Vehicle Tax Deduction: 8 Cars You Can Get TAX FREE - Section 179

Quick question is the gvwr or the auctual weight im
Trying to
Purchase the gle63 coupe . I tried to look it up n the irs website but luck could
You point me
To
The right direction thanks

thanks for the video very helpful, have a question if I have 2 vehicles and use both for business, can I use different methods for deduction 1st one with standard milage and the second one with actual expenses with depreciation and using the 179 section. thanks

Why only SUVs? Only one I would get of those choices is the Porsche. Doesn't the Audi RS6 Avant count?

Dude — get it right. The vehicle does not have to weigh 6000 pounds, rather it must have a 6000-lb gross vehicle weight rating to get the max section 179. You are giving out incorrect advice. Correct your video.

you said it isn't a good idea to buy and a car via 179 and then sell it the next year and buy another the following year as so on every year or you might get in trouble. Why is that?

Can you purchase the vehicle in your personal name and use section 179 or should the vehicle be purchased through an LLC?

Porsche canine??????? CAY ANNE like the pepper

Porche K-9😂

Does the car has to be new ir could be pre-owned?

6000 pounds sounds like a lotta pounds lmaoooo facts

Hi! What about a Lamborghini Urus? Also, do I have to keep the vehicle for five years, or can I sell it off year 2 and buy another?

Is it FREE car or it just lowers my tax bracket. I have 500k salary and buy car for 100k . Does it mean I pay tax on 400k saving 40k

The 5 vehicle limit for standard reduction , is it per individual or per LLC?

Is accelerated depreciation in 179 the same as the 168 (k)?!??

So basically, you will get a refund? And use that money to pay off the car? So, basically, the car is free?

Little confused. So, by virtue of the total 179 deduction. Does that mean the IRS is sending you a total purchase price refund to your bank account ?

Makes absolutely no sense to me, what does it even mean to write it off, so you pay for it all then the government gives you the money back because you own a business ??

Hi is it valid for Canada?

Heads up the Biden government just quietly passed a bill to hire 80000 IRS agents to crack down on tax violators
Guess who they will come after first ?
Those who are not well versed in tax law , can not afford to hire legal counsel defend themselves

Woo-hoo! My Maserati Levante qualifies, barely, but still works :)

Thank you needed this key

Does the car need to be of a certain year to qualify also?

What about in 2022?

Anyone know if S550 2022 Benz qualifies? TIA

Hello there bud... Can the deduction be spread in more than 1 yr?

Hi quick question. Would a 1099 doordash driver be able to write off a car value 100% or can we only deduct expenses?

Porsh Canine LOL

It's "Por-sha Cai Yan"

Over 6,000 Pounds, Sounds Like A Rolls Royce! 🎯

He forgot to add Audi Etron. It is all electric with a range of 255 miles and GVWR of 7,066 lbs. In addition to 100 percent deduction, it is entitled to $7,500 non refundable cash rebate for a EV as well as electric charger installation cost to be filed on IRS form 8911 or 3800. The SUV with a base MSRP of 69,000. Lot of luxuries, comfortable ride for a base model.

Will this deduction be available in future years? 2022-2025?

For a couple of years now, I've been wondering why the local used luxury car dealer that we got my wife's car from constantly has G-Wagons for sale. At any given time, they have at least 10 of them and they seem to get snapped up fairly quickly. Now I totally know why.

Once you learn about stuff like this, you can't unsee it. Now when I drive around, every G-Wagon or Range Rover that I see is probably someone's tax write-off, as opposed to merely being someone's flex.

If your Business is making 50k a year, can u still get some the cars from the list or you have to go with something cheaper ?

So just to be clear, if it's over 6k lbs I can buy it in 2022 and get 100% of what I spent back on my taxes for example if I paid $60k for the vehicle, I'd get $60k back in my return?

Great info! Could you show us a video on this topic but all electric videos?

Thank you!

I’m assuming you’re better off leasing a weight compliant car vs purchasing to avoid having any problems when you decide to sell? Let me know if I understood correctly, thank you

Hi there, CPA here. The title of the video is definitely misleading. Yes you can use Section 179 to accelerate depreciation to reduce your tax liability. This may reduce your tax bill, but I assure you, this will not make your car "FREE" as the title states. There are also other factors you need to consider.

1) Do you drive a lot of miles for work? - If you do, then you won't want to use Section 179 in the first place, because once you use the "Actual Expenses" method you can't use the "Mileage Rate Method". However, you can always start off using the Mileage Rate Method and then switch over to the Actual Expenses Method.
2) Do you expect your income to go up in future years? - If you do, then you will want to spread out the depreciation expense over time instead of taking it all up front. You may see yourself saving $$$ right now and get really excited, but in reality you may want to consider spreading the expense out over time to help keep your tax bills lower over the next few years. Also, you will want to look at which politician is in office and how their proposed future tax bills may increase or decrease your current tax rate and what your future tax rate might look like and choose when the best time to take the deduction would be.

You will never get a "FREE" car due to filing your taxes a certain way, not legally at least. There are tax advantages though of owning and using your car for business that you don't want to miss out on.

The model s plaid is literally 4 pounds too light are you fucking kidding me…. Is there anyway I can makeup the 4 pounds like what the fuck

Can I buy a car under my name since my LLC is still new and no credit yet? I am the only member (sole proprietor) with my LLC.

Great video as always, thanks for sharing. Why you did not list any Trucks like Ford F150 or Toyota Tacoma, etc etc...?

Get a client (friend) to pay you 400k for “consultation”, take the 400k to buy a G63 since their price is inflated, write-off 400k, get back 200k from Uncle Sam the tax man, sell the G63, tale the 400k and refund your client, you got 200k tax-free 😂 better yet, get a Brabus G63 for 600k and get back 300k 🤣

This is the easy stuff. Where is the step-by-step depreciation form?

Nothing he says is technically incorrect, BUT, there is no way to get a "FREE CAR" by using Section 179 depreciation expense. What he doesn't mention is the recapture of all 179 depreciation when you sell the car. You will pay tax (at your marginal tax rate) on the entire sales price of the car. There are "NO FREE LUNCHES' from the IRS. I am a CPA and have been doing taxes for over 50 years. Beware of free advice----It is worth what you pay for it!

Does it have to be a brand new vehicle or just "new to you"?

So if I finance my vehicle that is 6000lb, does the $25k come back to me on my taxes or is it taken out the total price and my monthly payments are lower?

Can I start a llc in another state if I’m in California?

If you lease the car, are the lease payments deductible or is the value of the vehicle deductible?