georgegonzalez866]

Toyota Tundra is that a 6000 pound truck?

[@sneakerstalkin]

🔥

[@oliverzh]

how about mercedes EQS

[@Bluh]

Was this for a podcast or something?

[@alexorth5172]

The goat

[@GHOST-666-LA-CA]

So I can (179) my Ram TRX? 6,396lbs.

[@MrYgfamily21]

you try this on small business most of cpa guys say dont do it. this will trigger irs ppl and not worth it.

[@jp_trade9848]

Only applies to US citizens?

[@AmazonWebService98]

No us tax payers

[@shahrides]

Is the F150 Raptor a truck that weighs over 6000 lbs?

[@savingdollarz]

It misses it by only a few lbs. :(

[@AmazonWebService98]

@@savingdollarz stop smoking crack it's over 6000

[@savingdollarz]

@@AmazonWebService98 specs say 5,740 lbs. Maybe with extras, but IRS will go by listed specs.

[@brandonwinston]

I peep The Straight Pipes video clips

[@onedorki3boi]

Yo I need that shirt

[@Damien0000]

Good vid bro, I just wrote off my first ever G-Wagon!. I'ts brown

[@Tokyworld_]

We coming hard 2024 wit this one

[@SuperFoodParents]

☁️ I'm just watching the dream strategies✨️ Only they're real

[@NolanGouveia]

Heck ya! Then throw that profit in to solid ETFs with low fees. Nothing crazy, pretty boring, but made made me over $50k passive income last year. Great work man!

[@Jacob-ed1bl]

EFT 🤣

[@shra8004]

use numbers to make it easier for others to understand. this guys talks so fast without using any numbers.

[@GunsBlazingRanch]

I love my 6,000 lb. tax write off.

[@Warrior11117]

wouldn’t you rather pay the tax and keep the cash instead of purchasing the car and end up becoming a car poor?

[@vr6204]

Can you be my tax specialist? You smart Af lol

[@puzelo9221]

Can you talk about depreciation recapture? You're not avoiding taxes You're just rolling them over to the future. Once you sell the car you will have to pay those taxes that you "avoided"

[@ohheyalan123]

I believe recapture only comes into play if your profit on the sale more than the depreciation written off.

[@gotseoul123]

My guy says he wants a Urus but just can't pull the trigger yet 😆😆 try again in the next life.

[@lorryarrington6679]

Teach me

[@EmpireRules]

What is the point of buying such an expensive car and doing it right off, when in general, a car is NOT. an investment?

[@AmazonWebService98]

It's a tax strategy you can employ for a business , what makes you think it's a investment , it'll save you money

[@michaeltaylor648]

Can someone hire you to help them with there accounts.

[@citizenpunx]

I definitely didn’t do this with a Range Rover 👀

[@commasNculture]

Lemme get a phantom

[@jasminefly1654]

F-350 “Tank Never Empty” One day sir Karlton’ Thank you!!!

[@youaskedforit7973]

When you get audit by the IRS after everything you write off.. lol Goodluck

[@dudegu617]

200k to another investment got me lost

[@darkknight84123k]

And snake oil works

[@CME843]

But what if I just want the G Wagon 😭😭😭

[@teddy_bear0018]

Crazy how worlds collide!! Karlton Dennis and Jake Tran?????!!! What!!? More please.

[@stimulatemyexistence5669]

Hot take not an expert when you use turo you'd be wasting the 30% that you'd give turo for their cut and I don't think that'd offset the tax write off. I'd rather just open do reviews on my vehicle or use it in the back of my videos and you can write off a huge percentage a year...

[@vastworldknowledge]

So for my f-350. To write it off under my business what do I tell me tax guy?

[@MegaHusseinhussein]

tell him about 179 for your truck!

[@ACT1O1]

Gas price is a mf rn. I don’t care how rich you are….

[@sbfhawk4343]

Its not just the G wagon. Its also the LX600 or 570 120000 SUV they allow you to write off the entire 120000 or do it in smaller amounts per year to offset your income. The miles too. I take the 120000 LX SUV it will last forever and it will be the best 120000 offset for taxes you can do. Personally I the G wagon is ugly yes its got power bla bla but the LEXUS is still KING in my book.

[@Hmmm313]

Lexus is ok but not luxury……. Nothing special….

[@sbfhawk4343]

@@Hmmm313 Not Luxury I dont think you have sat in the Lexus 600F dude its exemplar. Its Maybach like If you dont think so ask the Shieks they love them Lexus in Dubai because they last. G wagons sure not saying there not good just not the only choice. I been in the G wagon and its a ugly box sat in the v8 Bi turbo sounded awesome and its pretty sick but its not 7 Passenger and its shape is not all that. Its not executive its just flashy. The Machbach is a better choice if you want Mercedes or the 500 series.

[@2ndcitysaint52]

@@Hmmm313 lol yea and g wagons are the most overyhyped poser garbage on the market, they are bad cars that look cool and all the cool rich kids want them, i leased one after my 1st couple years and successful bonus checks, returned it within 6 months, its just not a good car, it looks awesome though.