How to Write Off Your Dream Car Tax Free in 2021
What if I told you, how you can write off your dream car in 2021, tax free... AND the business tax code was actually setup to help write off your dream car.
AND global companies around the world take advantage of this by providing cars from their executives and employees.
Crazy right? In this video, let me show you how you can write off your dream car this year. Must watch the entire video!
UPDATE: When it comes to Section 179, there is a $25,000 cap for all other “heavy” vehicles like the G-Wagon mentioned. To take the full accelerated depreciation you must have a vehicle that is described as a passenger van, utility truck or utility van.
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Outline for How To Write Off Car in 2021:
Intro to Writing off a Car for taxes: (0:00)
What is Standard Mileage Rate: (1:30)
Actual Expense Vehicle Tax Deduction: (2:49)
Which One Should You Choose?: (4:00)
How to Use Standard Mileage Rate Deduction: (5:45)
How to use actual expense deduction: (6:15)
Accelerated vehicle depreciation: (7:23)
Car Depreciation recapture: (9:22)
Bonus tips: (10:07)
Interested in talking with someone from our team? Sign up to get notified when we are accepting new clients here: https://lyfeaccounting.com/coming-soon/
If you find any value, please subscribe and like for the YouTube algorithm. Thanks for your support :)
Видео How to Write Off Your Dream Car Tax Free in 2021 канала LYFE Accounting
AND global companies around the world take advantage of this by providing cars from their executives and employees.
Crazy right? In this video, let me show you how you can write off your dream car this year. Must watch the entire video!
UPDATE: When it comes to Section 179, there is a $25,000 cap for all other “heavy” vehicles like the G-Wagon mentioned. To take the full accelerated depreciation you must have a vehicle that is described as a passenger van, utility truck or utility van.
Subscribe: https://bit.ly/2HJlq46
Outline for How To Write Off Car in 2021:
Intro to Writing off a Car for taxes: (0:00)
What is Standard Mileage Rate: (1:30)
Actual Expense Vehicle Tax Deduction: (2:49)
Which One Should You Choose?: (4:00)
How to Use Standard Mileage Rate Deduction: (5:45)
How to use actual expense deduction: (6:15)
Accelerated vehicle depreciation: (7:23)
Car Depreciation recapture: (9:22)
Bonus tips: (10:07)
Interested in talking with someone from our team? Sign up to get notified when we are accepting new clients here: https://lyfeaccounting.com/coming-soon/
If you find any value, please subscribe and like for the YouTube algorithm. Thanks for your support :)
Видео How to Write Off Your Dream Car Tax Free in 2021 канала LYFE Accounting
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