$25,000-60,000+ tax deduction for JLUR 3.0L Diesel (GVWR just over 6,000 pounds)

[LLANERO]

Any idea on how having it titled under a company would affect insurance cost?

Thx

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[Adamoni]

Any idea on how having it titled under a company would affect insurance cost?

Thx

Allstate told me that if you title it under a business name like LLC or similar, a commercial policy would be required and that would be about double the premium.

Is titling it under a business name required for section 179?

 

[LLANERO]

Allstate told me that if you title it under a business name like LLC or similar, a commercial policy would be required and that would be about double the premium.

Is titling it under a business name required for section 179?

Thx!

That's what I understood from what is said in the posts.

 

[Gonzanc]

Allstate told me that if you title it under a business name like LLC or similar, a commercial policy would be required and that would be about double the premium.

Is titling it under a business name required for section 179?

No, at least not in my state. I would suggest speaking with a CPA or tax attorney for more details.

 

[Adamoni]

I met with my tax guy at 3 PM. Mind you I live in Florida so your state may be different. Also I’m trying to repeat what I remember what he told me and I have not verified it with Google LOL. So please verify before using any of this info. The bottom line is if you get a W-2, making you an employee, and do not have a business otherwise, not only no section 179, but also no mileage, no depreciation, no nada. Fuhgetaboudit (my interpretation). He said since I’m filing W-2 even our home office is not eligible. He said this is new tax laws. The silver lining is the standard deduction has been raised to $25,000 so that will give me a bit more back in my pocket. Basically, employees cannot claim business expenses whatsoever, including section 179.


I would like a second opinion.


If it’s true I guess only if you’re self-employed or own a business do you get to take advantage of section 179, depreciation, biz expenses, or biz mileage. Let me add that he said if you do a lot of mileage for business then claiming mileage year after year would be and I quote ‘way better’. Again just repeating what I think he said here. Please don’t bash him or me LOL.


Doggonit

 

[JLURD]

I met with my tax guy at 3 PM. Mind you I live in Florida so your state may be different. Also I’m trying to repeat what I remember what he told me and I have not verified it with Google LOL. So please verify before using any of this info. The bottom line is if you get a W-2, making you an employee, and do not have a business otherwise, not only no section 179, but also no mileage, no depreciation, no nada. Fuhgetaboudit (my interpretation). He said since I’m filing W-2 even our home office is not eligible. He said this is new tax laws. The silver lining is the standard deduction has been raised to $25,000 so that will give me a bit more back in my pocket. Basically, employees cannot claim business expenses whatsoever, including section 179.


I would like a second opinion.


If it’s true I guess only if you’re self-employed or own a business do you get to take advantage of section 179, depreciation, biz expenses, or biz mileage. Let me add that he said if you do a lot of mileage for business then claiming mileage year after year would be and I quote ‘way better’. Again just repeating what I think he said here. Please don’t bash him or me LOL.


Doggonit

He is correct...it’s a business deduction only. That said, creating an LLC for this purpose is actually quite easy. You might have to get creative, but it’s certainly achievable before these things are delivered.

 

[Gonzanc]

He is correct...it’s a business deduction only. That said, creating an LLC for this purpose is actually quite easy. You might have to get creative, but it’s certainly achievable before these things are delivered.

Yes, he’s correct. Costs vary for forming an LLC but al in would be about $250-300. You can keep the purpose open to “any and all legal purposes” and essentially have it set up for “consulting”. I’m a W2 attorney but have an LLC to moonlight on the side

 

[Adamoni]

Let’s say someone got LLC. If you title vehicle in business name you must insure vehicle with commercial insurance at twice the premium. That route isn’t good for me. Can this be worked so I get LLC, claim mileage each year (and also home office and other business expenses) while NOT title Jeep in LLC name but in my personal name, and use personal insurance policy?

 

[Gonzanc]

Let’s say someone got LLC. If you title vehicle in business name you must insure vehicle with commercial insurance at twice the premium. That route isn’t good for me. Can this be worked so I get LLC, claim mileage each year (and also home office and other business expenses) while NOT title Jeep in LLC name but in my personal name, and use personal insurance policy?

Yes. This is how I do it and have never had the vehicle titled in the name of the LLC

 

[JLURD]

Yes. This is how I do it and have never had the vehicle titled in the name of the LLC

I believe if the business owner is acting as a sole proprietor, title, registration and insurance can all be under their own name, not the business name. Probably can do this in other business arrangements too.

 

[Gonzanc]

I believe if the business owner is acting as a sole proprietor, title, registration and insurance can all be under their own name, not the business name. Probably can do this in other business arrangements too.

Exactly right.

 

[Crux]

All I want for Christmas is for someone to figure out the most cost effective and efficient way for a W2 employee to start an LLC and have personal insurance.

 

[Gonzanc]

All I want for Christmas is for someone to figure out the most cost effective and efficient way for a W2 employee to start an LLC and have personal insurance.

Ho Ho Ho

 

[JLURD]

Ho Ho Ho

Prostitution eh? Guess we can turn “sole proprietor” into a euphemism after all! lol

 

[Gonzanc]

Prostitution eh? Guess we can turn “sole proprietor” into a euphemism after all! lol

capitalism at its finest