The #1 Tax LIE ALL American Business Owners Believe

Рет қаралды 12,570

Күн бұрын

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00:00 - Intro: Vehicle Purchasing and Tax Write-offs
01:32 - Misinformation about Vehicle Tax Write-offs
02:14 - Drawbacks of Buying a Vehicle for Tax Write-offs
03:43 - Proper Reasons for Buying a Business Vehicle
05:14 - Choosing Between Actual and Mileage Deduction
06:33 - Deciding to Buy or Lease a Vehicle
07:48 - Importance of Vehicle Use in Business
09:03 - Benefits of Mileage Deduction

Пікірлер: 53

@stevend8785 2 ай бұрын

CPA here. Back in the early 2000’s I sold more Suburbans than a Chevy salesman.

@benz500r 3 ай бұрын

I watched Mark for quite some time and I'm also an attorney. His advice on deducting the car is absolutely right. The deductions must make sense to the IRS and their business otherwise taxpayers get themselves in trouble.

@colleens1337 3 ай бұрын

Love this! Only make a purchase that makes sense in your business, don’t do it for a tax write off!

@stevenreid_youtube 3 ай бұрын

Wonderful breakdown of vehicle purchasing and tax write-offs. It's crucial to stay informed and make decisions that benefit our business in the long run. Your breakdown of the actual vs. mileage deduction methods and the importance of aligning vehicle purchases with our business needs is spot on.

@christianreyes2177 3 ай бұрын

Why everyone is talking about AMS89K?

@Realsesar 2 ай бұрын

Only scammers like you are talking about it

@SeanDIY 3 ай бұрын

Great stuff..that said the Tesla isn't truly helping the environment.

@HarryZikosNY 3 ай бұрын

Such a great video debunking these myths

@mike2959 3 ай бұрын

Scenario. It’s the end of September ‘22. My business has done very well. Looks like I’m going to finish the year at $300k in profit. Wait…that’s a 80-90k tax bill. If you ever have to write that check and get NOTHING in return? That doesn’t work for me…, So I found a cash flowing small apartment 16 units, 800K. Created another LLC. For first business (Scorp) loaned my LLC 160K the funds for the down payment. Loan closed before the end of the year. Reduced my taxable income by half, tax bill came in at 25K which still upsets me. But have 800K asset that produces positive cash flow 21% cash on cash return. And the gift of yearly depreciation will help offset my scorp business. It’s a beautiful setup!

@MarleyMarl718 2 ай бұрын

Excellent content! Can you do a video on the recapture tax should you sell a company vehicle?

@greenhilllandscaping 3 ай бұрын

Landscape business but here for it

@CastroNancy 3 ай бұрын

This seems like the worst period. Even the market are now very unpredictable. Started investing recently when the market prices were a bit high,today I am more than 60% down!?

@HugoLuis-vn3yc 3 ай бұрын

I agree just reached my goal of $500k yearly trade earnings. Setting realistic goals is an essential part of trading..

@CastroNancy 3 ай бұрын

Please educate me, i'm willing to make consultations to improve my situation,

@CastroNancy 3 ай бұрын

Please how do I find this financial counselor?

@CastroNancy 3 ай бұрын

I'd love to know this mentor of yours

@DiamondSpring-cz2po 3 ай бұрын

Even after watching so many KZfaq tutorial videos about trading I was still making..??

@ArkansasCattleRancher 3 ай бұрын

Mr. Kohler what are your thoughts on the corporate transparency act?

@CapitalWorksPro 3 ай бұрын

You're the CPA/tax lawyer I trust to shoot it straight, so I came to you because I want to understand this new Biden proposal better. I'm sure you've heard of the headline 44.6% capital gains tax proposal from the current admin. Are you already working on a video for this, or would you if not already in progress? Would be much appreciated!

@nickvega5342 3 ай бұрын

Yes I NEED that new Ford Raptor

@socksincrocks4421 2 ай бұрын

How can I write off $1,100 between tolls and gas a month, commuting to work? NYC, NJ hates working-class people.

@roozavelt 3 ай бұрын

Can you make a guide for enlisted millitary members Mark? Particularly the E-3 paygrade with no BAH or BAS if you can. Anyways, I enjoyed the video. I am so glad you make these. Much love from South Carolina 🫡

@Jay-be3um 3 ай бұрын

What about Section 179 and Bonus Depreciation?

@tryagain4469 3 ай бұрын

🗽I STILL HAVEN'T CALLED -- MY BAD -- NEED AGENCY

@jordankendall86 2 ай бұрын

When you were talking about people buying cars just to get a tax deduction, it brought to my memory a recent interaction. I was doing Lyft and gave a ride to a person that was doing contract work for the government. They told me they don't ever drive themselves and take Lyft or UBER to get to each job because they can simply write-off at tax time since they are doing contract work (1099). I didn't think that was smart assuming that a Lyft or UBER costs twice or more compared to driving yourself. I didn't argue with them because I wasn't sure if I was right. I was wondering if I was right to believe that wasn't smart? I am also questioning whether or not it was legal for them to write off the cost of Lyft or UBER rides because they were essentially commute miles from home to the job site or vice versa. What do you think?

@knucleballfreedom 3 ай бұрын

My vehicle at 345,000 is about to croak eventually. I want to get the tax discount and take the millage. I avg. 65K miles a year. So do the millage? When you do Turo or Uber are you sure it does not need to be in business LLC name in order to provide protection? Or was was your comment specifically re: IRS doesn't care? I have so many questions.