The Auto Tax Deduction for Realtors and Small Business Owners

Рет қаралды 12,679

Күн бұрын

This video is for Real Estate Agents, Realtors, Brokers and other small business owners who want to learn more about the auto expense deduction. I answer the questions listed below:
1. Does the vehicle need to be titled in the name of the business?
2. Should I buy a new vehicle since it is a business "write off"?
3. What are the different methods for taking the auto deduction and which one should I use?
4. How do I stay in compliance while taking the deduction?
5. What are the difference between business miles and commuting miles?
6. How to handle the accounting for auto expense when your business is taxed as an S Corporation?
Take what you learn from this video and ask your legal or tax professional all of your specific questions. If you want to contact me, my information is below.
If you learned something from this video, please like and subscribe and follow me on my various social media handles below. If you would like to contact me with a specific question, please visit my website or leave me a comment.
Link to Tax Planning Video: • How Tax Planning (Not ...
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This video was created for informational purposes and it is not to be construed as legal and tax advice specific to your unique situation.
© Navi Maraj CPA PLLC. All rights reserved.

Пікірлер: 48

@NaviMarajCPA 3 жыл бұрын

At about the 5 minute mark of this video I discuss tax planning for a vehicle purchase. To clarify, if you know you are going to be in a much higher tax bracket next year vs. the current year, then you may want to delay the purchase of the vehicle until the next year. Likewise, if you are in a much higher tax bracket this year than you will be next year, then purchasing the vehicle this year might be advantageous to you. Regardless, the point was that you should only purchase a vehicle if you need it.

@raheemtheinvestor 3 жыл бұрын

Hey how do we get in touch with u?

@MG-jv7pe 3 жыл бұрын

Is this relative to section 179? Thank you!

@sarajones8341 2 жыл бұрын

Clear, concise and very helpful. Thanks!

@cali_cribs3259 2 жыл бұрын

thank you for this! the detail on establishing the home office and claiming full mileage on my daily routine as a full time real estate agent is a huge win for me. thanks again!

@NaviMarajCPA 2 жыл бұрын

You’re welcome! Glad you’re able to save some money by applying this strategy!

@madysonsilver6229 2 жыл бұрын

I’m in real estate school right now. I had some many questions about auto deduction. Very helpful!

@NaviMarajCPA 2 жыл бұрын

Glad you found it helpful! Good luck on your exam.

@Mruiiiz 3 жыл бұрын

Great video, thank you!!

@NaviMarajCPA 3 жыл бұрын

Thanks Mario!

@TwoCommaPauper 3 жыл бұрын

Your video should have higher views than it does! This perfectly answers my question. Thank you!

@NaviMarajCPA 3 жыл бұрын

Thanks...I agree! I’ll get there eventually.

@TwoCommaPauper 3 жыл бұрын

@@NaviMarajCPA I remember needing to watch at least multiple different videos before finding yours. I think the title is important to the KZfaq algorithm.

@TwoCommaPauper 3 жыл бұрын

@@NaviMarajCPA not to mention I just remember your content was one of the best out of them all 👍

@Dido2Cool 3 жыл бұрын

Thank you for this clear and concise tutorial. I just subscribed. I am interested in the accountable plan video. Is it created / posted yet?

@NaviMarajCPA 3 жыл бұрын

Hi @Dan Kazachki! Thanks for subscribing...I haven't created the accountable plan video as yet. Stay tuned.

@yadiragaspar7584 2 жыл бұрын

Hello ! Thank you for all your videos, amazing information! I do have a quick question, Can I use the standard mileage method if I own a dump truck ? Or I must only use the actual expenses method? Please let me know and thank you again!

@ochicoloto3524 Жыл бұрын

Thank you. Your videos have content. If I use a 4 cars 100% for rentals under an LLC on Turo, can I use standard mileage milage deduction?

@twilalove3886 2 жыл бұрын

I had to subscribe to your channel

@NaviMarajCPA 2 жыл бұрын

Happy to have you as a subscriber! Enjoy!

@sumanthreddy4200 3 ай бұрын

Thank for the video Can you please provide me the expenses Execl, it will very helpfull to understand.

@JCV628 2 жыл бұрын

Hello, I purchased my lease this year and I am using the standard mile business deduction. Can I deduct the sales tax paid on the purchase, as well as the loan interest?

@andrewshevchuk2062 3 жыл бұрын

Dropped a Like and I subscribed! Might have to do a call with you. I currently don't have a CPA. I am an agent...

@NaviMarajCPA 3 жыл бұрын

Thanks for subscribing! Happy to be of assistance when you’re ready.

@svc2461 3 жыл бұрын

Any advantage leasing or financing an EV over a gas vehicle?

@JasonRamosNJ 3 жыл бұрын

What about for electric cars? Do you use mileage just like you normally would for your deductions?

@NaviMarajCPA 3 жыл бұрын

Yes, same applies for electric and hybrid vehicles.

@ahi2887 3 жыл бұрын

Please can you do t2125, business self employed tax return.

@user-ml1yu1pe4o 4 ай бұрын

As a realtor, can I use section 179 on 2023 for the vehicle I purchased and then do standard Mileage for 2024 since I have done previous years.

@intertwinedmpz8679 3 жыл бұрын

I am into real estate I sell homes,.and fixed a flip sell homes but doesn't have a LLC, but am a sole proprietor can I lease a vehicle like a truck related to section 179 depreciate 100% for the first year? And also is it ok export this truck to my farm in another country without any penalties?

@Techcram 2 жыл бұрын

Would this apply if the vehicle is older & worth under $10k but you drive a lot of miles per year?

@matgaines1929 3 жыл бұрын

Like your video. ?? So, a real estate agent has a vehicle under 6,000lbs. It is used only for business. It is parked at the RE office when not in use / not a commuter. Shouldn’t the purchase be 100% deductible with section 179?

@NaviMarajCPA 3 жыл бұрын

Hi Mat...too many fine details about Section 179 to respond specifically to your potential scenario but, as a general rule, you'll like be purchasing a passenger vehicle (regular car/truck) instead of a "work vehicle" (think cargo van) and your Section 179 deduction will be limited. This changes if the vehicle is over 6,000lbs and you want to combine Section 179 with bonus depreciation. Talk to a professional that you trust and they will get you sorted out. Thanks for watching and for the comment.

@shif431 3 жыл бұрын

Hi great video!. As a realtor if my lease payment is $571 monthly I can't right off all of the payments just my marginal rate?. Thanks

@NaviMarajCPA 3 жыл бұрын

You can choose to write off the business use percentage which is calculated by keeping track of your miles.

@getpoked2498 3 жыл бұрын

What in the world are you leasing? $600 and it's just a lease?

@reactionhourwithdave Жыл бұрын

Great content, how can I get in touch?

@akhildjz5935 3 жыл бұрын

Does this tax write off apply in Canada too?

@NaviMarajCPA 3 жыл бұрын

I’m not knowledgeable in Canada’s tax laws Akhil.

@briannajackson6888 2 жыл бұрын

Are you licensed in Mississippi? Do you serve clients across the country? Would love to consult with you

@NaviMarajCPA 2 жыл бұрын

HI Brianna. Yes, I can practice in nearly all states and have clients throughout the country. You’re welcome to shoot me an email to begin a conversation.

@johnsenise1613 2 жыл бұрын

IS THE INTEREST ON AN AUTO LOAN THAT IS USED AND NECESSARY FOR BUSINESS DEDUCTIBLE

@NaviMarajCPA 2 жыл бұрын

Yes, you must calculate the business use percentage. For example if you use the vehicle 50% for business then you can deduct 50% of the interest.

@Khaled-wl9fk 2 жыл бұрын

Let’s say I bout an electric car under my name and I use it 70% for business and I use the actual method for deduction. Who claims the $7,500 tax credit? My business (meaning I have to report 70% of it as business revenue) or me personally?

@svc2461 3 жыл бұрын

Construction worker taking someone on a date in a pickup truck 🤣👍🏽

@NaviMarajCPA 3 жыл бұрын

I'm sure it happens!