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#495 Why You Shouldn't Write Off That Car
Manage episode 414590129 series 2918661
In this episode of the Main Street Business Podcast, Mark J Kohler shifts the idea of buying a car strictly for the write-off into reverse and emphasizes the importance of having a vehicle that aligns with your business needs.
Here are some of the key points that Mark unpacks:
- A breakdown of the pros and cons of business owners buying a vehicle.
- An in-depth discussion on when it is suitable to buy a vehicle for business purposes to leverage tax benefits.
- The significance of ensuring the business can support the deduction for the vehicle.
- Example scenarios illustrating the risks of buying a vehicle based solely on the intention of writing it off.
- The need for proper legal structuring and insurance when owning a business vehicle.
- How the mileage method can be a suitable option for small business owners.
- Thoughts on integrating family members' vehicles into business write-offs for tax benefits.
- Are you ready to get certified in EVERY strategy I teach? Start your journey with a FREE 15-minute demo.
- You don't want to miss this! Secure your tickets for the most significant tax & legal event of the year: Tax and Legal 360
- Curious what my new certification is all about? Learn More
- Looking to connect with a rock star law firm? KKOS is only a click away!
- Grab my FREE Ultimate Tax Strategy Guide HERE!
- Check out our YOUTUBE Channel Here: https://www.youtube.com/markjkohler
- Craving more content? Check out my Instagram!
499 episode
Manage episode 414590129 series 2918661
In this episode of the Main Street Business Podcast, Mark J Kohler shifts the idea of buying a car strictly for the write-off into reverse and emphasizes the importance of having a vehicle that aligns with your business needs.
Here are some of the key points that Mark unpacks:
- A breakdown of the pros and cons of business owners buying a vehicle.
- An in-depth discussion on when it is suitable to buy a vehicle for business purposes to leverage tax benefits.
- The significance of ensuring the business can support the deduction for the vehicle.
- Example scenarios illustrating the risks of buying a vehicle based solely on the intention of writing it off.
- The need for proper legal structuring and insurance when owning a business vehicle.
- How the mileage method can be a suitable option for small business owners.
- Thoughts on integrating family members' vehicles into business write-offs for tax benefits.
- Are you ready to get certified in EVERY strategy I teach? Start your journey with a FREE 15-minute demo.
- You don't want to miss this! Secure your tickets for the most significant tax & legal event of the year: Tax and Legal 360
- Curious what my new certification is all about? Learn More
- Looking to connect with a rock star law firm? KKOS is only a click away!
- Grab my FREE Ultimate Tax Strategy Guide HERE!
- Check out our YOUTUBE Channel Here: https://www.youtube.com/markjkohler
- Craving more content? Check out my Instagram!
499 episode
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