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Trump tax - businesses can depreciate 100% cost of 6,000 lb SUV in first year
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Date: May 9th, 2018 2:09 PM Author: Salmon abode Has anyone considered this in lieu of leasing a car through your business? Thanks to nutella for pointing this out in a thread yesterday.
Basically starting 2018 there are no limits to the amount of depreciation you can take in YEAR ONE for a "business vehicle" if it is a large truck weighing over 6000 pounds GROSS VEHICLE WEIGHT.
Does not have to be limited to a new car either - you could buy a used land cruiser, range rover, whatever and still depreciate the entire thing for an effective 40% tax savings.
My first question is which large-ish SUV does xo recommend? My wife wants an SUV soon and we were considering a smaller SUV like an Outback or something, but this deal is great.
Qualifying SUVs include BMW X5, Mercedes G and GL, all the giant GM/Chevy SUV's, Range Rover, Tesla X, Nissan Armada, Toyata 4 runner and land cruiser, Porsche Cayenne, Audi Q7, etc.
http://www.hbecpa.com/wp-content/uploads/2017/11/Deductions-for-Heavy-Trucks-and-Vans.pdf
Second question is, I assume a law business cannot realistically continue leasing a business car AND buy a depreciated SUV in the same year. I am fine ending my lease and driving my wife's prius for a little bit. Would I be able to start leasing a new car (and deducting the payments) a year or two after buying the SUV, or would I have to wait longer. Seems to me that if you can depreciate a car in one year, you should not be required to use it for more than one year to take advantage of the business tax deduction for depreciation... |
Date: May 9th, 2018 2:18 PM Author: motley mustard shrine marketing idea Relevant to my interests; spouse may go 1099 and bill through our LLC, seems like something we should consider. (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36015933) |
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Date: May 9th, 2018 2:49 PM Author: Salmon abode And even if she doesn't make much - buy a used SUV. (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36016138) |
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Date: May 9th, 2018 2:21 PM Author: Aromatic box office Yes you should obviously do this if you are OK driving an SUV. This is the way it was before 2004 you noob. (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36015942) |
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Date: May 9th, 2018 2:24 PM Author: Beady-eyed amber famous landscape painting party of the first part Deducting 100% in year 1 is a new feature under the tax plan. Before it was $25k + 50% of the rest. Thanks trump! (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36015959) |
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Date: May 9th, 2018 2:27 PM Author: Aromatic box office No stupid it was this way until 2004 when the gov't put into place a 25k cap in the jobs act. (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36015982) |
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Date: May 9th, 2018 2:29 PM Author: Beady-eyed amber famous landscape painting party of the first part Guy talking about something that nobody has been able to do for over a decade years as not “new.” (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36016002) |
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Date: May 9th, 2018 2:31 PM Author: Aromatic box office It's not new. This is how it was from the 70s until after you graduated college.
http://law.lclark.edu/live/files/9689-lcb93dupicpdf
Sorry you didn't start making money until 5 years ago. |
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Date: May 9th, 2018 3:13 PM Author: Fuchsia adventurous alpha locale "they double-decline their assets, by year" (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36016339) |
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Date: May 9th, 2018 4:18 PM Author: Beady-eyed amber famous landscape painting party of the first part Sorry that I don’t consider relevant ancient tax rules that haven’t been in effect for a decade when none of us owned a business. (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36016923) |
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Date: May 9th, 2018 2:50 PM Author: Salmon abode most of us did not have our own businesses 15 years ago. (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36016141) |
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Date: May 9th, 2018 2:59 PM Author: Aromatic box office And clearly did not have parents who owned the means of production. Sad! (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36016225) |
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Date: May 9th, 2018 3:02 PM Author: Salmon abode happens to most of us. (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36016256) |
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Date: May 9th, 2018 2:22 PM Author: Disturbing genital piercing Should I be running tax scams through my law business? Is there a list of things I can do? Assume I am extraordinarily risk-averse (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36015946) |
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Date: May 9th, 2018 3:00 PM Author: Salmon abode absolutely.
definitely deduct lease payments, insurance and gas.
deduct all meals over $80. (you can only deduct 50% of this).
Deduct cell phone, home internet, any office type furniture or tech you buy.
Deduct a reasonable portion of your travel under the assumption you are doing client BD part of the time.
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Date: May 9th, 2018 3:07 PM Author: Aromatic box office It is not clear whether you will be able to deduct 50% or 0% under the new tax bill.
https://markjkohler.com/writing-off-dining-and-food-expenses-in-2018/ |
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Date: May 9th, 2018 3:15 PM Author: Salmon abode our tax group seems to think food and booze is still okay. strip clubs are not. (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36016358) |
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Date: May 9th, 2018 4:14 PM Author: Disturbing genital piercing I don't do any of that shit except cell phone, which I'm already running through the business. Are you saying I should sell my car and lease back another one? (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36016881) |
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Date: May 9th, 2018 4:32 PM Author: Salmon abode Yep. And if you are married buy one suv and lease another later. (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36017040) |
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Date: May 9th, 2018 2:22 PM Author: cowardly exhilarant rehab masturbator (guy who never realized why there are so many brand new pickup trucks on the road) (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36015947) |
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Date: May 9th, 2018 2:23 PM Author: Beady-eyed amber famous landscape painting party of the first part I’d deduct the lease starting year 2.
Your income is high enough that it won’t raise eyebrows.
Also I’d ball out and get a cayenne or Tesla x. You’re getting a 40% discount so why not.
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Date: May 9th, 2018 2:38 PM Author: Aromatic box office Why would you not just deduct the portion of the lease that Earl uses for his personal transportation? If his wife uses it 40% of the time for her own personal use and Earl uses it 60% of the time for work, he should be able to deduct 60% of it.
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Date: May 9th, 2018 2:41 PM Author: Twinkling thriller plaza water buffalo That's not how it works for business vs. personal cars. 10% is a personal car and your only shot is claiming mileage for the business use. (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36016083) |
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Date: May 9th, 2018 2:52 PM Author: Salmon abode So two full years of ownership? or one year and start the lease in year 2?
So I dump my BMW lease this year, buy the SUV in 2018, drive it and the prius in 2019 and lease a new car 2020? |
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Date: May 9th, 2018 2:24 PM Author: Twinkling thriller plaza water buffalo Aren't you just going to pay most of it back in depreciation recapture if you change cars every year. And if you're also using it as a personal car I hope you're tracking mileage and treating it as taxable compensation. (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36015961) |
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Date: May 9th, 2018 2:40 PM Author: Aromatic box office You used to be able to do a 1031 exchange on a business vehicle (and deduct sales price from the basis of the new vehicle), but the new tax code fucks that all up. (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36016071) |
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Date: May 9th, 2018 2:52 PM Author: Twinkling thriller plaza water buffalo Right each trade in is gonna be ordinary income for nearly the full value (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36016160) |
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Date: May 9th, 2018 2:54 PM Author: Salmon abode see below. Keeping the SUV. leasing cars separately. (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36016180) |
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Date: May 9th, 2018 5:48 PM Author: fantasy-prone painfully honest karate You still deduct the cash portion. Basis on new car is cash plus value of old. Income is value of old. Nets to deduct the cash. (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36017586) |
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Date: May 9th, 2018 2:54 PM Author: Salmon abode i'm not changing cars every year.
I am keeping the SUV for my wife for 7-8 years. Just depreciating the entire purchase price (and deducting 90% of it) the first year. I will continue to lease new sedans or whatever every two or three years through my business while my business owns an "old" SUV which has been 100% depreciated and thrown away.
The only catch is that you pay income tax on selling the SUV since the tax basis is now $0, however after a few years it wont be that much and everyone lies about how much they sell cars for anyway. |
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Date: May 9th, 2018 3:04 PM Author: Twinkling thriller plaza water buffalo Your business cant just "give" your wife a car tax free if that's what you're saying. If your point is that the IRS probably won't catch you that's a different issue. (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36016268) |
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Date: May 9th, 2018 3:17 PM Author: Salmon abode yes the business will use the car for two years - then it is fully depreciated and useless. It will sit in my garage while I lease a new car and if my wife wants to drive it, the IRS wont know. (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36016368) |
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Date: May 9th, 2018 3:25 PM Author: Twinkling thriller plaza water buffalo Let me know how that works out when there's either an IRS audit or a car accident and somebody looks into who's on the title, who paid and deducted insurance premiums, whether it has business or commercial collision coverage, how anyone can drive a car that's "useless" (meaning, scrap value is zero, obviusly fully depreciated doesn't mean useless), etc. (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36016441) |
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Date: May 9th, 2018 3:47 PM Author: Salmon abode yes geico regularly sends claim information to the IRS to make sure no one other than the business employee is driving the business vehicle. (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36016631) |
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Date: May 9th, 2018 5:02 PM Author: Twinkling thriller plaza water buffalo Not what I'm saying. Geico will be interested if your wife kills someone in a car not properly insured for its use. The tax man would care if you're treating a personal car as a business asset. The tax man and anyone who wants to veil pierce your PC could be interested in how you commingled business / personal assets and basically transferred an asset from the entity to a shareholder's spouse for no value.
Not saying any of this is remotely likely to happen. |
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Date: May 9th, 2018 4:26 PM Author: Beady-eyed amber famous landscape painting party of the first part What? He and his wife can hold title together on vehicles used for business purposes and both drive them. Insurance in both their names. I don’t know why anything other than regular auto insurance is relevant either since the irs doesn’t give a fuck. Insurance is for liability purposes and doesn’t matter for tax deductions.
You’re making this way more complicated than it needs to be. He is not a c corp with a fleet of vehicles. He just needs to keep his mileage log handy. |
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Date: May 9th, 2018 4:53 PM Author: Twinkling thriller plaza water buffalo The insurance company cares if it's a business vehicle in accident, not the IRS. Uber drivers have problems with this stuff all the time. You need a policy rider for a business vehicle.
Hes talking about having a vehicle owned by the business that is 100% only used for personal use after year 2. There is no business mileage to log. A PC is a separate entity and taxpayer from the shareholder.
If hes just hoping not to get caught that's his choice but what hes talking about isn't technically compliant. You cant just say that a fully functional car is "useless" to gift it to a family member of the shareholder of the entity that owns it. |
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Date: May 9th, 2018 5:06 PM Author: Salmon abode The car would still be under my name. The insurance is under my name. All of that is legit even if the business buys the car as long as it is purportedly for business use over 50%.
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Date: May 9th, 2018 5:25 PM Author: Twinkling thriller plaza water buffalo So the PC is going to buy the car with its money, since the business has to be the buyer to get a deduction on its corporate return, but you will take title to the car personally? Not sure if that works but if your accountant says so go for it.
Does your PC even have enough net income to use this whole deduction in 1 year, after you pay yourself? I dont think you can carry it forward. |
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Date: May 9th, 2018 5:39 PM Author: Salmon abode My PC gets a check for ~$200K at the end of the year for my bonus after all my retirement is taken out. I can lend my PC $60K in the meantime as long as everything is zeroed out at the end of the year.
You definitely can take title to the car personally. Our tax department gave a CLE to all partners encouraging everyone to form PC's.
Note you can also deduct 100% of out of pocket medical costs if you have a c-corp and one employee - for that employee and his or her family. So my corp pays for all of my and my wifes out of pocket medical, dental and vision. |
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Date: May 9th, 2018 3:57 PM Author: red splenetic dilemma striped hyena "then it is fully depreciated and useless"
*wink, wink* |
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Date: May 9th, 2018 4:16 PM Author: Beady-eyed amber famous landscape painting party of the first part I meant I’d deduct the lease starting the next tax year. Just keep the suv and deduct 90% of the mileage for client meetings to Compton.
You make a lot of income, it won’t be an issue. Keep your mileage log in excel.
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Date: May 9th, 2018 5:07 PM Author: Salmon abode explain why a mileage log is important for buying an SUV versus driving my leased car now? (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36017329) |
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Date: May 9th, 2018 5:34 PM Author: Aromatic box office It's important for both to know what % of use is personal vs. pleasure.
You can use an iphone app these days. https://triplogmileage.com/ios-mileage-tracking-app.html
Or just use a percentage of total miles like a normal person. |
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Date: May 9th, 2018 6:47 PM Author: Beady-eyed amber famous landscape painting party of the first part No difference btwn the cars; just maintain good records so in case there is an audit, you’re not logging 3 years worth of data or whatever at once. (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36017948) |
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Date: May 9th, 2018 6:50 PM Author: Salmon abode make the shit up now or later. no one uses a car 90% for business. (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36017967) |
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Date: May 9th, 2018 7:01 PM Author: Beady-eyed amber famous landscape painting party of the first part When I told my accountant we were doing 75% for the lease, he laughed and said most of his clients do 90% for 2 cars. (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36018030) |
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Date: May 9th, 2018 7:04 PM Author: Salmon abode touraeg is over 6000 pounds and your husbands LLC makes enough to buy a used one...
Didn't realize you can finance the purchase too.
5 year 0% financing and depreciate 100% year one. lol. |
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Date: May 9th, 2018 2:25 PM Author: Coral excitant sweet tailpipe I'm gay btw (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36015969) |
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Date: May 9th, 2018 2:25 PM Author: Aromatic box office Fucking Christ you are retarded. Of course you can continue to lease a business car and buy an SUV in the same year you dumb fuck. The problem is you can only deduct the percentage that the car is used for business. But if you want to lease a 911 for Monday Wednesday and Friday and drive a Cayenne Tuesday and Thursday, and if you don't use either of the cars for personal shit, you can take 100% of the deductions. (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36015970) |
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Date: May 9th, 2018 2:27 PM Author: Twinkling thriller plaza water buffalo I think he meant that taking deductions for 2 cars is an obvious audit risk for a business that clearly doesn't need 2 cars (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36015989) |
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Date: May 9th, 2018 2:32 PM Author: Aromatic box office You are putting words in his mouth. The rule doesn't depend on how many cars you have, it depends on what percentage of use is for business. He didn't mention the word "audit." (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36016024) |
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Date: May 9th, 2018 2:38 PM Author: Twinkling thriller plaza water buffalo "Realistically for a law business" sounded like a practical concern. In any event there are specific IRS rules on both what % of usage must be business use (50% minimum) and how long that use must last, so he should talk to an accountant to not fuck it up. (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36016052) |
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Date: May 9th, 2018 2:56 PM Author: Salmon abode that's correct. my law business is visiting clients and driving with papers in my car. I do not want to pretend to justify my corporation which is a sole professional corporation with one employee needing two business vehicles at the same time. I intend on deducting any car I claim as a business vehicle 90% with 10% personal. Do not want to do with with two cars at once. (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36016194) |
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Date: May 9th, 2018 3:02 PM Author: Aromatic box office You don't have to "need" two business cars. You just have to use them for business and not lie about how much you use them for personal stuff. You could have 5 business cars if they are used more than 50% for business. I have relatives who have 3 business cars and who have been audited with no issues. Again,the issue is whether you accurately capture the percentage of use of THAT SPECIFIC CAR that is for business.
You need to get an accountant if you are going to be this retarded about taxes. |
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Date: May 9th, 2018 3:04 PM Author: Salmon abode dude, I understand how it works. But the reality is that I have a law business and that I am trying to minimize audit risk - which you already run by listing your car as a 90% business expense.
Nobody accurately captures the percentage used for business - at least not lawyers. They inflate as much as they think they can get away with. |
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Date: May 9th, 2018 3:09 PM Author: Aromatic box office I can't speak to your ethics, but you know how far your office is from your home and how often you are going to/from the office. (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36016316) |
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Date: May 9th, 2018 3:17 PM Author: Salmon abode my commute is 1 mile. i actually drive very little for my commute. (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36016375) |
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Date: May 9th, 2018 3:10 PM Author: Twinkling thriller plaza water buffalo Driving between your home and firm office is not business driving btw (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36016326) |
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Date: May 9th, 2018 3:17 PM Author: Salmon abode i'm aware of that. (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36016376) |
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Date: May 10th, 2018 3:38 PM Author: sapphire vengeful bawdyhouse legal warrant ...unless you have a home office (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36024042) |
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Date: May 9th, 2018 2:41 PM Author: trip trump supporter both of you would be better off telling your shithead husbands to get jobs in bumfuck somewhere and just be stay at home parents. (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36016080) |
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Date: May 9th, 2018 2:53 PM Author: Canary principal's office what (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36016168) |
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Date: May 9th, 2018 2:54 PM Author: trip trump supporter I meant earl and nutella but you should also move to denver (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36016177) |
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Date: May 9th, 2018 2:55 PM Author: outnumbered silver nursing home knife (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36016182) |
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Date: May 9th, 2018 3:10 PM Author: Canary principal's office Absolutely fucking not. (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36016327) |
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Date: May 10th, 2018 9:23 AM Author: trip trump supporter ideally someone would invent time travel and ensure that you, earl, nutella and all of your families never set foot in this country and then destroy the technology. but yea, you should move to denver (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36021665) |
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Date: May 9th, 2018 2:54 PM Author: Canary principal's office Hmmmmm... (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36016174) |
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Date: May 9th, 2018 2:57 PM Author: Salmon abode <><><>IN HOUSE NO FAKE CORPORATION<><><>
How sad when I buy a land cruiser I don't even want because it is 40% off. You can come drive it. |
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Date: May 9th, 2018 3:00 PM Author: outnumbered silver nursing home knife hell yes, my bitch (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36016237) |
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Date: May 9th, 2018 3:01 PM Author: Salmon abode you should absolutely do this, btw. (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36016245) |
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Date: May 9th, 2018 3:09 PM Author: Canary principal's office Ugh, I can start an LLC but then I have to do a whole show and dance. Just pondering if I can make this work or if I should just pay the money for my fucking GLE AMG 63.
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Date: May 9th, 2018 3:18 PM Author: Charismatic filthpig How would you “start an LLC”? Your megacorp would make you a contractor? (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36016383) |
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Date: May 9th, 2018 3:30 PM Author: Canary principal's office No, it would have to be something totally different. I'm probably not doing shit and just buying like a normal pleb. (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36016475) |
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Date: May 9th, 2018 5:19 PM Author: Provocative startling friendly grandma partner How would you get the benefit of the depreciation? Do you understand there is more to it than just having a shell LLC and that you would have to have income to offset with the depreciation deduction? (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36017406) |
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Date: May 9th, 2018 5:20 PM Author: Canary principal's office I get that, which is the whole issue. I was playing with ideas but none of them actually worked. (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36017418) |
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Date: May 9th, 2018 5:27 PM Author: Provocative startling friendly grandma partner You said that you "can start an LLC but then I have to do a whole show and dance" and also that this would not involve having your day job wages appear as revenue for your llc. So are you saying you have some other business ideas that would generate >$100k revenue that you thought up specifically to enable you to buy and immediately expense a $100k mercedes, but you just don't feel like pursuing them? (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36017455) |
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Date: May 9th, 2018 6:27 PM Author: Canary principal's office I was wondering if there was some way to sell my house to the LLC, then lease that house from the LLC, then do that with the car too. The benefit of this is that the house property taxes could also be deductible that way, no? But this is a whole mess and I suspect there are one or more problems with this. (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36017841) |
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Date: May 9th, 2018 9:21 PM Author: Provocative startling friendly grandma partner Wouldnt your rent payments to your LLC then become revenue to you? Wouldn't you also have to depreciate your house and then recognize gain when you sell it? (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36018987) |
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Date: May 9th, 2018 9:25 PM Author: Charismatic filthpig No the math checks out.
https://m.youtube.com/watch?v=FYlZd__XFro |
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Date: May 10th, 2018 10:19 AM Author: Canary principal's office Like I said, I wasn't able to come up with anything that worked. (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36021947) |
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Date: May 9th, 2018 3:19 PM Author: Salmon abode Is the GLE heavy enough? I think its just the GL and G wagon.
Also your LLC needs to make enough money to pay for the expense. Unless your job will pay you through an LLC or C corp you might have a hard time. |
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Date: May 9th, 2018 3:29 PM Author: Canary principal's office Turns out yes because we're doing GVW.
https://www.carleasingmadesimple.com/data/mercedes-benz/gle/gross-vehicle-weight/
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Date: May 9th, 2018 3:49 PM Author: Salmon abode how much is that in American? (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36016646) |
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Date: May 9th, 2018 3:52 PM Author: Canary principal's office 2.2 lbs in a kilo. (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36016678) |
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Date: May 9th, 2018 3:26 PM Author: Deep navy hell gaming laptop (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36016455) |
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Date: May 9th, 2018 3:00 PM Author: Doobsian Brilliant Market I'm forwarding this entire thread to RBI. Next thing you crooked lawfags will be deducting is the basketball you'll be using at Pelican Bay (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36016234) |
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Date: May 9th, 2018 3:01 PM Author: outnumbered silver nursing home knife 6'4" earl dunking all over the pick up games in H-Block (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36016244) |
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Date: May 9th, 2018 3:02 PM Author: Salmon abode lol at me having time to play pick up with the miles of cock waiting. (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36016251) |
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Date: May 9th, 2018 3:09 PM Author: outnumbered silver nursing home knife I think you took the accusations yesterday of you being a boring poaster a little personally. You're really getting after it today haha (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36016308) |
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Date: May 9th, 2018 3:10 PM Author: Aromatic box office BTW Earl you definitely need an orthodox accountant. You are leaving tons of money on the table, believe me. (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36016325) |
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Date: May 9th, 2018 3:53 PM Author: lime location scourge upon the earth Earl couldn't conceal his hatred of (((them))). (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36016689) |
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Date: May 9th, 2018 3:28 PM Author: Titillating godawful parlor tesla doesnt qualify?
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Date: May 9th, 2018 3:30 PM Author: Titillating godawful parlor is it loaded or unloaded GVW? almost all of those are under 6k unloaded
why would they count loaded GVW |
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Date: May 9th, 2018 3:37 PM Author: Titillating godawful parlor urfucked, looks like for passenger autos it has to be unloaded under 6k (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36016541) |
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Date: May 9th, 2018 3:40 PM Author: Canary principal's office Oh shit, then who even cares. (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36016565) |
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Date: May 9th, 2018 3:41 PM Author: Titillating godawful parlor actually the more i read, i think SUVs are on a truck chassis so they are actually not passenger autos and the 6k weight is loaded
so the big SUVs would count
would like a legit source to weigh in though |
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Date: May 9th, 2018 3:57 PM Author: Salmon abode check out "bonus depreciation 2018" (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36016715) |
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Date: May 9th, 2018 3:51 PM Author: Salmon abode does the chassis matter?
X5 and Q7 are not on a truck chassis (I cant imagine) but they are listed in the 6000 lb tax loophole list. |
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Date: May 9th, 2018 3:51 PM Author: Titillating godawful parlor your list isnt authoritative, im trying to find one that is (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36016668) |
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Date: May 9th, 2018 3:53 PM Author: Titillating godawful parlor this seems like a good analysis but i dont have time to read the whole thing
https://www.calt.iastate.edu/blogpost/looking-vehicle-depreciation-and-expensing-under-new-tax-law |
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Date: May 9th, 2018 3:58 PM Author: Titillating godawful parlor this BMW dealer says their X5 nad 6 count
https://www.bmwofasheville.com/x5-and-x6-tax-benefits.htm |
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Date: May 9th, 2018 4:00 PM Author: Salmon abode and that has not updated with the new tax code for bonus depreciation. (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36016756) |
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Date: May 9th, 2018 4:37 PM Author: Beady-eyed amber famous landscape painting party of the first part It’s loaded weight. I guess the tax rules were originally designed to help out a lumberjack hitching a bunch of trees to his suvs, not midlaw service partners with bad 80s hair.
The funny thing is the second you go to any dealer and say you’re looking for a 6000 suv for business, basically every midsize suv and up qualifies. The bmw dealer told us that basically the manufacturers design them to make the over just over 6000 lbs loaded. |
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Date: May 9th, 2018 3:55 PM Author: red splenetic dilemma striped hyena The GMC Acadia comes in at a suspicious 6,001.
https://www.caranddriver.com/gmc/acadia/specs |
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Date: May 9th, 2018 3:56 PM Author: Canary principal's office lol.
"Jerry, we need to add 7lbs to this. Any ideas?"
Jerry: "Here, let's throw in some extra plastic there too."
"Perfect."
Jerry: "How is this supposed to help sales?"
"Don't worry about it." |
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Date: May 10th, 2018 3:10 PM Author: red splenetic dilemma striped hyena If you were to look at a list of GVWRs, I wonder if you'd see a gap in the upper 5,000 range, where SUVs are stretching to 6,000. (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36023837) |
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Date: May 9th, 2018 4:01 PM Author: Salmon abode so what would you pick between:
X5, Q7, Jeep Grand Cherokee, Toyota 4 Runner? |
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Date: May 9th, 2018 4:02 PM Author: Fuchsia adventurous alpha locale get a used land cruiser (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36016781) |
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Date: May 9th, 2018 4:04 PM Author: Salmon abode Too big. It's a cool car but I am not driving off road in the canyons. Taking my bike, kayak and or snowboards to big bear in 2 inches of snow is probably the most I need. (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36016791) |
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Date: May 9th, 2018 4:06 PM Author: Fuchsia adventurous alpha locale you have guns and ammo and you make your own stew. you live in southern california. you can't afford NOT to have a land cruiser dude. (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36016810) |
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Date: May 10th, 2018 3:41 AM Author: Idiotic Menage (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36020785) |
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Date: May 25th, 2018 7:58 PM Author: Cerise voyeur place of business (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36128905) |
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Date: May 9th, 2018 4:14 PM Author: Canary principal's office Mercedes GLE 63 AMG (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36016888) |
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Date: May 9th, 2018 4:34 PM Author: Salmon abode $120k? (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36017065) |
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Date: May 9th, 2018 4:57 PM Author: Canary principal's office But worth it! If TMF can get one, so can you! (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36017277) |
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Date: May 9th, 2018 4:28 PM Author: outnumbered silver nursing home knife X5 looks cool, imo (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36016997) |
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Date: May 9th, 2018 4:32 PM Author: Titillating godawful parlor tesla model X, dummy
stop buying last gen technology |
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Date: May 9th, 2018 4:33 PM Author: Salmon abode Does the Jeep Grand Cherokee suck? (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36017058) |
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Date: May 9th, 2018 4:41 PM Author: Titillating godawful parlor (TMF (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36017132) |
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Date: May 9th, 2018 5:05 PM Author: Canary principal's office I'm Mercedes GLE 63 AMG trolling these days. (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36017315) |
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Date: May 9th, 2018 4:59 PM Author: Canary principal's office It is good if you get a Summit with a V8 or an SRT/Hellcat or something, but you're between $50-100k anyway by that point. (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36017288) |
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Date: May 9th, 2018 4:34 PM Author: Deep navy hell gaming laptop lol at Tesla (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36017069) |
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Date: May 9th, 2018 4:39 PM Author: Salmon abode $100k+ for a car is pretty steep. (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36017116) |
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Date: May 9th, 2018 4:41 PM Author: Titillating godawful parlor its like 70k base (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36017131) |
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Date: May 9th, 2018 4:42 PM Author: outnumbered silver nursing home knife reminder that it's practically free after the tax write-off
You're losing money if you don't buy it |
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Date: May 9th, 2018 4:43 PM Author: Titillating godawful parlor cr ur basically burning up ur money (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36017152) |
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Date: May 9th, 2018 4:43 PM Author: Beady-eyed amber famous landscape painting party of the first part Yeah but it’s a 40% discount plus you still get all the clean air tax rebates right? (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36017146) |
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Date: May 9th, 2018 4:45 PM Author: Deep navy hell gaming laptop it's fucking hideous though. my god (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36017168) |
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Date: May 9th, 2018 4:46 PM Author: Titillating godawful parlor agreed (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36017175) |
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Date: May 9th, 2018 5:00 PM Author: Canary principal's office It isn't that bad. I'm more worried that I don't trust Tesla as a company at all. (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36017292) |
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Date: May 9th, 2018 5:40 PM Author: Aromatic box office Here is a Tesla Model X smoking a Lambo Aventador SV.
https://www.youtube.com/watch?v=_NnNEuxqoPo
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Date: May 9th, 2018 4:47 PM Author: Titillating godawful parlor also earl u are aware that if ur wife drives it for fun and shit and you depreciate 100% you are technically violating the law? (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36017182) |
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Date: May 9th, 2018 5:09 PM Author: Salmon abode fuck, never thought of that. I will probably deduct 90% of the depreciation like I deduct 90% of my lease payments. (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36017338) |
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Date: May 9th, 2018 6:08 PM Author: fiercely-loyal laughsome love of her life CR. Crazy how open he is about committing obvious tax fraud.
Ljl at explaining to the IRS that your car used 90% for business.
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Date: May 9th, 2018 6:13 PM Author: Lascivious candlestick maker indirect expression *white proles in West Virginia celebrating* (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36017723) |
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Date: May 9th, 2018 6:29 PM Author: Concupiscible space dragon can uber drivers use this (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36017848) |
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Date: May 10th, 2018 11:56 AM Author: Dull Hospital Selfie Could I form an LLC or something, buy new car, drive exclusively for Uber like once a week, take YUGE loss on my personal return after a year, and then dissolve company afterwards? (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36022557) |
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Date: May 10th, 2018 12:00 PM Author: Titillating godawful parlor sure if you are ok with tax fraud (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36022577) |
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Date: May 25th, 2018 7:04 PM Author: multi-colored mauve lettuce really tough guy tax fraud is wonderful fuck u (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36128675) |
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Date: May 10th, 2018 12:09 AM Author: bright community account mad cow disease someone explain how this is effectively taking 40% off of the purchase price for an SUV? (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36020220) |
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Date: May 10th, 2018 1:35 AM Author: Salmon abode Let's say my law corporation makes $500k this year. I buy a $100k SUV and am able to depreciate 100% of the cost because of rule 179 and bonus depreciation for big trucks.
So effectively I deduct $100k from the $500k my corporation makes. The remaining $400k is paid to me as salary (ignoring all other deductible business expenses). I have an effective 40-45% tax rate on my income. So I pay income taxes on $400k at that rate. Assuming 40% I pay 160k in taxes and keep $240k.
If I just bought the car myself, I would pay taxes on all $500k income (since no business deductions in this example). So I pay 200k in taxes (higher actually since the marginal rate is highest at the top) and have $300k left. I then buy the $100k car and have $200k left, which costs me $40k more than if I bought it through my company in the first example. |
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Date: May 10th, 2018 1:38 AM Author: motley mustard shrine marketing idea Offset the revenue coming into the LLC or Corp with the full purchase price of this truck. I presume 40% is approx. the rate which that revenue would be taxed at if not offset by this expenditure. (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36020601) |
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Date: May 10th, 2018 12:29 AM Author: Bateful mint theatre skinny woman You can only take advantage of this in biglaw is if you’re a partner as a P.C. right? Or can an associate take advantage of this? (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36020323) |
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Date: May 10th, 2018 1:27 AM Author: Salmon abode That's right as a partner through a PC. (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36020561) |
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Date: May 12th, 2018 4:43 PM Author: bright community account mad cow disease anyone take advantage of this? (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36037673) |
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Date: May 25th, 2018 6:37 PM Author: bright community account mad cow disease (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36128536) |
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Date: June 1st, 2018 6:14 PM Author: bright community account mad cow disease (http://www.autoadmit.com/thread.php?thread_id=3972564&forum_id=2#36167897) |