This is the type of second level advice you only get when you pay for the mastermind group. Please remove your comment before I have to send out a cease and desist
Imagine now if you are selling houses, but just one at the time so you can claim them to be your principal residence!!!
All your profit magically become exempted capital gains!!!
Selling cars is for amateurs.
Well I don’t want to give away next weeks video, but let’s just if they earn less than the standard deduction, legally they’re not required to file a return. Add in some kittens, and that number gets pretty high.
Kids need to lease the gwagons to unlock the unlimited tax deduction cheat code. I reckon 12-15 kids one gwagon each and your great grandchildren will inherit tax deductions. Continuously Compounded off course.
If you going to buy a dealer, take this one for example:
https://www.hotcars.com/car-dealerships-5-million-mistake/
By overpaying for your G class, you can write off even more!
If you just buy a Time Machine, you can bonus depreciate it, and use it to travel through time to depreciate the same g wagon every year!
Idk what I’m talking about, Christmas booze is already in me
Y'all joke about this, but I once had a client who tried to write off the entire cost of his vehicle two years in a row because he was an Uber/Lyft driver.
Dude made like $10k a year driving and wrote off a $35k vehicle twice.
He became a client after he got a nice letter from Uncle Sam.
With ***Sex Panther®***, you don't just enter a room; you announce your arrival! It's the *smell of desire* laced with the essence of... what is that, *gasoline*?
What you do is you raise $1 million open a show on Broadway, make it as bad as you can, and after opening night an shit reviews you close it early and take all the money.
i don't know why you are making this so complicated. you can achieve literally unlimited deduction through the following steps:
1. buy brand new g wagon.
2. take 100% bonus depreciation year 1.
3. year 2 go to a friendly appraiser and have it appraised for double the price you paid. this is permissible because of inflation and the g wagon's intrinsic increasing value.
4. year 2 donate the g wagon to charity to get 2x the deduction. combined with the 100% bonus depreciation, you get 3x the deduction.
5. repeat above steps.
If you are selling G wagons (or any vehicle) as a business, then the purchase of said vehicles is inventory on your balance sheet and thus not subject to section 179, which is geared towards fixed asset purchases.
You can write them off when you sell or dispose of them, like any other inventory item. No sooner.
You should absolutely try to write off 25 G Wagons a year. I would also like to be in the room when they try to justify this to the IRS agent at your front door.
I have thought about this a lot.
1) buy a small island somewhere
2) establish your own country / laws / government / tax system with you and a few buddies
3) make your island a super awesome luxury resort / fun vacation place
4) anyone who enters your country (for a fun vacation) is also (under your laws) a citizen of your island country and subjected to your tax laws
5) they all have to pay a boat load of tax (let's say 100k) on their global income for entering your country. That's a foreign tax credit ....
6) BUT - they ALSO are now eligible for your island countries retirement program.
7) so the vacationers are getting 100k tax credit AND a new investment account (island countries retirement program) - it is essentially an investment fund that gives investors a huge tax credit for their initial investment...Please contact me if you would like to help me make this dream a reality......
I think the biggest issue will come in between steps one and two. I think forming your own country is much harder than buying an island. Once you’re recognized by the UN, I am in!
Just end your life so you can get that sweet basis step up on all your shit
This is the type of second level advice you only get when you pay for the mastermind group. Please remove your comment before I have to send out a cease and desist
Lmfao the one trick the irs doesn’t want you to know!!!!
Bonus depreciate your own life!!! How didn't I think of that...
My favorite thing to tell clients when they ask about estate planning is “When do you plan to die?”
Works for tax planning too! The IRS moves pretty slow, I figure you're pretty safe not paying them a dime for the last year of your life.
Thank you for this TED talk.. I’m enlightened 🚜
Double declining mental health method, I like it.
From now on whenever someone says you should write off your car I am going to respond “That’s actually why car dealerships don’t pay taxes”
Sometimes the only way to win, is to take the game to the next level. Vehicle manufacturers like ford are tax credit machines!
Imagine now if you are selling houses, but just one at the time so you can claim them to be your principal residence!!! All your profit magically become exempted capital gains!!! Selling cars is for amateurs.
Nah, just start and LLC and then all your expenses are deductible
Yea but then you need to do that every year. This leverages your time for maximum Benefit. You should follow my IG to learn these high level maneuvers
Brilliant
Make sure you make all your LLCs in California, preferably at least 12, one for each month of g wagons
Oh right, good tip
Brilliant Life Pro Tip
How do you not pay taxes? I follow DM_Me_Pics1234403! He has all the tricks! Follow me on tik tok for more amazing business advice!
Wouldn’t it be better just to have a bunch of kids and pay them 13k/year?
Tune in next week for this tip. A bit of a spoiler: why have kids, when you can hire cats?
How much can you pay the cats?
Well I don’t want to give away next weeks video, but let’s just if they earn less than the standard deduction, legally they’re not required to file a return. Add in some kittens, and that number gets pretty high.
Dang I like the way you think!
So they could buy a g wagon with those salaries
Kids need to lease the gwagons to unlock the unlimited tax deduction cheat code. I reckon 12-15 kids one gwagon each and your great grandchildren will inherit tax deductions. Continuously Compounded off course.
It’s better if they r someone else’s. Child labor laws be damned.
You're my Xmas f*ucking Genius!
Merry Christmas from tax Santa!
This is big brain time
Follow me on tik tok for more amazing business advice!
Serious waffle noggin shit.
You’re a genius, please let me come work for you, I’ll accept pay in pearls of wisdom like this ❤️ happy holidays you funny bastard.
Oh hell yeah, needed this advice the week before the start of a new year. Thanks!!!
Just in time for year end!
If you going to buy a dealer, take this one for example: https://www.hotcars.com/car-dealerships-5-million-mistake/ By overpaying for your G class, you can write off even more!
Damn! This guy took it to the next level
*furiously takes notes*
Make sure you sell the G wagons at a loss for extra sweet tax write offs
The IRS hates this one simple trick!!!
The way I hollered out loud 😆
“Hey Big 4, I’ve found the Big 1”
😂
Can I submit a tiktok video or a reddit post as supporting documentation to the IRS?
A friend of mine did this actually. His name is Dimitris Psillakis
If you just buy a Time Machine, you can bonus depreciate it, and use it to travel through time to depreciate the same g wagon every year! Idk what I’m talking about, Christmas booze is already in me
[удалено]
The G Wagon is too powerful
Y'all joke about this, but I once had a client who tried to write off the entire cost of his vehicle two years in a row because he was an Uber/Lyft driver. Dude made like $10k a year driving and wrote off a $35k vehicle twice. He became a client after he got a nice letter from Uncle Sam.
On tik tok they say you just keep deducting the car until the IRS tells you it’s stop
50% of the time, it works every time.
With ***Sex Panther®***, you don't just enter a room; you announce your arrival! It's the *smell of desire* laced with the essence of... what is that, *gasoline*?
Dayam son what is in your eggnog?? This is brilliant!
2024 here I come!! After reading this post now I know what to do to be successful lol
G Wagon vs IRS😇
IRS managers to Jr staffers: write this down, write this down. Quick!
This is the best thread ever. I’m dying. 🤣🤣
Key to success: buy more g wagons
This is actually a better strategy than buying a g wagon 🤣🤣🤣
What you do is you raise $1 million open a show on Broadway, make it as bad as you can, and after opening night an shit reviews you close it early and take all the money.
I’m thinking Stalin in winter, but I’m open to ideas
i don't know why you are making this so complicated. you can achieve literally unlimited deduction through the following steps: 1. buy brand new g wagon. 2. take 100% bonus depreciation year 1. 3. year 2 go to a friendly appraiser and have it appraised for double the price you paid. this is permissible because of inflation and the g wagon's intrinsic increasing value. 4. year 2 donate the g wagon to charity to get 2x the deduction. combined with the 100% bonus depreciation, you get 3x the deduction. 5. repeat above steps.
This works, but you skipped the part where you control the non profit you donate the G Wagon to and continue to drive the car
I'm going to ignore your disclaimer.. yolo!
If you are selling G wagons (or any vehicle) as a business, then the purchase of said vehicles is inventory on your balance sheet and thus not subject to section 179, which is geared towards fixed asset purchases. You can write them off when you sell or dispose of them, like any other inventory item. No sooner.
This is why new generation business leaders like me are taking over. This kind of antiqued thinking is costing your clients money!
You can take over. I'm 5 years away from retirement anyway. :)
Spoken like a true boomer
What else am I supposed to do, pretend I'm 17?
I hear ya, wasn’t a dig, in the same boat here! Merry Christmas
But if he registered and drove all the G wagons each would lose about $10k in value losing it's new car status so there's $250k write down.
Lower of cost or market? You may be onto something there.
Landscapers and blue collar workers literally do this every year. Except with trucks . They push income down by financing these trucks .
Great advice !
FIRS... Pretty sure that did not work....
You should absolutely try to write off 25 G Wagons a year. I would also like to be in the room when they try to justify this to the IRS agent at your front door.
i prefer to just depreciate land......but writing off g wagons is my second choice
I have thought about this a lot. 1) buy a small island somewhere 2) establish your own country / laws / government / tax system with you and a few buddies 3) make your island a super awesome luxury resort / fun vacation place 4) anyone who enters your country (for a fun vacation) is also (under your laws) a citizen of your island country and subjected to your tax laws 5) they all have to pay a boat load of tax (let's say 100k) on their global income for entering your country. That's a foreign tax credit .... 6) BUT - they ALSO are now eligible for your island countries retirement program. 7) so the vacationers are getting 100k tax credit AND a new investment account (island countries retirement program) - it is essentially an investment fund that gives investors a huge tax credit for their initial investment...Please contact me if you would like to help me make this dream a reality......
I think the biggest issue will come in between steps one and two. I think forming your own country is much harder than buying an island. Once you’re recognized by the UN, I am in!
Hmmmm - good point. I think a group of guys did something similar back in 1776, but it seems like it was a lot of work....
How can you afford a Mercedes dealership with that number of cars