Tax Strategist REVEALS How to Write Off a G-Wagon

actually I want to ask you um the G um would it be better to pay it off in full or Finance Finance Finance okay why is the next question uh potential tax write-off well whether you pay for it in full or you pay for uh with the down payment you're gonna be able to write off 100 of the purchase price so why not leverage the other two hundred thousand dollars and put that into the market okay start another investment all right and um so this is only what you buy you can't do this when you lease right depreciate you when you buy correct okay all right makes sense but you can lease the car to your corporation then depreciate it person okay so let's just say you bought the car yeah and then you leased it to your corporation you personally can depreciate okay I'd rather purchase the car and then depreciate underneath the business for yourself and at least another two no I would purchase the car underneath my business and depreciate it underneath my business okay but if I had already leased a car in my personal name I can establish a leasing agreement with my Corporation and Lease my vehicle to my Corporation for a set price maybe I look up online how much does it cost to tour up tour out a car that's like a G wagon per day okay 600 700 a day as long as I have comparable rents I can establish a leasing agreement between myself and my Corporation at least my car to my Corporation okay makes sense okay it makes sense so what if I wanted to get a car that wasn't over six thousand pounds okay what would be the best way to reduce taxes online yeah so if you have a car that weighs less than six thousand pounds the government's only gonna allowed for you to write off oh about 18 350 give or take a couple hundred bucks so that's a Max that you can depreciate in the first year anything else whichever the card value is left over is going to be written off over the course of five years or the remaining four years that you have so if you want a new car look at whether or not the car that you want like is over six thousand pounds or not because choosing a car that's going to be over six thousand pounds is going to provide a much better tax benefit this year knowing that deponent's depreciation is going down all right makes sense makes sense because these are deductions we can't get back we don't know if we're gonna have someone who comes into office and says okay you know what let's keep bonus depreciation moving forward into the future we don't know that so we have to make decisions based off of what we do know and right now we know 179 is in place we can buy a vehicle that weighs over 6 000 pounds right off 100 of this purchase price let's go ahead and take advantage of saving money now knowing that I can make more money right now since I save money now okay what car do you like that's over six thousand pounds Me and Charlie every every morning we go to the gym I tell Charlie Charlie what's the car that I like love with I'm like dude I can't take this out of my head like one day one day I'll pull the trigger on it but right now what's the car yes you gotta say with some energy bro yes that's how I said years I love the Years bro the Urus is over six thousand pounds it's sexy it's fast it's got like the sports car vibe to it I like it what about you guys not my taste not my taste I could see you in a colandan we did that for one of my one of my clients we won 79 in Colin and wrote off the entire purchase price of a Rolls-Royce calling in dang it was a fully loaded cullinan too it had orange Interiors black on the outside it was sick he's already like Tommy Carlton I want to buy the new Cola dude oh geez here we go so you could definitely do that luxury vehicles have a a luxury vehicle limit so there are a certain amount of cars that are considered luxury vehicles and the government won't allow for you to write off more than around like 13 or 14 000 on a luxury vehicle so if you go get a Ferrari like Charlie has or a Lamborghini like Brian has like they're limited on how much they can depreciate in the first year I would just get a G wagon I think they're sweet so are we are we saying this now is this on camera well I don't know I don't know I don't know if it makes sense but uh we gotta run the numbers because what you would do what you would do first is you would say Okay based on all the businesses I have here are all the strategies I qualify for before I go spend money right here are all the things I can do without without even spending money I'm gonna choose the best strategy for that yes like once you leverage everything you can leverage without spending money then you go down the road of actually having to spend money like all right I already did the Augusta we've already set up a management company I already you know writing off my children I already am taking a home office I'm already doing a retirement strategy you've already leveraged all of these strategies here now you can go spend the money and say let me wipe out the rest of my taxes with the G wagon or let me go wipe out the rest of my taxes with an investment property that I can manage got it yep [Music] foreign

Channel: Karlton Dennis

Views: 154,020

Keywords: taxes, tax help, tax expert, how to file taxes, karlton dennis, karla dennis, karla dennis inc, taxes made simple, taxes 101, cpa, certified public accountant, accountant, accounting, tax deduction, tax strategies, tax planning, how to pay less taxes with an llc, tax savings tips, tax savings 2022, how to save on taxes, tax tips, tax tips 2022, llc, rental property, youtubers, how to avoid taxes, how youtubers avoid taxes, jake tran, charlie chang, humphrey yang, cars, g-wagen

Id: cWI4bWH7i-0

Length: 4min 48sec (288 seconds)

Published: Fri Oct 28 2022