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A lot of people buy 6,000-pound vehicles in order to try to capitalize on key tax breaks for heavy vehicles. However, many people do not use this tax strategy correctly, and it actually leads to an increased chance of getting audited. If you make mistakes using this strategy, you could be penalized by the IRS.
In this video, tax expert Karlton Dennis explains the exact mistakes that many people make when trying to get tax breaks for their 6,000-pound vehicles. He also explains exactly how to make sure that you don’t make the same mistakes and that you use the 6,000-pound vehicle tax strategy correctly.
Whenever you are implementing advanced tax strategies, it is critical to make sure that you know what you are doing or that you are working with a tax professional who can guide you through the process. Otherwise, you could end up in a worse financial situation than the one you would have been in if you didn’t use the strategy.
CHAPTERS:
0:00 Intro
0:23 Understanding Key Vehicle Deductions
1:15 Bonus Depreciation
3:02 Biggest Mistakes with Vehicle Deductions
3:24 Trying to Write Off Personal Vehicles
3:49 Trying to Write Off a Larger Deduction Than You Qualify For
5:34 Reducing Your Audit Risk From Vehicle Deductions
6:57 The Bottom Line
7:27 Subscriber Question!
8:47 Outro
*Disclaimer: I am not a financial advisor nor am I an attorney. This information is for entertainment purposes only. It is highly recommended that you speak with a tax professional or tax attorney before performing any of the strategies mentioned in this video. Thank you.
#vehicledeductions #businessvehicle #section179
