The TRUTH about writing off a 6000+ lb vehicle

ton of tick tocks think about writing off a G-Wagon and basically getting it for free you get the six figure luxury vehicle for free with a simple tax hack no but I'm gonna walk you through all the Deets so the IRS doesn't come knocking on your door I'm Addison and I share all the ways to make and save money so make sure you're following along so back to G wagons a ton of creators talk about Section 179 this is a portion of the tax code that allows self-employed people to deduct the purchase price of a vehicle as long as it weighs between six thousand and fourteen thousand pounds and if you use it 50 or more for work now here's the kicker you can only deduct the business use percentage AKA if you use it for work sixty percent of the time then you can only deduct 60 of the purchase price the other key point to this is a write-off doesn't just mean free a write-off lowers the amount of income that you're taxed on don't mix this up with a tax credit that actually lowers your tax bill dollar for dollar so are all these tick tocks wrong no there's all sorts of awesome tax write-offs for business owners and you should find ones that are legal and applicable to your business

Channel: Addison Jarman

Views: 62,942

Keywords: Section 179, Tax write off, write off your car, bonus depreciation, g wagon write off

Id: fj_89ATxT80

Length: 1min 0sec (60 seconds)

Published: Tue Mar 21 2023