Navi Maraj, CPA
Navi Maraj, CPA
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Should you Buy or Lease a Business Vehicle?
💰 Ready to save THOUSANDS in taxes? Enroll in my course here 👉
navimarajcpa.teachable.com/p/smallbusinesstaxessale
In this video, Navi will discuss the tax deductions and tax savings when leasing and purchasing a vehicle using both the standard mileage rate method and the actual expense method. Which option do you think is best-buying or leasing? Let's find out!
💰Check out our website - navimarajcpa.com/
📁 Setup your LLC or Corporation for FREE 📁
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ABOUT ME
I help entrepreneurs save thousands of dollars in taxes! I accomplish this in two ways:
1. Course
I've created a course designed to convert business owners into tax-savvy entrepreneurs who confidently implement strategies that save them thousands of dollars in taxes each year.
2. Full-Service Accounting & Tax Firm
We help entrepreneurs with their tax preparation, tax planning & implementation of strategies, bookkeeping, payroll, and wealth creation via our full-service CPA firm.
LET’S CONNECT
Website: navimarajcpa.com/
Facebook: NaviMarajCPA
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RECOMMENDED VIDEOS
If you enjoyed this video, I invite you to watch the following two:
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ua-cam.com/video/v5orZuZrVdk/v-deo.htmlfeature=shared
I guarantee you will find them valuable.
Disclaimer:
This video was created for informational purposes and it is not to be construed as legal and tax advice specific to your unique situation. Some of the links above are affiliate links which means that if you purchase a product or service with the provided link, I may receive a commission with no additional cost to you.
© Navi Maraj CPA PLLC. All rights reserved.
CHAPTERS
00:00 Introduction
02:18 Lease Option
04:21 Purchase Option
06:26 Cash Outlay (Lease vs Purchase )
13:05 Final Thoughts
#lease #purchase #buy #vehicle #vehicletax #taxstrategies #taxplanning #taxstrategist #mileage
Переглядів: 3 793

Відео

Sole Proprietorship vs S Corp| Solo 401K | Funding Options
Переглядів 1,3 тис.28 днів тому
💰 Ready to save THOUSANDS in taxes? Enroll in my course here 👉 navimarajcpa.teachable.com/p/smallbusinesstaxessale In this video, Navi will compare the funding options for a solo 401(k) retirement account based on whether your business is taxed as a Sole Proprietorship or as an S Corporation. So tune in and learn more! 💰Check out our website - navimarajcpa.com/ 📁 Setup your LLC or Corporation f...
Vehicle Tax Strategies Your CPA is Missing
Переглядів 1,4 тис.Місяць тому
💰 Ready to save THOUSANDS in taxes? Enroll in my course here 👉 navimarajcpa.teachable.com/p/smallbusinesstaxessale Join Navi in this insightful masterclass video as he reveals the secrets to maximizing your business vehicle deductions in 2024. Discover the two critical mistakes your CPA or tax professional may be making that could be significantly impacting your vehicle deduction. Don't miss ou...
FREE MASTERCLASS: How to Deduct a Business Vehicle
Переглядів 3 тис.Місяць тому
💰 Ready to save THOUSANDS in taxes? Enroll in my course here 👉 navimarajcpa.teachable.com/p/smallbusinesstaxessale Discover effective tax deduction strategies for your business vehicle! In this video, Navi will show you how to maximize your car expenses and navigate tax laws like a pro. Learn essential tips on deducting your car for business purposes, including mileage tracking and expense opti...
IRS Penalties: Smart Strategies on How to Avoid Them!
Переглядів 978Місяць тому
💰 Ready to save THOUSANDS in taxes? Enroll in my course here 👉 navimarajcpa.teachable.com/p/smallbusinesstaxessale In this video, Navi will discuss the 3 most common IRS penalties that individuals and businesses may face, and provide you with easy-to-follow tips on how to avoid them. By understanding the IRS penalty system and implementing these simple strategies, you can protect yourself from ...
The HRA (Health Reimbursement Arrangement) Strategy: Deducting Medical Expenses
Переглядів 1,5 тис.Місяць тому
💰 Ready to save THOUSANDS in taxes? Enroll in my course here 👉 navimarajcpa.teachable.com/p/smallbusinesstaxessale Join Navi in this video and discover effective ways to save on healthcare costs and maximize your tax benefits. Dive into this essential guide to optimizing your healthcare finances with HRAs (Health Reimbursement Arrangement). Don't miss out on this valuable information - watch no...
Tax Tips for Small Business Owners with W-2 Income
Переглядів 3,8 тис.3 місяці тому
Tax Tips for Small Business Owners with W-2 Income
When is the Right Time to Use a C Corp?
Переглядів 1,2 тис.3 місяці тому
When is the Right Time to Use a C Corp?
Strategic Tax Planning: Legitimate Ways To Minimize Tax Liabilities
Переглядів 2,4 тис.3 місяці тому
Strategic Tax Planning: Legitimate Ways To Minimize Tax Liabilities
Employee vs Independent Contractor: What You NEED To Know
Переглядів 1,4 тис.3 місяці тому
Employee vs Independent Contractor: What You NEED To Know
Do You Need to Issue a 1099? 1099-NEC & 1099-MISC Explained
Переглядів 13 тис.4 місяці тому
Do You Need to Issue a 1099? 1099-NEC & 1099-MISC Explained
The 2 Most Important Financial Reports Every Entrepreneur Must Master
Переглядів 2,8 тис.4 місяці тому
The 2 Most Important Financial Reports Every Entrepreneur Must Master
Strategic Ways to Maximizing Health Savings Accounts (HSA): A Guide to Writing Off Medical Expenses
Переглядів 2,6 тис.5 місяців тому
Strategic Ways to Maximizing Health Savings Accounts (HSA): A Guide to Writing Off Medical Expenses
When NOT to Choose S Corp Taxation for Your Business
Переглядів 6 тис.5 місяців тому
When NOT to Choose S Corp Taxation for Your Business
Comparing Solo 401k and Safe Harbor 401k: Which Retirement Plan is Right for You?
Переглядів 1,5 тис.5 місяців тому
Comparing Solo 401k and Safe Harbor 401k: Which Retirement Plan is Right for You?
Pros and Cons of Adding Your Spouse to Your Business
Переглядів 2,2 тис.6 місяців тому
Pros and Cons of Adding Your Spouse to Your Business
Tax Strategy: Board of Directors
Переглядів 1,5 тис.6 місяців тому
Tax Strategy: Board of Directors
CPA EXPLAINS Tax Differences: LLC, S Corp, C Corp, Partnership, Sole Prop
Переглядів 104 тис.8 місяців тому
CPA EXPLAINS Tax Differences: LLC, S Corp, C Corp, Partnership, Sole Prop
Sole Prop, LLC, S Corp, C Corp & Partnership | Legal & Tax Differences EXPLAINED
Переглядів 19 тис.9 місяців тому
Sole Prop, LLC, S Corp, C Corp & Partnership | Legal & Tax Differences EXPLAINED
S Corp vs. C Corp Tax Differences EXPLAINED
Переглядів 20 тис.9 місяців тому
S Corp vs. C Corp Tax Differences EXPLAINED
CPA EXPLAINS: Mega Backdoor Roth Strategy
Переглядів 46 тис.10 місяців тому
CPA EXPLAINS: Mega Backdoor Roth Strategy
The TRUTH About Writing Off Your Vehicle
Переглядів 3,8 тис.11 місяців тому
The TRUTH About Writing Off Your Vehicle
Write Off Your Vacation | Weekend Loophole Strategy Explained
Переглядів 1,9 тис.11 місяців тому
Write Off Your Vacation | Weekend Loophole Strategy Explained
Dine and Deduct: Business Meal Taxes Explained
Переглядів 8 тис.Рік тому
Dine and Deduct: Business Meal Taxes Explained
How to Check Tax Extension Status | Complete Instructions
Переглядів 5 тис.Рік тому
How to Check Tax Extension Status | Complete Instructions
How to File a (FREE) Tax Extension Form 4868 | Complete Instructions
Переглядів 61 тис.Рік тому
How to File a (FREE) Tax Extension Form 4868 | Complete Instructions
LLC Tax Insurance!?
Переглядів 1 тис.Рік тому
LLC Tax Insurance!?
5 Reasons Why You Should File a Tax Extension
Переглядів 3,6 тис.Рік тому
5 Reasons Why You Should File a Tax Extension
S Corp Basis Explanation | Distributions in EXCESS of Basis
Переглядів 24 тис.Рік тому
S Corp Basis Explanation | Distributions in EXCESS of Basis
How the Informed (NOT WEALTHY) Avoid Paying Taxes Using Short Term Rental Loophole
Переглядів 2,4 тис.Рік тому
How the Informed (NOT WEALTHY) Avoid Paying Taxes Using Short Term Rental Loophole

КОМЕНТАРІ

  • @lihebi
    @lihebi День тому

    Thanks for the video! In the purchase scenario, if you do NOT sell the vehicle after 3 years (say you keep it for another 2 years for personal use only and then sell it in year 5), will there be "depreciation recapture" on year 5?

  • @lihebi
    @lihebi День тому

    Thanks for the video!

  • @marinascott-mw9ut
    @marinascott-mw9ut 3 дні тому

    I just sold land I inherited for 170k. I am not working and single. I have no income so does that I do not have to pay capital gains?

  • @andylee9973
    @andylee9973 3 дні тому

    Hi, Can I deduct my health insurance premiums with Cover California from my S Corporation payroll taxes?

  • @durrellharley2497
    @durrellharley2497 3 дні тому

    Is there a way to obtain a copy of your excel template?

  • @joshua3196
    @joshua3196 4 дні тому

    Do you have a video for persons with high W2 income and small business with >$300k profit? I'm curious about when s-corp makes sense for them.

  • @pkd6369
    @pkd6369 4 дні тому

    if you own commercial property and used personally and approaching retirement googgle 'A.T.O 15year exemption, advisers wont always be aware of this and the A.T.Ois clear and simple ,i have used it and then you can transfere the sale monies anywhere you wish. please check its easy as .

  • @Terra_Cognita
    @Terra_Cognita 4 дні тому

    Do you offer the spreadsheet so I can calculate with my lease terms and mileage drive and tax bracket what would be best for me?

  • @Connie-ss6ht
    @Connie-ss6ht 4 дні тому

    Where can I find a copy of the spreadsheet

  • @jahmenj
    @jahmenj 5 днів тому

    THANK YOU THANK YOU VERY MUCH… 🙏🏽 I just subscribed 👌🏽👍🏽

  • @MarinaWaveRider
    @MarinaWaveRider 5 днів тому

    Why would a single owner opt for an LLC over S Corp if the tax savings are so significant with the S Corp?

  • @ericalouie4548
    @ericalouie4548 6 днів тому

    Another excellent video and I am learning a lot from you. Thanks much!

  • @ericalouie4548
    @ericalouie4548 6 днів тому

    thanks for the spreadsheet to demonstrate different scenarios. excellent and thanks a lot!

  • @ericalouie4548
    @ericalouie4548 6 днів тому

    Helpful, amazing, enlightening, amazing, thanks much!

  • @ericalouie4548
    @ericalouie4548 6 днів тому

    the way you walked through from the S Corp tax return to 1040 makes everything clear. your video is very helpful. thanks so much!

  • @Terra_Cognita
    @Terra_Cognita 6 днів тому

    Nice video

  • @SelectiveLabs
    @SelectiveLabs 6 днів тому

    On form 2553. It says when using a PO Box to see Instructions, what are those instructions?

  • @nawafalmatruk297
    @nawafalmatruk297 6 днів тому

    Hey Mr. Navi Do you recommend tax or audit for a fresh graduate.

  • @irisgsantoscounseling
    @irisgsantoscounseling 7 днів тому

    Thank you so much. This was really good.

  • @PreetiDeshwal-vv8ox
    @PreetiDeshwal-vv8ox 7 днів тому

    hi i need someone who would help to set up a real state brokerage do you know anyone who could help as i want to make sure i am covered with everything

  • @04motu
    @04motu 7 днів тому

    hi do you anyone who helps to set up a real estate brokerage

  • @RoxanaLuna-bm4hh
    @RoxanaLuna-bm4hh 7 днів тому

    thank you!

  • @RoxanaLuna-bm4hh
    @RoxanaLuna-bm4hh 7 днів тому

    thank you!!

  • @huguisimomusic
    @huguisimomusic 7 днів тому

    Wow, just a fantastic explanation.

  • @RoxanaLuna-bm4hh
    @RoxanaLuna-bm4hh 7 днів тому

    THANK YOU!!

  • @RoxanaLuna-bm4hh
    @RoxanaLuna-bm4hh 7 днів тому

    THANK YOU! WOULD BE GREAT IF YOUD TALK MORE ABOUT PART III OR AT LEAST EXPLAIN WHY YOU DONT WANT TO GO IN DEEP ON THIS PART! THANK YOU AGAIN!

  • @romanroyce705
    @romanroyce705 8 днів тому

    Very helpful!

  • @sureshchoudhary8089
    @sureshchoudhary8089 9 днів тому

    Good

  • @RossNocera
    @RossNocera 9 днів тому

    If I am a brand new corporation that wants to be taxed as an S Corp, do I pick corporation or S Corp when filing for my EIN?

  • @KnowYourRights2
    @KnowYourRights2 10 днів тому

    This video is well done and easy to follow. Is there a way that I can get a copy of the spreadsheet?

  • @chris24242
    @chris24242 10 днів тому

    Are there any tax penalties if I have a traditional IRA and do the mega backdoor at work with auto in plan conversions of after tax contributions. Or do the penalties only apply to the backdoor Roth

  • @user-jt4yv4wu8r
    @user-jt4yv4wu8r 10 днів тому

    If you are a realtor, going to showing, inspections, walk throughs, meeting new clients, etc. and you swing through a drive thru for yourself, are you able to write off 100% of my meal?

  • @giancarlomossi4713
    @giancarlomossi4713 10 днів тому

    awesome! ty!

  • @robertlorenzo5166
    @robertlorenzo5166 10 днів тому

    Thank you so much

  • @BradyPuryear
    @BradyPuryear 11 днів тому

    Why would the IRS audit you for having “too much” retained earnings?

  • @rgsyed
    @rgsyed 11 днів тому

    Can also add Trust into this equation . For property management business

  • @primovid
    @primovid 11 днів тому

    What about line 2 of the W-9 for an S-Corp? Completely skipped that

  • @LivingInLakewoodRanchSiestaKey
    @LivingInLakewoodRanchSiestaKey 12 днів тому

    Navi is awesome! Thank you for this great information.

  • @sonhuynh8222
    @sonhuynh8222 12 днів тому

    DON’T FORGET THIS VERY IMPORTANT FACT ….. You will owe $0 capital gains tax if you make less than $44k single and &89k married 👍🏼

  • @Darkest-Kn1ght
    @Darkest-Kn1ght 12 днів тому

    I'm curious about your s-corp numbers, specifically, the numbers related to the $60,000. I can't figure out how $60,000 results in the same numbers as the $40,000 in the s-corp column. I'm getting $3,720 for Social Security and $870 for medicare. Does the s-corp ONLY pay the same amount as what the employee has to pay without regard to the fact that it's $20,000 higher? In other words, does the s-corp only have to match the employee's social security and medicare contributions instead of paying the same percentages as the employee?

  • @marcoduenas205
    @marcoduenas205 13 днів тому

    Very helpful thanks

  • @AshishGupta-gq8hv
    @AshishGupta-gq8hv 13 днів тому

    great video.. easy to understand..

  • @Kimmcmahon
    @Kimmcmahon 13 днів тому

    This was great. If a shareholder who took out a distribution that was more than their basis, can they book that draw as a 'loan' to the company and pay it back the next year or later?

  • @dominiquelee8514
    @dominiquelee8514 13 днів тому

    This video was incredibly helpful and informative, thank you!! You just gained a subscriber!

  • @franciscotorresc
    @franciscotorresc 13 днів тому

    The big problem with the Corp S is that on a personal level it affects you a lot, since it distributes dividends or not, you must pay for them in your personal taxes and your health insurance skyrockets among other things

  • @douglastarvestad186
    @douglastarvestad186 13 днів тому

    I have a question. Considering personal cash flow the sole prop and general part, the individual gets taxed at a personal level and they get those funds. And a C-corp the owner takes a salary and the C-corp gets taxed on the $60m and if the owner wants those funds the need to take a distribution, they can't just pulled money from the register like a sole prop and gen part can do. But what you don't show is, how does the S-corp treat the $60m that was taxed on the corp level? Don't they have to take a distribution also? And they don't get taxed then, correct? And if so, can't they skip the salary and take a distribution instead? I work at a bank and I see a lot of S-corps and this seems to be the norm.

  • @jackiejuhaszify
    @jackiejuhaszify 13 днів тому

    I have uploaded the free “help” and it doesn’t respond to any entry. What do I do wrong.

  • @franknvett
    @franknvett 14 днів тому

    Awesome job

  • @jonahdelacruz-meyers1724
    @jonahdelacruz-meyers1724 14 днів тому

    Very well explained

  • @racquelpouchet7842
    @racquelpouchet7842 14 днів тому

    Question: Should you start at LLC is company makes less than 100K then covert to S Corp when profits increase?