WEBVTT - Study Hall: HOW TO PURCHASE A CAR IN YOUR BUSINESS NAME 0:00:00.400 --> 0:00:03.120 Coach, the energy out there felt different. What changed for 0:00:03.160 --> 0:00:03.800 the team today? 0:00:03.880 --> 0:00:06.040 It was a new game day scratches from the California 0:00:06.080 --> 0:00:09.280 Lottery Player is everything. Those games sent the team's energy 0:00:09.320 --> 0:00:09.799 through the roof. 0:00:09.880 --> 0:00:11.880 Are you saying it was the off field play that 0:00:11.920 --> 0:00:13.000 made the difference on the field. 0:00:13.119 --> 0:00:15.840 Hey, little play makes your day, and today it made 0:00:15.880 --> 0:00:18.000 the game. That's all for now, Coach. 0:00:18.120 --> 0:00:20.800 One more question play than New Los Angeles Chargers, San 0:00:20.800 --> 0:00:23.800 Francisco forty nine Ers and Los Angeles Ram Scratchers from 0:00:23.840 --> 0:00:26.640 the California Lottery. A little play can make your day. 0:00:27.280 --> 0:00:29.240 Peace made responsibily. Must be eighteen years or older to 0:00:29.240 --> 0:00:30.120 purchase late or claim. 0:00:30.240 --> 0:00:32.040 Let's let's let's get into it, miss business. 0:00:32.040 --> 0:00:34.839 So we the first thing I want to telk you 0:00:34.880 --> 0:00:37.199 about few different things as far as tax plan is concerned. 0:00:37.240 --> 0:00:40.120 But the first thing that we did well, not the 0:00:40.120 --> 0:00:41.879 first thing that we did, but the thing that I 0:00:41.880 --> 0:00:45.120 want to talk about first is the cars, cause you know, 0:00:45.320 --> 0:00:48.040 it's one of these things that gets people's attention and 0:00:48.120 --> 0:00:50.519 everybody has an opinion on it, and it's like but 0:00:51.240 --> 0:00:52.920 you know, like I said, everything that we do we 0:00:53.159 --> 0:00:55.280 do responsibly, and everything that we do we share with 0:00:55.320 --> 0:00:58.560 the public. So you know, we when we was purchasing 0:00:58.560 --> 0:01:00.360 our cars and shout out to you, because she was 0:01:00.400 --> 0:01:02.480 the first person to really because I had never put 0:01:02.480 --> 0:01:04.280 a car on a business name before. I always used 0:01:04.280 --> 0:01:06.480 to just you know, buy my car at least my cars, 0:01:06.480 --> 0:01:07.880 and put it on my own personal name. 0:01:08.560 --> 0:01:10.480 And I never even had the opportunity. 0:01:10.600 --> 0:01:11.920 You can I say, well, I can say what kind 0:01:11.920 --> 0:01:13.560 of car you got? You got the G Wagon? 0:01:14.280 --> 0:01:19.240 You GOTG Yeah, this business got the g Wagon, big boy, 0:01:19.400 --> 0:01:20.520 big body, the. 0:01:21.400 --> 0:01:24.840 G AMG G sixty three, sixty three. 0:01:25.160 --> 0:01:26.920 He's sixty three. That's what you have been saying. 0:01:27.000 --> 0:01:31.800 I mean, I like, c he ain't rolling like that. Man, 0:01:31.920 --> 0:01:33.120 you might need to find a new one. 0:01:33.200 --> 0:01:38.520 G sixty three, that's what. That's a fact, man, spicy. 0:01:38.720 --> 0:01:41.560 So when when I was talking to her and she 0:01:41.600 --> 0:01:43.039 gave me some games, She's like, yeah, you know, I 0:01:43.080 --> 0:01:46.480 put it under my business account and she kind of 0:01:46.520 --> 0:01:48.560 like gave me the knowledge on it. So I'm like, 0:01:49.000 --> 0:01:50.560 all right, well I'm gonna get a car, so I 0:01:50.640 --> 0:01:52.480 might as well do the same thing. And it was 0:01:52.520 --> 0:01:55.040 a lot easier than I thought it was gonna be, 0:01:55.080 --> 0:01:58.120 Like it literally took me five minutes. And the dope 0:01:58.160 --> 0:02:01.680 part for me, is that my base my bank that 0:02:01.680 --> 0:02:04.320 I'm getting the financing through is Chase, and I bank 0:02:04.320 --> 0:02:06.760 would Chase. So on the app it has like my 0:02:06.840 --> 0:02:09.480 car payment thing right there, and it's like all I 0:02:09.480 --> 0:02:12.280 gotta do is just open my Chase app and it's 0:02:12.320 --> 0:02:15.239 just automatic for the car payment, straight from the straight 0:02:15.280 --> 0:02:19.080 from the straight from the business account. So let's talk 0:02:19.080 --> 0:02:20.920 about it. Let's talk about it. So there's two ways 0:02:21.240 --> 0:02:23.560 that you can that you can accomplish this, right. Well, 0:02:23.560 --> 0:02:26.640 first let's talk about the six thousand pound UL because 0:02:26.680 --> 0:02:28.560 a lot of people was asking about the six thousand 0:02:28.560 --> 0:02:31.000 pound RUL. They thought that that's what it was. Because 0:02:31.000 --> 0:02:33.600 if you're not familiar, well, I'll let you, I'll I'll 0:02:33.800 --> 0:02:36.400 They say, I talk too much, You're explain, you explaining 0:02:36.400 --> 0:02:37.200 the six thousand. 0:02:36.960 --> 0:02:40.959 You're so smart that you can't help it. You can't 0:02:41.040 --> 0:02:44.560 help it, all right, So let's talk about vehicles, right, 0:02:44.639 --> 0:02:48.360 So you have you have your standard vehicles, right, Most 0:02:48.440 --> 0:02:52.680 vehicles like even rain drovers, g wagons, they fall a 0:02:52.720 --> 0:02:55.440 little under six thousand pounds. But for the most part, 0:02:55.800 --> 0:03:00.440 all vehicles fall under about six thousand pounds. And if 0:03:00.480 --> 0:03:02.880 you do, and we'll talk, and I also want to 0:03:02.919 --> 0:03:06.160 talk about the different ways you can go about purchasing 0:03:06.160 --> 0:03:06.639 your vehicle. 0:03:06.720 --> 0:03:09.280 Right, So, you have your finance and then you have 0:03:09.360 --> 0:03:12.040 your lease in, or you can pick the mileage method. Right, 0:03:12.080 --> 0:03:15.720 most people are very familiar with the mileage method. However, 0:03:15.800 --> 0:03:19.120 when you finance your car, it when you could pretty 0:03:19.160 --> 0:03:22.240 much purchase your vehicle. It sits as an asset in 0:03:22.280 --> 0:03:24.520 your business. Right, So when it sits as an asset 0:03:24.560 --> 0:03:27.840 in your business, anytime you have any type of assets, 0:03:28.200 --> 0:03:32.000 you get to depreciate them. So when you are depreciating 0:03:32.520 --> 0:03:36.600 your vehicles, there are certain timeframes in terms of years 0:03:36.600 --> 0:03:39.560 that you get to depreciate it over. So for anyone 0:03:39.600 --> 0:03:43.120 that isn't familiar when you depreciate any sort of asset, 0:03:43.400 --> 0:03:48.680 what you're doing is you are you're pretty much allocating 0:03:48.720 --> 0:03:52.680 the cost of whatever asset you acquire, and you are 0:03:52.720 --> 0:03:56.320 writing it off over time. Right, So with a vehicle, 0:03:56.400 --> 0:04:03.280 typically standard depreciation years for a vehicle is seven years. However, 0:04:04.120 --> 0:04:08.520 there's this thing called bonus appreciation that Trump put that 0:04:08.520 --> 0:04:12.520 Trump pretty much wrote into his tax code, where for 0:04:13.040 --> 0:04:17.760 vehicles that are less than six thousand pounds, you the 0:04:17.839 --> 0:04:21.440 first year you get to the duck eighteen thousand dollars right, 0:04:21.920 --> 0:04:25.840 the second year, you get to depreciate sixteen thousand, and 0:04:25.920 --> 0:04:28.919 then the year after that you get to the the duck. 0:04:28.839 --> 0:04:29.960 Ninety six hundred. 0:04:30.279 --> 0:04:33.560 Right in year three, then every year after that you 0:04:33.600 --> 0:04:36.240 get to the duck five thousand, seven hundred and sixty 0:04:36.279 --> 0:04:38.680 dollars for each year intil the value of your asset 0:04:38.720 --> 0:04:42.839 has been pretty much fully depreciated, right, meaning that you've 0:04:42.880 --> 0:04:46.040 captured the full cost of your vehicle. Now, if your 0:04:46.120 --> 0:04:49.240 vehicle is more than six thousand pounds, you get to 0:04:49.279 --> 0:04:52.080 the duck one hundred percent of the vehicle, right. And 0:04:52.080 --> 0:04:56.440 why that is so important is because sometimes people need 0:04:56.480 --> 0:04:57.560 those deductions. 0:04:57.960 --> 0:04:58.159 Right. 0:04:58.839 --> 0:05:02.279 You may say, let's I purchased this vehicle. It's over 0:05:02.320 --> 0:05:05.400 six thousand pounds. I need those write offs, right, So 0:05:05.480 --> 0:05:08.440 instead of writing it off over years, you get to 0:05:08.480 --> 0:05:10.440 write it off one hundred percent. 0:05:10.200 --> 0:05:10.840 In that year. 0:05:11.200 --> 0:05:13.880 The good thing about bonus appreciation you can choose to 0:05:13.920 --> 0:05:16.640 take it. You can choose not to. So let's just say, hypothetically, 0:05:17.000 --> 0:05:20.200 if you were saying, you know what my vehicle I 0:05:20.279 --> 0:05:23.720 want to you know, I don't want to take advantage 0:05:23.760 --> 0:05:27.640 of bonus appreciation, right, you will just write it off 0:05:27.680 --> 0:05:28.440 over years. 0:05:28.920 --> 0:05:30.279 Over Let's say those seven years. 0:05:30.320 --> 0:05:34.120 And why that's important is because in like tax planning sessions, 0:05:34.360 --> 0:05:36.039 we get to make those decisions. 0:05:36.120 --> 0:05:36.320 Right. 0:05:36.360 --> 0:05:39.960 So Rashaw talked about tax planning where I sit down 0:05:40.000 --> 0:05:42.240 with my clients and I kind of find out everything 0:05:42.279 --> 0:05:44.680 that's going on, and then we get to make the 0:05:44.720 --> 0:05:48.919 decision on saying, okay, if you finance, okay, should we 0:05:48.920 --> 0:05:52.360 take advantage of bonus appreciation? Is your vehicle over six 0:05:52.400 --> 0:05:55.480 thousand pounds is it not? And how we can treat 0:05:55.560 --> 0:05:59.840 it right. Another option is leasing your vehicle. So when 0:05:59.880 --> 0:06:03.120 you lease your vehicle, you get to write one of 0:06:03.160 --> 0:06:06.360 the least payment off. Right, It's like any other expense 0:06:06.400 --> 0:06:06.960 that you are. 0:06:06.880 --> 0:06:08.240 Incurring on a vehicle. 0:06:08.839 --> 0:06:11.080 Keep in mind on the fine if you're financing as 0:06:11.080 --> 0:06:14.240 well as leasing, you are also able to take deductions 0:06:14.240 --> 0:06:26.600 such as gas, insurance payments, registration, any sort of car washes, tires. Right, 0:06:26.640 --> 0:06:29.159 you get to write those things off. And I wanted 0:06:29.160 --> 0:06:32.760 to mention those things because then you have the mileage 0:06:32.839 --> 0:06:35.719 method that people are very familiar with. So with the 0:06:35.800 --> 0:06:38.880 mileage method, you pretty much it's kind of like a 0:06:38.960 --> 0:06:43.599 quick calculation for I'm sorry, I keep seeing people ask 0:06:43.680 --> 0:06:46.600 about pounds, so I can't necessarily tell you how many 0:06:46.640 --> 0:06:49.800 pounds your vehicles are, but I'm sure if you google 0:06:49.839 --> 0:06:52.760 it you will find out how much of your co waves. 0:06:53.720 --> 0:06:58.360 So now, in regards to the mileage method, that's pretty 0:06:58.400 --> 0:07:00.760 much the irs quick wave of saying, you know what, 0:07:01.320 --> 0:07:03.280 if you don't want to keep track, and you don't 0:07:03.320 --> 0:07:05.080 want to write off your payments, or even if you 0:07:05.200 --> 0:07:08.159 drive a lot, and it may be to your best interest, 0:07:08.640 --> 0:07:13.360 instead of writing off the least payments or depreciating your vehicle, 0:07:13.720 --> 0:07:16.000 will just do the mileage method. So what that means 0:07:16.040 --> 0:07:20.200 is you just track your mouths from all of your 0:07:20.240 --> 0:07:24.440 business activities throughout the year, and then you will multiply. However, 0:07:24.480 --> 0:07:27.000 mini miles that is for twenty nineteen was fifty eight 0:07:27.040 --> 0:07:31.920 cents per mile. Now, the thing that people always make 0:07:31.960 --> 0:07:34.200 the mistake of when it comes to the mileage method 0:07:34.280 --> 0:07:36.400 is that they feel they can take the mileage method 0:07:36.720 --> 0:07:40.840 and then also deduct gas and insurance and all of 0:07:40.840 --> 0:07:41.920 those things on top of it. 0:07:42.000 --> 0:07:45.480 But you can't the idea behind the mileage method. 0:07:45.480 --> 0:07:48.960 It's kind of like a quick calculation for you to say, 0:07:48.960 --> 0:07:51.320 you know what, I'm just going to write off my 0:07:51.440 --> 0:07:56.360 vehicle this way. Something to note is that you have 0:07:56.680 --> 0:07:59.320 to either take advantage of the mileage method or the 0:07:59.400 --> 0:08:02.640 actual right. So the actual method is writing off your 0:08:02.680 --> 0:08:06.440 actual expenses such as you know, like your leash, your insurance, 0:08:06.480 --> 0:08:08.640 your gas, all of those things, or you use the 0:08:08.680 --> 0:08:10.920 mileage method, right, which is a quick calculation. 0:08:12.360 --> 0:08:16.360 So I don't think I have any more to really, no. 0:08:16.360 --> 0:08:19.600 Real quick because as I'm listening to you say, and 0:08:19.640 --> 0:08:23.280 from a CPA standpoint, is it best that like if 0:08:23.280 --> 0:08:25.520 I have a credit card, I allocate that credit card 0:08:25.520 --> 0:08:28.240 specifically to all those things, right, So that makes it 0:08:28.280 --> 0:08:30.560 easier to make for bookkeeping. 0:08:31.240 --> 0:08:32.680 Be a good idea because when. 0:08:32.600 --> 0:08:35.120 We're doing your bookkeeping, well, we'll be able to allocate 0:08:35.160 --> 0:08:38.880 that what you guys should have. And and I don't know, 0:08:38.920 --> 0:08:39.720 I'm gonna put this out there. 0:08:39.720 --> 0:08:40.760 I don't know if you guys have it. 0:08:40.800 --> 0:08:43.000 But everyone who has a business, and you guys have 0:08:43.080 --> 0:08:46.720 business credit, everyone should have a gas card, right, So 0:08:46.760 --> 0:08:48.719 if you guys don't have gas cards, you should get 0:08:48.760 --> 0:08:49.360 gas cards. 0:08:51.360 --> 0:08:53.840 Car a card for gasoline, yes. 0:08:53.679 --> 0:08:56.000 But it's strictly under your business name, so they go 0:08:56.160 --> 0:08:59.680 they base it off of your business credit and that's 0:08:59.720 --> 0:09:03.920 how you qualify for the the the gas cards. 0:09:04.440 --> 0:09:08.240 So like I have VP Shell has gas cards. 0:09:08.559 --> 0:09:12.880 There's a few different there's a few different gas companies 0:09:12.920 --> 0:09:16.360 that issue gas cards. But that is a really good 0:09:16.400 --> 0:09:20.800 way because you know that that card is specifically for gas. 0:09:21.240 --> 0:09:26.200 There's usually like you'll get a like reduced rates, and 0:09:26.240 --> 0:09:28.360 then it's a really good way to just kind of 0:09:28.400 --> 0:09:30.480 keep track of it and build your business credit at 0:09:30.480 --> 0:09:31.079 the same time. 0:09:32.480 --> 0:09:33.920 So that is that's really good. 0:09:34.600 --> 0:09:37.120 I didn't even know about the gas card. I learned something. 0:09:37.200 --> 0:09:42.240 I just learned something just now on Friday. Learn you 0:09:42.360 --> 0:09:45.240 learned something every day, You learned something every day. So 0:09:45.240 --> 0:09:47.199 so you shouldn't be getting gas because like right now 0:09:47.200 --> 0:09:49.000 I'm getting gas it's on my regular credit card. 0:09:49.200 --> 0:09:50.080 I shouldn't be doing that. 0:09:50.800 --> 0:09:53.679 Everything should be under your business name. And that's something 0:09:54.160 --> 0:09:56.640 very important. So when you say under your under your 0:09:56.679 --> 0:09:59.040 credit card, is it your personal credit card or business 0:09:59.120 --> 0:09:59.680 credit card? 0:10:00.520 --> 0:10:02.440 The gas is my personal credit card. 0:10:02.520 --> 0:10:04.640 Personal, So yeah, you need a business credit card. 0:10:04.880 --> 0:10:07.680 So it should either be under your business gas card 0:10:07.800 --> 0:10:10.160 or your business credit card. And I'm glad that you 0:10:10.280 --> 0:10:12.680 said that because that is the number one struggle that 0:10:12.760 --> 0:10:17.040 I have with business owners is that we co mingle 0:10:17.160 --> 0:10:21.680 our funds. Right, we take our personal funds our personal 0:10:21.720 --> 0:10:24.480 credit and we pay for things on the business side, 0:10:24.600 --> 0:10:27.960 and we have to start looking and treating our businesses 0:10:28.200 --> 0:10:30.400 like separate people, right like you. 0:10:30.320 --> 0:10:32.600 Would never come and pay my bills. I would never 0:10:32.679 --> 0:10:33.880 come and pay your bills. 0:10:35.559 --> 0:10:36.319 Earners. What's up? 0:10:36.400 --> 0:10:38.880 You ever walk into a small business and everything just 0:10:39.000 --> 0:10:42.200 works like the checkout is fast, their seats are digital, 0:10:42.720 --> 0:10:45.720 tipping is a breeze, and you're out the door before 0:10:45.720 --> 0:10:49.880 the line even builds. Odds are they're using Square. We 0:10:50.040 --> 0:10:52.560 love supporting businesses that run on Square because it just 0:10:52.600 --> 0:10:55.839 feels seamless. Whether it's a local coffee shop, a vendor 0:10:55.880 --> 0:10:58.160 at a pop up market, or even one of our 0:10:58.200 --> 0:11:01.840 merch partners, Square makes it easy for them to take payments, 0:11:02.080 --> 0:11:05.760 manage inventory, and run their business with confidence, all from 0:11:05.880 --> 0:11:09.280 one simple system. If you're a business owner or even 0:11:09.400 --> 0:11:12.920 just thinking about launching something soon, Square is hands down 0:11:12.920 --> 0:11:15.280 one of the best tools out there to help you start, 0:11:15.679 --> 0:11:19.240 run and grow. It's not just about payments, it's about 0:11:19.240 --> 0:11:21.720 giving you time back so you can focus on what 0:11:21.840 --> 0:11:25.520 matters most Ready. To see how Square can transform your business, 0:11:25.760 --> 0:11:30.400 visit Square dot com, backslash, go, backslash, eyl to learn 0:11:30.440 --> 0:11:35.640 more that Square dot com backslash, Go backslash, eyl, don't wait, 0:11:35.960 --> 0:11:38.760 don't hesitate. Let's square handle the back end so you 0:11:38.800 --> 0:11:45.120 can keep pushing your vision forward. This episode is brought 0:11:45.160 --> 0:11:47.040 to you by P and C Bank. A lot of 0:11:47.080 --> 0:11:50.680 people think podcasts about work are boring, and sure they 0:11:50.720 --> 0:11:54.600 definitely can be, but understanding a professionals routine shows us 0:11:54.640 --> 0:11:58.280 how they achieve their success little by little, day after day. 0:11:59.240 --> 0:12:01.760 It's like banking with P and C Bank. 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These are just 0:12:41.880 --> 0:12:45.640 some of the heinous migrant criminals caught because of President 0:12:45.679 --> 0:12:49.200 Donald J. Trump's leadership. I'm Christy nom the United States 0:12:49.280 --> 0:12:54.080 Secretary of Homeland Security. Under President Trump, attempted illegal border 0:12:54.080 --> 0:12:57.640 crossings are at the lowest levels ever recorded, and over 0:12:57.720 --> 0:13:00.920 one hundred thousand illegal aliens have been around. If you 0:13:01.000 --> 0:13:04.839 were here illegally, you're next. You will be fine nearly 0:13:04.920 --> 0:13:08.960 one thousand dollars a day. Imprisoned and deported, you will 0:13:09.000 --> 0:13:12.640 never return. But if you register using our CBP home 0:13:12.679 --> 0:13:16.040 app and leave now, you could be allowed to return legally. 0:13:16.440 --> 0:13:21.160 Do what's right. Leave now. Under President Trump, America's laws, 0:13:21.320 --> 0:13:23.760 border and families will be protected. 0:13:23.880 --> 0:13:26.040 Sponsored by the United States Department of Homeland Security. 0:13:26.120 --> 0:13:27.600 Hey, and you just have to kind of look at 0:13:27.640 --> 0:13:30.320 your entity like that as well. Right, Like your entity 0:13:30.400 --> 0:13:35.000 has their own has its own legal name, It has 0:13:35.040 --> 0:13:37.400 its own EI in number that acts as a Social 0:13:37.400 --> 0:13:41.520 Security number. Right, So you definitely should not be paying 0:13:41.640 --> 0:13:44.120 for your gas now that you have the car under 0:13:44.160 --> 0:13:46.920 your business you should not be paying for your gas 0:13:46.960 --> 0:13:48.040 under your personal car. 0:13:49.960 --> 0:13:52.199 Okay, So I'm happy that you said that. 0:13:52.480 --> 0:13:54.480 Noted noted, I appreciate that. 0:13:54.520 --> 0:13:55.880 So I should be paying for it for either a 0:13:55.880 --> 0:14:00.320 business credit card or a business debit card. Yes, about 0:14:00.320 --> 0:14:02.960 any other expenses that might come with the car. Everything 0:14:02.960 --> 0:14:03.480 should be game. 0:14:03.640 --> 0:14:06.520 It should be under your business. That car now belongs 0:14:06.520 --> 0:14:09.360 to your business. So look at it as though, like 0:14:09.520 --> 0:14:12.440 my car, right, Like if I needed tires, you wouldn't 0:14:12.480 --> 0:14:14.000 come and be like, you know what, I'm gonna pay 0:14:14.000 --> 0:14:14.600 for that. 0:14:14.600 --> 0:14:16.320 That's kind of like what you're doing. 0:14:16.720 --> 0:14:18.280 I mean, unless you just wanted to give me, like 0:14:18.320 --> 0:14:25.040 be nice and generous. But you know, ideally, that's how 0:14:25.080 --> 0:14:26.960 I like to explain it to people. You know, you 0:14:27.080 --> 0:14:30.920 just have to separate everything out that that car is 0:14:30.960 --> 0:14:34.480 not your car. That car is the business car. So 0:14:34.600 --> 0:14:36.920 you want to take care of all of the expenses 0:14:37.040 --> 0:14:44.360 underneath the business maintenance, you know, car registration, inspection, everything 0:14:44.400 --> 0:14:47.920 relating to the car should be under the business name. 0:14:49.320 --> 0:14:51.000 Got it, got it, got it? 0:14:51.640 --> 0:14:55.520 And yeah, So the six thousand rule, the range rovers 0:14:56.000 --> 0:15:01.120 ranged from forty pounds to five thousand, seven hundred and 0:15:01.160 --> 0:15:03.960 forty five pounds, So the range Rovere is just underneath 0:15:03.960 --> 0:15:06.760 six thousand pounds. So that's why we we did the 0:15:08.440 --> 0:15:10.640 what we do, we're doing that, we're doing standard actual. 0:15:11.480 --> 0:15:13.920 You're doing actual, right, you guys are going to do 0:15:14.040 --> 0:15:16.400 actual and you're going to write off your payment. 0:15:17.200 --> 0:15:19.360 Right, So that's why we did actual But what we 0:15:19.480 --> 0:15:21.760 what we are using the six thousand pound rule for 0:15:22.640 --> 0:15:26.320 is our truck, big truck, the big truck, not the 0:15:26.400 --> 0:15:27.120 range rope. 0:15:27.080 --> 0:15:28.640 Not that truck, the real truck. 0:15:28.720 --> 0:15:29.440 The truck is. 0:15:31.200 --> 0:15:34.040 Eighteen wheeler. So yeah, you want to talk about that. 0:15:34.960 --> 0:15:40.440 Yes, So that is definitely a really good perk for 0:15:40.840 --> 0:15:44.160 my people that get into trucking where you are able 0:15:44.240 --> 0:15:47.240 to write off one hundred of the vehicle costs. 0:15:48.280 --> 0:15:52.320 So again, you may need starting up that business. 0:15:52.360 --> 0:15:54.400 You may need to write that, you know, write that 0:15:54.520 --> 0:15:57.880 vehicle off one hundred percent in that year. But again, 0:15:57.960 --> 0:16:00.440 let's say if we sat down and we were like, 0:16:00.480 --> 0:16:03.360 you know what, if we kind of take the entire 0:16:03.560 --> 0:16:06.200 cost of the vehicle, that may put us in a negative. 0:16:06.520 --> 0:16:08.600 Depending on what you're trying to do. You may try 0:16:08.600 --> 0:16:10.320 to qualify for a home. You may be trying to 0:16:10.360 --> 0:16:12.800 go for a loan, right, You may not want your 0:16:13.520 --> 0:16:16.479 even though when they do loans they add back depreciation, 0:16:17.120 --> 0:16:20.320 but you may not want to exhaust all of. 0:16:20.200 --> 0:16:24.320 That all of that expense for twenty twenty. 0:16:24.640 --> 0:16:26.640 You may want to kind of keep it on the 0:16:26.640 --> 0:16:29.920 book so that you can exhaust it over time, right, 0:16:29.960 --> 0:16:32.960 and that is what's extremely important, and that's why it's 0:16:33.000 --> 0:16:33.600 important to. 0:16:33.600 --> 0:16:35.280 Have these conversations. Right. 0:16:35.560 --> 0:16:37.480 So, there's a couple things that I pointed out so 0:16:37.560 --> 0:16:39.560 far that you need to have the conversation. You need 0:16:39.600 --> 0:16:41.560 to understand if you're going to do the actual method 0:16:41.640 --> 0:16:44.320 or the knowledge method. You also need to understand if 0:16:44.360 --> 0:16:47.560 you're going to take advantage of bonus of depreciation or 0:16:47.600 --> 0:16:51.680 you're not right. And so those conversations have to be had, 0:16:51.960 --> 0:16:54.400 and they have to be had ideally before the year 0:16:54.560 --> 0:16:55.040 is over. 0:16:55.200 --> 0:16:55.320 Ray. 0:16:55.400 --> 0:16:59.080 I have so many clients that I engage and they're like, yeah, 0:16:59.200 --> 0:17:01.240 only time I talk to my accountant. 0:17:00.760 --> 0:17:02.440 Is January through April. 0:17:02.760 --> 0:17:06.159 But now that you guys have businesses, you have trucking companies, 0:17:06.760 --> 0:17:10.320 you real estate, whatever it is, you can't wait until 0:17:10.400 --> 0:17:13.360 the end of I mean the next year to talk 0:17:13.400 --> 0:17:14.280 about taxes. 0:17:16.520 --> 0:17:18.360 It's a fact. It's extremely important. 0:17:19.320 --> 0:17:23.399 And I feel like there's so much stuff that people 0:17:23.440 --> 0:17:25.280 don't know, like you know what I'm saying. It's like 0:17:25.920 --> 0:17:29.840 even I didn't know about that the gas card. And 0:17:30.040 --> 0:17:34.119 I'm a financial advisor, so there's so much information out there, 0:17:34.560 --> 0:17:36.600 and it's like, if you're not properly educated, you can 0:17:36.680 --> 0:17:39.600 make mistakes, and like I said, this is it's a 0:17:39.640 --> 0:17:41.679 lot easier than I thought it was going to be. 0:17:41.680 --> 0:17:43.639 All you need is the EI in number. You need 0:17:43.640 --> 0:17:45.520 a business name, so when you when you when you 0:17:45.560 --> 0:17:48.160 get the car, you get them, you give them that information. 0:17:48.240 --> 0:17:50.840 I don't think you need the articles of operation. 0:17:50.600 --> 0:17:53.399 The articles of operation, your address that you incorporated business with. 0:17:53.520 --> 0:17:56.480 And then if the business is like under ten years, 0:17:56.480 --> 0:17:58.199 I don't think you could get it just solely on 0:17:58.240 --> 0:18:03.480 your business. So you have to like be a personal guaranteur, guarantee, whatever. 0:18:03.520 --> 0:18:04.919 But even that is good to know. 0:18:05.040 --> 0:18:06.480 So like it's good to know that to have good 0:18:06.520 --> 0:18:09.000 credit too, right, because if your credit is not great. 0:18:08.880 --> 0:18:11.320 Then you can't be the personal yeah, for your own call. 0:18:11.640 --> 0:18:14.360 So so they run like your personal credit, but it's 0:18:14.440 --> 0:18:18.159 under your business name. So the business, the businesses the 0:18:18.200 --> 0:18:20.600 cars under the business names, but they run your personal credits. 0:18:22.320 --> 0:18:23.920 And it's a vibe. 0:18:26.119 --> 0:18:29.560 Like knowing that that car, like knowing that my car 0:18:29.760 --> 0:18:31.240 belongs to my business. 0:18:31.720 --> 0:18:33.480 It just I don't know, it feels better. 0:18:33.800 --> 0:18:35.960 But just to kind of piggyback for what you guys 0:18:36.000 --> 0:18:39.240 were saying, it's really important. One, Yes, your credit needs 0:18:39.280 --> 0:18:42.280 to be in shape, right, you have to have your 0:18:42.280 --> 0:18:45.760 credit together, but to just kind of go through the 0:18:45.800 --> 0:18:48.560 ways that you can qualify for a car loan. One 0:18:49.160 --> 0:18:53.000 is completely outright purchasing it through your business name. However, 0:18:53.240 --> 0:18:55.240 you're not going to be able to outright purchase it 0:18:55.320 --> 0:18:57.800 under your business name if one, you don't have established 0:18:57.840 --> 0:19:02.000 credit or you've never had any big loans, right. So 0:19:03.119 --> 0:19:07.399 for me, that was the scenario where I had some 0:19:07.800 --> 0:19:11.080 business credit, I had the taxes, right, so they should 0:19:11.080 --> 0:19:14.200 be asking for taxes. They ask for your bank statements, right, 0:19:14.240 --> 0:19:17.440 because ideally, just how you need to qualify for the loan, 0:19:17.480 --> 0:19:19.560 they want to see what's going on on your business 0:19:19.600 --> 0:19:21.640 in so you have to show them bank statements. 0:19:21.680 --> 0:19:24.720 You have to show them tax returns, but. 0:19:25.720 --> 0:19:27.879 That may not be enough even if you have the 0:19:27.960 --> 0:19:31.040 income side, because what they may want to say is, Okay, 0:19:31.720 --> 0:19:33.960 we can't really trust you to give you this big 0:19:34.040 --> 0:19:37.320 loan because you've never had a loan exclusively in your 0:19:37.320 --> 0:19:40.960 business name. So that's when you, as the individual, have 0:19:41.119 --> 0:19:43.880 to come in and back the business, right, and that 0:19:43.920 --> 0:19:45.119 can be done in two ways. 0:19:45.119 --> 0:19:47.200 You can either come in as a co signer, which 0:19:47.200 --> 0:19:48.880 you guys were just talking about. 0:19:48.920 --> 0:19:51.680 Or a co applicant, right and so those are two 0:19:52.359 --> 0:19:54.239 different things, Like I have to I went in as 0:19:54.240 --> 0:19:56.520 a co applicant. I'm not sure if you guys went 0:19:56.560 --> 0:19:59.440 in as co signers or co applicants, because it's kind 0:19:59.440 --> 0:20:01.960 of like a The difference is that a co signer 0:20:02.040 --> 0:20:06.960 like it, it doesn't show up on your personal credit, right, 0:20:07.000 --> 0:20:09.399