May, 2024

Real Estate Investor Tax Tips: Can I Write Off My Vehicle?

Vehicle write-offs are crucial for real estate investors looking to save money on taxes. Listen to real estate expert Rob Rowsell’s personal CPA explain how to write off your vehicle expenses for maximum savings.

Vehicle Write-Offs Tax Tips

Rob’s CPA Kevin Bassett starts off explaining that every business owner should look into vehicle write-offs. Whether you invest in real estate or you own another kind of business, you can write it off on your taxes. The only requirement is that you must use the car or truck for business purposes at least 50% of the time in order for your LLC or S-Corp to claim ownership. Otherwise, you must personally own it, and claim the standard mileage deduction, which is 67 cents per mile.

Kevin then moves on to review the 2023 vehicle depreciation rates. You can write off up to $20,200 of the cost of a regular car, including bonus depreciation. Vehicle write-offs for SUVs that weigh more than 6,000 lbs are eligible for up to $28,900 deduction. When writing off a truck over 6,000 lbs with a six foot bed, there is no limit to your write-off. This is not a recommendation to go buy a $100,000 truck at the end of the year, but if you need one, and your business profited enough, go for it.

Join Our Community

Do you own multi-family properties? If not, do you aspire to one day? Then you should consider joining our online discussion group, the ATL Inner Circle Community! Each month, Rob Rowsell will teach you what you must do in order to build wealth in the real estate business. It’s not as easy as it looks! Property taxes, liens, and legal fees can all be hard to navigate, so having a successful guide in your corner like Rob is a must! Sign up today!

26

Mar, 2024

ATL Inner Circle Gathering

In today’s meeting, we discuss the Wealth and Financial Freedom pillar. Our special guest is Kevin Basset. Remember, taxes saved are another income stream!

26

Jan, 2024

Max Your Wealth! A Rich Investor’s Secret To Reduce Tax Drag

Wealthy Real Estate Investor Rob Rowsell teaches his secrets on how you can reduce tax drag. Maximize your investments and avoid tax losses the way rich real estate investors do. Learn the secrets in part 2 of this 2 part series!

Reduce Tax Drag On Your Investments Today

After wrapping up Part One of the Reduce Tax Drag series, Rob segued into the next two tips.

Set Up An LLC And Pay With Pre-Tax Dollars

Rob introduced the idea of Paying with Pre-Tax Dollars. This means you should push all legitimate business expenses to your business. This way, you will get an automatic discount. Business owners need to set up an LLC in order to run those expenses. When you’re a W2 employee, you pay taxes at the end of the year, and hopefully get a return from the government. LLC business owners can take out expenses on a lesser number. This means getting money back for deductions like fuel and your office utility bills. Robert Kiyosaki details this in his bestselling book Rich Dad Poor Dad.

Plan BEFORE You Play So You Can Reduce Tax Drag

As Rob has stressed many times over, you must Plan BEFORE You Play. Meet regularly with your tax strategist or CPA, so they are in the loop about your investment plans. Make sure your accountant knows your strategy in advance, so they can fill you in on the potential tax impact. This isn’t always fun, but the pain in order to potentially save and invest $50,000 instead of paying it in taxes is worth it.

Join Our Community

Do you own multi-family properties? If not, do you aspire to one day? Then you should consider joining our online discussion group, the ATL Inner Circle Community! Each month, Rob Rowsell will teach you what you must do in order to build wealth in the real estate business. It’s not as easy as it looks! Property taxes, liens, and legal fees can all be hard to navigate, so having a successful guide in your corner like Rob is a must! Sign up today!