2 Ways To Leverage A Vehicle Tax Deduction In 2023

Great Info.
In 2024 I will be a partner in a LLC, receiving distribution and a 1099.
If I purchase a 6K GVWR SUV that will be used for 80% B-related, which is best for tax deduction.
Also full purchase vs lease?
Thanks

Any particular place to get a mileage log?

I want to buy a truck for business but I want the tax benefit for 2024. Do I have to wait til January 2024 to purchase, or can I do so now and then just place the vehicle in service in 2024?

Can you deduct payments for a leased car? Is it better to deduct a percentage of the lease payments or mileage?

I have a personal car that I've been using for work and jobs and personal use, my car is paid off. I've been borrowing my dad's car for bigger jobs. I was thinking about getting a SUV that's under 6k lbs, and using it for my job. It's more than the 11k though. It's about $25k-$30k, I'll be able to claim 80% total, with the bonus depreciation? And the rest the following year?

I love your videos! I'm a new subscriber. Question. Last year, I financed a vehicle I used to lease. Now, a year later I started my LLC and use my personal car for business more than 50%. Question, can I deduct my mileage and car payments? Should I put the car in Llc name? Thank you!

Hello Clint,
Is this rule for heavy vehicles applicable for year 2023 as well

I absolutely love these videos, and the icing on the cake is that when the video is over I get to slip on down to the comment section and see Mr. Coons' answers to questions I didn't even know I had until I read someone else's comment.

I work a w-2 but work on my RE biz while driving, anyway I can deduct those miles? Any thoughts on the RE biz renting the car out via turo from a 2nd llc?

Mr Coons,

If you put a wrap on your vehicle can you count advertising as using the vehicle 100% for business?

Thank you for all the great videos and education!

Fine Art 🔥🔥🔥

If I live in Stare A and my rental property is in state B, can I write-off the mileage when going to address an issue like a plumbingproblem?

Let's say I'm a real estate investor but only invest in out of state properties. How can I write off a vehicle in that situation? I know traveling, like flying, I can write off but the car I'm not sure I can, unless I'm understanding something wrong?

Well guess what? Ya can!! Lol😂

What if I bought a used vehicle and it’s new to me?

What type of business entity and structure if I was to use my existing home residences as an airbnb with services?

That’s why you don’t use section 179 when there is a potential to show a loss. You use bonus depreciation.

you forgot Subaru Ascent

Your Workshop is very important to all of us.... who look for protection and education.