How To Write Off 100% Of Your Car Under Your LLC in 2022

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ebook.taxalchemy.com?Certified Enrolled Agent Karlton Dennis has seen everything in the game, using his knowledge to take advantage of his tax-return every year to write-off some quite luxurious items. The thing is, ANYBODY can do this! How? Find out on today's Taxes Made Simple!
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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

Пікірлер: 1 000

@rodneylegend1804 2 жыл бұрын

We have to protect him at all costs, he is giving knowledge schools don’t teach

@jamescarter2013 2 жыл бұрын

Big Facts 💯

@KaiKhan22 2 жыл бұрын

They actually do teach this in classes for an Accounting Major ...

@MrLoudog7 2 жыл бұрын

Hey WhatsApp guy.. get lost scammer!

@jonport_ 2 жыл бұрын

Bro is Karla Dennis your mom?

@ralphie5198 2 жыл бұрын

CONTENT..... CONTENT...... MY MOMS COMPANY......... THIS GUY NEEDS TO BE ERASED

@k.c.6846 Жыл бұрын

This is a simple business practice, as long as your LLC is a legitimate business, and not just an LLC to write off “business expenses” that really aren’t used for your business. If your a sales rep for XYC corporation, you can’t open an LLC and say your a sales rep for the LLC, when you don’t exchange any finances, make any revenue with the LLC, etc. When you file your taxes, your LLC has to show profits, salaries paid, expenses like the car, etc, or it will throw up a red flag and an audit will follow. I know because I’ve done it for 20+ years.

@chadlahue1451 2 ай бұрын

Hi. Do I HAVE TO transfer my business vehicle title into my LLC name to write it off? Thanks!

@LonestarHawaiian 2 жыл бұрын

Such quality content. Not only the information, but how it’s delivered. Very well done.

@TravelingDave27 Жыл бұрын

As a CPA licensed consultant, I've worked with a lot of clients that try to do this. It doesn't work unless you buy a used car at a depreciated value of no more than $40k. You're only allowed to claim a maximum of $10,200 of depreciation year over year for each filing. Also they closed the loophole with luxury cars after Covid-19 so purchasing a Porsche or corvette etc. won't fall under this small business tax write-off. You can no longer allocate a car to an individual or business either. Most people who attempt the second part wind up having their car repo'd and can face jail time. My advice would be to buy a used car with a luxury or sport trim level (SUV's are best) and pay your monthly payments and write off the car after 2-4 years. Put minimal miles on the car and sell it, essentially that's free money minus the sales tax (Unless you sell from Montana).

@drusier Жыл бұрын

I'm a 6fig w2 employee with a side gig doing RE photography. Gross estimated 75k 2022. LLC. Purchased 2023 c8 corvette in business name. Still have personal car. The c8 IS used 75% for business (I have a lot of properties to drive to and stage the car in driveways for nice listing). I was going to depreciate 75% which is 60k over 5y at 12k per year. Do you see a problem with this approach if I have milage to support 75% biz?

@WeylandLabs Жыл бұрын

Thanks for the advice !

@shadyplots8641 Жыл бұрын

Even when you buy an EV. The only way around that is to buy a model X plad add so that the weight of the car put you in a class a farm equipment. Once you have looked labeled as far as equipment you can write-off the entire car to your LLC. Just FYI so that you actually get it right

@TravelingDave27 Жыл бұрын

@@drusier The max depreciation you can claim is $10,200. Because you're claiming 12k you'll end up owing $1800 in taxes each year if you can validate your LLC business asset. The net profit of your LLC is more than the value of the car which is a major red flag with the IRS. I would prepare for an IRS audit which may cause your business vehicle to be excluded from your LLC tax write-off.

@shavmoney980 Жыл бұрын

It's called "Bonus" depreciation!! Bonus depreciation is for certain equipment, vehicles that weigh 6000 gswr (or more).

@kawikasmith4089 2 жыл бұрын

Great explanation of using a management business to work for your other business! I’ve heard of rich people doing that but didn’t know the concept as to why!

@TheObserver567 2 жыл бұрын

Now i need a smart wife. Lmao 🤣

@flowfitroll 6 ай бұрын

Creating a management company as an llc ? To work under your corporation ??

@raymondwong336 Жыл бұрын

I am an enrolled agent and have been doing taxes for over 15 years. You better be very careful to follow what this man is saying, because he is not giving the complete picture.

@kimbertmedina5145 Жыл бұрын

“The consumers basically have more money in their accounts by multiples than they did pre-pandemic,” the Bank of America chief added. “They’re earning more money. Their credit quality is as high as it’s ever been. They have more excess capacity and investing with BFI". Ms Vanessa Saint.

@scottpoland8943 Жыл бұрын

I'm an economist and I have been managing with my income but getting to know BFI investment company, I became secured and stress free from every debts and loans. 👍

@williamsromero3866 Жыл бұрын

@uuartistry426 2 жыл бұрын

I love that you show all the ins and out of business write offs! Thank you 🙏

@TurdFurgeson571 2 жыл бұрын

And by watching just one video, I have subscribed. Well done. I know your strategy is not unique in the business world, the privileged class grew up in families that have empires where these practices are not only commonplace but expected and passed on. And that, in and of itself, that class structure, acts as a gatekeeper to this kind of knowledge you're spreading in this video. You're helping the ordinary man circumvent those gatekeepers that have held supreme authority throughout history. Good on you. I can't wait to watch more of your catalog to see what other topics you delve into.

@MBsr5 2 жыл бұрын

Nobody cares bro sthu

@shaughnegonzalez6814 Жыл бұрын

TurdFurgeson571... Awesome comment! Some of us are afraid to move outside of the box! And some of us reason that since we've never heard of it, it doesn't exist. I'm truly ready to learn! Be safe out there 💚💯

@eleganz Жыл бұрын

Lmao shut up. This information can be accessed by anyone, especially in the last 20 years. The only gate keepers are the ignorant and unmotivated.

@doctorfeline9911 Жыл бұрын

@@MBsr5 who crapped on your coffee

@tonytooshort 5 ай бұрын

Amen

@froy_boyproductions8488 2 жыл бұрын

This totally just helped me with my dads current business I wanted to create an LLC for myself. But really had no business but will be getting my management degree. Instead of being a manager within my fathers company I can have my own management company and work with him from that perspective to give myself/ entity more tax opportunities!!

@lauraa.x_o 2 жыл бұрын

You just gave me an idea as I work for my uncles LLC 👁👄👁

@ChrisGoldenKid 2 жыл бұрын

I'm thinking about forming an LLC for a rental property, and just knowing that you have so many options with establishing a business opposed to leaving everything in your personal name is very interesting!

@Grant849 Жыл бұрын

You definitely want the LLC for liability protection too, probably an umbrella insurance policy to add also

@armybros8379 2 жыл бұрын

Wow, you're so well spoken, I cannot think of anyone who could've explained this to me any better. Take my like and follow sir.

@nateg5915 2 жыл бұрын

If he was a white man would you have said he was well spoken? Why do ppl always associate blk ppl with not being articulate or educated? I guess it's just an unconscious bias ppl have in general. Smh

@armybros8379 2 жыл бұрын

@@nateg5915 You know, I thought about this after I posted and I think its because he’s around my age and I’m not well spoken, so, its just good to see someone in my age group as a well adjusted adult.

@panamerican0 2 жыл бұрын

Great job explaining the benefits of the C-Corp and when you need a management S-Corp to manage it. Sometimes articles make it too complicated to digest the information.

@JupiterCamelz 2 жыл бұрын

Thank you, sir!, for this great content!, folks all over need to know regardless of being a home owner or not, it’ll help you maneuver to get to where you want ya life to be, as far your/one’s aspirations, to achieve things, there will be less speed bumps, because you paid attention to how the game is played.

@dkRiseUp 2 жыл бұрын

This information is so helpful. I was considering putting my new car under my LLC. I think I will have to book a consultation with you. Thanks for all u do.

@gk3330 Жыл бұрын

Thanks for the content. You explained it in a way that was very simple enough for me to understand. 🥰

@jaquevius 2 жыл бұрын

It all depends on how long you keep your car. My wife and I own an LLC and an S Corp. Since we keep cars for well over 10 years, based on the advice of our accountant, we opted for deducting monthly travel/mileage expenses, so we receive $750 each for each company which is 36K a year that doesn't go through payroll and is a business expense. It's my understanding that if you purchase the car through the LLC or S Corp, you can not deduct mileage etc in addition to the payments/depreciation. Now, if you turn over cars every few years, then purchasing would work out in your favor.

@simpsons721 2 жыл бұрын

"you can not deduct mileage etc in addition to the payments/depreciation." This was my understanding also. I'm no accountant though, but going to get one soon.

@TeamSoAmazin Жыл бұрын

I would like to get a better understanding of this when you can.

@NorVack Жыл бұрын

I 100% agree with you. I was told the same thing. Just one or the other

@thevocrehabdoctor Жыл бұрын

this is what I do

@mikelaary911 Жыл бұрын

is your accountant taking new clients?

@TheMattyMoShow 2 жыл бұрын

You're phenomenal. As a new business LLC owner, I have no income yet to purchase a new vehicle, but I can't wait until I am!

@daltondasilva8051 2 жыл бұрын

You will soon man! Trust me hard work pays off

@TheMattyMoShow 2 жыл бұрын

@@daltondasilva8051 thank you for your encouragement! Four months after this comment and I’m about to start building the first floor of the building baby! The foundation is solid. Only up from here!! Sending my love your way. Thank you again!✊🏽

@tanyagarcia2666 2 жыл бұрын

Thank you so much Karlton for this excellent and instructive video!

@nelsonhollins 2 жыл бұрын

You have such an excellent style and presentation. Truly informative! I applaud you. Well done! 💯

@cweathersby 2 жыл бұрын

I just stumbled on your channel at the RIGHT time cause I'm about to start another LLC after like 15 yrs...right on time. DO you have any vids on putting your LLC in a trust or how to structure it?

@CharlieChang 2 жыл бұрын

Spitting FACTS! Also, last time I tried filming in that parking lot with my car I got kicked out lmaoo

@truckdriving_e581 2 жыл бұрын

Great Video. Definitely taking notes and running through the archives 💪🏿💪🏿

@dcat3510 2 жыл бұрын

Great info. Love the way you explain things.

@markstevens7709 Жыл бұрын

So basically, the corvette I’m looking at could be a huge plus for my detailing company versus a deficit as my dad says lmao, I appreciate this insight

@dailyrant4068 Жыл бұрын

You could definitely justify it both as a Prop (similar to what Karlton did) but I'm not sure 100% is easy to prove. There is no way you're not driving it for personal use. Since you're in detailing business, you should have all kinds of equipment/sprayers/chemicals/soap whatever in your business vehicle (assume you drive to client's car to detail it and not them dropping it off). Remember IRS requires you to keep a mileage log and you have to prove every mile if you want to deduct it 100%

@TheRicosauve 2 жыл бұрын

I'm glad I stumbled onto this video...a couple of questions: A). Is the Porsche lease in the name of your company and did you have to personally guarantee? B). Would this work if the company is a holding company?

@LivingGood101 2 жыл бұрын

Great questions, I'm wondering the same thing

@SalauddinGenius Жыл бұрын

if your business have enough credibility and credit score then you don't have to be a personal guarantee.

@Jaygetsdabread 2 жыл бұрын

Great video broke everything down properly new business owner here looking for any info I can I really appreciate what you doing here

@jonscavella7034 2 жыл бұрын

Great job bro , this has really helped me with my business ! Thank you !

@chaseando6873 2 жыл бұрын

Hey Karlton, this is super helpful thank you for sharing! Do you know if write-offs and depreciation work the same (or similar) way in Canada? I have a Model X and am about to lease a 2017 718 Cayman S under my LTD corp and wanted to chat with you or one of your counterparts about how to properly structure the vehicles before moving forward.

@bebin73 2 жыл бұрын

Put the car in the co name. Any tax benefits will be far above titling it in your personal name

@ToolDeals 2 жыл бұрын

Pops to you and your family bro. I've been waaaayyy too scared over the years to teach exactly what you're teaching in this video. Most people won't be able to digest it and I feared people messing up and blaming me. You know how that goes! But I love to hear how your entire family works together! Next to understanding taxes, working together is how you truly build wealth.

@lebronjames4705 2 жыл бұрын

Props*

@WillMark813 2 жыл бұрын

This information is GOLD! I'm steady writing down in my notepad. I'm def look this up.

@djfynn3ssz Жыл бұрын

This is such a good information - I just started my LLC 😎🙏 for logistical purposes. I’m learning a lot from having watching your videos in the past months or so . Thank you !

@guazey2622 2 жыл бұрын

Hello. Quick question. Could you have written off the Porsche the same if you had an LLC instead of C Corp?

@lawrencevelo3644 Жыл бұрын

I can really resonate that having a nice vehicle when you're a young entrepreneur increases your legitimacy as a proper expert in your craft. It has for me! Just gotta stay within your means of course and make a wise choice for the car you end up with.

@CommentGawd 2 жыл бұрын

Idk how I found this channel but thank God. Keep doing these. I’ll watch every one of these so you get a KZfaq check

@properspelinng2455 2 жыл бұрын

This is genius Karlton. Thank you keep grinding

@Denniss20 Жыл бұрын

Love the breakdown. With what I’ve learned over a decade investing, given enough time, solid investments have the potential to double the initial principal amount, but many investors are instead attracted to the lure of high yields in short periods of time despite the possibility of unattractive losses before even getting out. So the onus is on newbies to beware. Got my second Carrera GT with my first Q ROI.

@Denniss20 Жыл бұрын

@Ralph ZimmermanAs long as you diversify your portfolio, any single stock that you own shouldn’t have too much of an impact on your overall return. If it does, buying individual stocks might not be the right choice for you, as you can also try out the Roth IRA or I series bonds. Even index funds will fluctuate, so you can’t get rid of all of your risk, try how you might. With help, these are achievable. LEVI CLEMANS, a pro Fiduciary oversees my portfolio. You can look him up online, and connect him.

@mendeleyborisov92 Жыл бұрын

You also need to know that it’s possible to lose money, since stocks don’t have principal guarantees. If you’re looking for a guaranteed return, perhaps a high yield CD might be better.

@Pambegay Жыл бұрын

With Clemans' oversight, I’ve been able to select well run companies with strong finances and a history of shareholder friendly management practices that have made me good gains in the past months.

@theindianmerchant2860 Жыл бұрын

@@mendeleyborisov92Right? I think I’ll have a look at that and maybe add it to my portfolio. But is it possible to beat the market?

@BrandinoTheGod 2 жыл бұрын

I absolutely want to take advantage of this with my next vehicle purchase. With what I do for a living it's most definitely passable as a business expense and direct advertising for my particular craft. However, I had been told by a CPA years ago that in order to deduct the vehicle purchase costs, it had to be 100% used for business and never for personal use. I'm hoping I'm completely misinformed on that because I've had my eye on a particular model lexus for a while now but haven't been able to justify the cost when my camry is doing just fine and is all but paid off lol. I'd much rather be cruising in my fully deductible GSF 👌😎

@Meowskatools 2 жыл бұрын

technically, if you have a wrap or some sort of sign pointing towards your business on the vehicle... even doing personal errands can technically be viewed as "business", since you are actively advertising when you drive.

@KaiKhan22 2 жыл бұрын

I'm weary of someone calling themselves the "Tax Alchemist" that isn't a CPA, doesn't even have a degree in Acct, Finance, or any Business related field. I mean that's like me a Financial Analyst making vids on how to do Dental Surgery.

@JustAshleyDanielle 2 жыл бұрын

Cars get old and you need to upgrade to be truly efficient in your business. Justified 😎

@PaulSorensen5 2 жыл бұрын

@@Meowskatools I'm pretty that's a common mistake, and you can only deduct the cost of wrapping the advertisement but not simply driving it.

@Meowskatools 2 жыл бұрын

@@PaulSorensen5 yea, you can’t just slap a wrap on a personal vehicle and expect tax deductions on the vehicle as the intended Purpose initially is personal. I’m talking about in regards to a Company owned/purchased vehicle with a wrap, this in theory should allow a double deduction for both car expense + advertising.

@charleslong3290 Жыл бұрын

Such a wealth of information packed in this video! Thank you!

@vincentperez1083 Жыл бұрын

Karlton I love your videos brother you always drop JEMS brother keep on doing what your doing you are an awesome guy and I appreciate everything you do for the youtube community 🙏 peace be with you!

@azilla04 2 жыл бұрын

Is a management company the same as a holding company that owns your other businesses?

@sarahs7096 2 жыл бұрын

A BIG piece of information that’s missing from this video is if you want to write off 100% of your vehicle, it needs to be 100% used for business only.

@lauraa.x_o 2 жыл бұрын

Would 100% business be considered as going to the business office and back home, just that?

@sarahs7096 2 жыл бұрын

@@lauraa.x_o that and meetings, business related errands, etc.

@KingZander88 2 жыл бұрын

In addition 6000lb or more but no more than 14000lb. I respect the hustle 100% but it's kinda surface level

@mtigress4589 2 жыл бұрын

@@lauraa.x_o those are commuting miles and dont count

@solitonz Жыл бұрын

@@lauraa.x_o It seems he and his wife are working from home. And, as M Tigress mentioned, IRS does not count commuting as "business purpose"

@johnnychampion1 11 ай бұрын

The amount of education you provide is amazing!!

@thecryptocamper Жыл бұрын

I am about to start a business and this video has made me seriously consider an "S Corp". I liked the agreement between you and your S-Corp for the vehicle lease. Smart!

@TyKwonDoe 2 жыл бұрын

Best video I've ever seen

@masonime 2 жыл бұрын

dojo in the building

@YxngR1 2 жыл бұрын

Yessir

@surfacedweller4539 2 жыл бұрын

dojo2mf moon

@martinmafu6196 2 жыл бұрын

Ong

@jojojacksonville_2903 2 жыл бұрын

Ohhh shittt, we bringing the dojo here?

@daeshavvn 2 жыл бұрын

Creating a lease agreement for your business to use your car is incredibly smart 🔥🔥🔥

@maxotazumindmedicacademy 2 жыл бұрын

FANTASTIC!!!! Well Presented, great content, I will watch this again.

@deandremignott4675 2 жыл бұрын

New sub because of this video, started an LLC this year looking forward to maximizing all the benefits of being an entrepreneur

@bernardogomez6338 2 жыл бұрын

Great video, I've been following the channel for a bit and had a question regarding Bonus Depreciation. So as a new business owner who was fortunate enough 2021 to make a 6 figure profit in their first year, I made the decision to purchase a ModelX under my business to help offset my taxes due at the end of the year. After having a few appointments with my CPA who's been super helpful, he told me I am not able to use Bonus Dep because the ModelX is a 2018 and not a 2021; not from the same tax year. All the research and laws i've read does not mention the car has to be from the same year. How do I politely inform him of this to be able to write off the ModelX without coming off as a know it all or being disrepectfuly

@karltondennis 2 жыл бұрын

Your tax account is wrong. You can take bonus depreciation +179 on any vehicle purchased and used in business after 2017. Call my office and we will take care of this for you.

@beg4684 2 жыл бұрын

@@karltondennis thank you. I definitely will. also thank you for what you do for everyone to become more educated and understanding of tax laws in our favor!

@omarrodriguez9053 2 жыл бұрын

@@karltondennis I’m opening a business can you help me impending an S corp?

@arkasantilee1982 2 жыл бұрын

@@karltondennis please brother help me get off the hamster wheel

@coreyfranco7060 9 ай бұрын

You cant simy expense your car payment lol

@traingear9578 2 жыл бұрын

as a business man going on 50, having been a self employed business owner since 21.. i've bought lots of cars in my business, and in my line of work were justified. but the 6 figure Mercedes, Auidi, Vettes, Range Rover etc.. I regret every single one of them. you don't need that kind of tax write off, much smarter choices in the business world .. i now drive a 20 year old truck with 150k miles on it. nope its not an expensive tax write off, but that's the point. . it gets me from point a to point b and i leave the expensive tax write offs for things that have far far more return on investment and appreciation

@bluemetaphor Жыл бұрын

I can relate to this!! I'm sitting here like what's the point....I like nice things too but I'm not understanding this

@graybentley Жыл бұрын

Love the info Bro

@jesseflores9087 Жыл бұрын

Thanks for this bro!

@plexclothing6224 2 жыл бұрын

Amazing channel! Great at stripping the topics down and keeping everything simple! Definitely telling my teenage sons to subscribe and watch!

@solitonz Жыл бұрын

On IRS website (IRS Tax Reform Tax Tip 2019-100), it says "If a taxpayer uses the car for both business and personal purposes, the expenses must be split. The deduction is based on the portion of mileage used for business." I think you do have a good reason to say the Porsche is for business purpose. But, I think it's hard to justify it's 100% for business. For the Tesla, I want to know what the business purpose is for the management company to own the car?

@xerotolerant Жыл бұрын

Don’t try to navigate such a move solo. Work with a tax professional to sort yourself. If he is wrong, I’m sure he’ll survive an audit just fine. But from your perspective he is a random guy on the internet.

@MeetSuperDave Жыл бұрын

When your business is brand based on wealth. It’s easily justified.

@AP_123_ 2 жыл бұрын

Love your advice. Will be reaching out come tax time. Enjoy golf, lots of fun and a good challenge! ⛳

@rickgray6718 2 жыл бұрын

Thanks for business advice bro, keep doing well and may favor and blessings overflood your path, won me as a viewer sir

@wmmn736 Жыл бұрын

40K value is the new limit, vehicles can't be assigned to an individual or business in this way, and... any way it goes..., 10K is the max depreciation now due to post plandemic tax law changes... there are 87,000 new reasons why I would question all this...

@htbrahh 2 жыл бұрын

Great video! When you leased the car from yourself to your company did that negatively affect your taxes/ tax return when you filed your personal taxes? Wouldn't that be considered income for you?

@alexrodriquez1327 2 жыл бұрын

Technically, the company is "suppose" to issue a 1099 to report the lease payments, so there's no net tax benefit.

@Elevatedmindset8 Жыл бұрын

I appreciate this knowledge! Thank you Karlton 👊

@marceloolavarria84 Жыл бұрын

Thank you for the info Karlton 👌👏👏👏👏👏👏

@thehalloweenchannel 2 жыл бұрын

I’m disappointed that the title was misleading. I would have like to hear how you do this with an LLC

@whereistheaccountability7353 2 жыл бұрын

He did explain how he did it. He leased his first car under his business for the tax write-off ($800) of his first car, and then hired his wife under his LLC for the write-off of the second car. He shared how he did it for his LLC. Title is not misleading, he gave you two available legal options.

@anvarizbakiev6525 2 жыл бұрын

I think this video may get people audited by IRS and State revenue departments. You need to make sure you pay “Management co” for actual service they provide and MUST be reasonable. You can’t just make payments without any reasonable business needs. IRS would challenge that and possibly hit you with penalties and interest.

@mtigress4589 2 жыл бұрын

Exactly

@mtigress4589 2 жыл бұрын

And this guy is clearly using his vehicles for a lot of personal use.

@your_virtuoso 2 жыл бұрын

Great video Karlton Im going to watch this a few times to properly wrap my head around it

@husamettin_amayandancakar1553 2 жыл бұрын

Thanks for the game...... Hope your family enjoys these vehicles, wishing you health and happiness

@MerkTheREALTOR 2 жыл бұрын

I’m a realtor and purchased a pre owned vehicle cash to use for my business. Can I write this vehicle off even though I don’t have a monthly payment?

@bluemetaphor Жыл бұрын

He doesn't seem to answering these kinds of questions

@StreetGrandTour Жыл бұрын

Yes you can, you can also write off depreciation,maintenance and repairs. I do so every year. Im a Realtor

@jeffreyb9226 2 жыл бұрын

Awesome to see young Black Men succeeding and sharing knowledge!! ✊🏿

@BobbyBimmer 2 жыл бұрын

Young men in general. Most of them are stuck in clubs haha. I love these channels🙌🏼🔥

@killertofu Жыл бұрын

Is it not awesome to see all young men ? I get your intention but it’s doesn’t come across good. It’s coming off as a racist bc we all know the true racists are the folks who only stand up for their own race and disregards others. Brother, be proud of all successful men ok

@kdtoystore7341 2 жыл бұрын

I’m going to need this knowledge soon. Thank You KD! 💯

@RJ-xb5py 2 жыл бұрын

Loved the video

@arthurmoore289 2 жыл бұрын

Maybe I’m missing something, but wouldn’t the rental payments for the vehicle received by the lessor have to be included as income; essentially cancelling out the benefit?

@CollinEichinger0221 2 жыл бұрын

When you rent (or lease) an item, you are able to deduct the cost of the leased item. So if he is leasing the car to his corp at the same amount he is paying out of pocket, it cancels out.

@arthurmoore289 2 жыл бұрын

@@CollinEichinger0221 if there’s a lease expense then there’s lease income. So if he’s leasing the car to the corporation, he’s receiving income from the corporation.

@CollinEichinger0221 2 жыл бұрын

@@arthurmoore289 correct. The lease expense negates the amount of the lease income resulting in a net income of zero.

@arthurmoore289 2 жыл бұрын

@@CollinEichinger0221 so what’s the benefit if it all cancels out?

@CollinEichinger0221 2 жыл бұрын

@@arthurmoore289 it cancels out on his personal return and then he can still take the deduction on his corp return.

@diondion2020 2 жыл бұрын

Could someone do the same with an LLC? Or would it have to be S corp or C corp? Also what type of form did you use to lease to your business?

@bluemetaphor Жыл бұрын

Great question because that's what I have...

@thali2301 2 жыл бұрын

Thanks for sharing. Definitely researching these topics

@TrickyMickTrucking 2 жыл бұрын

As someone in the initial stages of starting my Trucking company, I love your videos. This is teaching me a lot. You should come to Michigan and talk at our schools!!!!

@dyyylllaannn 2 жыл бұрын

“At 25 I was making a comfortable 6 figures at my mother’s company” yeah stopped listening right there lol ……… also it’s PORSCH-UH

@atondramichelle7135 2 жыл бұрын

Karlton love your video and the great knowledge that you have shared. Thank you P.S When are you doing a live I have so many questions

@CHANGONATION 9 ай бұрын

I totally agree with you, sometimes treating your self to something nice is all you need to keep pushing you forward.

@MDJVENDINGLLC Жыл бұрын

Thanks carlton great video

@gasstationpodcast 2 жыл бұрын

Thanks for posting great content!

@MrHarlandwilson Жыл бұрын

Great info!

@BirchKing8 7 ай бұрын

This was a BANGER! Thanks for the nuggets, Karlton!

@VIPReefAquariums 2 жыл бұрын

Awesome info my man. Specially the one about buying a vehicle you can afford to start with.

@virgilgarner2681 Жыл бұрын

Great insight on writing off my vehicles for my business and also a good reason to have the two vehicles under different business entities.

@brigg002 Жыл бұрын

Great video!

@cleonwilson2373 2 жыл бұрын

Great Video keep them coming

@KidAstronaut Жыл бұрын

Excited to pour through your videos bruv. Thanks for this information.

@mr.ronaldlawrence1231 Жыл бұрын

Awesome content! Thank you Mr. Dennis.

@amoore2798 2 жыл бұрын

Thank you for the excellent advice I’m a new business just starting out. I appreciate the knowledge keep up the great work !

@karltondennis 2 жыл бұрын

Thank you! I look forward to seeing you on the challenge www.thetaxfreewealthchallenge.com

@ZZZZleepingonthejob Жыл бұрын

great video!

@ransonhall4834 Жыл бұрын

Very smart bro, loved the vid

@estebangonzales9723 2 жыл бұрын

Excellent video👍🏼

@ronjenkins9 2 жыл бұрын

Awesome info! Thank you!

@paulbrown4601 2 жыл бұрын

Great information appreciate you sharing/teaching

@within-the-black 2 жыл бұрын

I've been doing taxes on and off for about 15 years but I learned something new today

@dominicpurnell2899 2 жыл бұрын

I been looking for this video 🙏🏾🙏🏾gonna do that with my car that I use to go to train clients

@hustleruss 2 жыл бұрын

I appreciate what you're doing 💪🏾💯

@John_John121 2 жыл бұрын

I’ll be honest. I watched this with full intentions of poking holes in the theories you presented and pointing out how this video was just a strategy for getting audited. But when you dropped the management corporation loophole…respect. Well done.