@UrbanTarantulas 5 жыл бұрын
Can you get bonus depreciation if you purchase a USED vehicle?
@MrCPA-ry8mv 4 жыл бұрын
Yes, I believe you can
@tesagardlik2746 4 жыл бұрын
Thank you for this video. It is very helpful for decision making, especially when a lot of people on youtube are recommending to lease. I always purchase a car-for personal reasons. Quick question, once you set up your business, how soon can you purchase a vehicle? Does the business need to be making money in order to do that? Thank you
@MrCPA-ry8mv 4 жыл бұрын
You’re very welcome! You do not need to have a profitable business to purchase a business use vehicle. However, it is important to make sure your business does not qualify as a hobby where losses would not necessarily be allowed and thus a vehicle purchase may not be deductible.
@Podcastordietrying 4 жыл бұрын
This video was very useful!
@DT-fp5sz 4 жыл бұрын
Thanks for the vid! Can I use my newly acquired EIN to purchase the vehicle or do I have to use personal credit?
@MrCPA-ry8mv 4 жыл бұрын
It would depend on the bank if they’ll let you use your EIN or need to you personally guarantee the loan. The important thing to note is that the vehicle should be titled to your business to stand as a legitimate business deduction on your taxes.
@eldacharm8547 4 жыл бұрын
Thank you for your helpful videos. I am wondering if you can make a video about lease vs purchase a car for tax deduction differences. I want to get a Tesla Model X. I have a S corp business in California with over $100K net profit last year. I drive about 20,000 miles / year, 80% of it is business use. I usually change car every 3-4 years. Should I purchase or lease?
@MrCPA-ry8mv 4 жыл бұрын
That’s a great question! I will work on making that video and will let you know as soon as it’s posted!
@jbenitez22 4 жыл бұрын
With the purchase route, does the vehicle need to be a NEW car? Or does it also work the same for a 2-3 year old vehicle, especially with the first year depreciation? Thanks
@MrCPA-ry8mv 4 жыл бұрын
Just NEW to you. A used car is allowed as long as you are purchasing it for the first time for your business.
@apocalypse2941 4 жыл бұрын
Over 6k gvrw you can write off 100 percent right?
@MrCPA-ry8mv 4 жыл бұрын
Correct but only up to $25k. There are other criteria for vehicles to be fully deductible.
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