Coach, the energy out there felt different. What changed for the team today?
It was a new game day scratches from the California Lottery Player is everything. Those games sent the team's energy through the roof.
Are you saying it was the off field play that made the difference on the field.
Hey, little play makes your day, and today it made the game. That's all for now, Coach.
One more question play than New Los Angeles Chargers, San Francisco forty nine Ers and Los Angeles Ram Scratchers from the California Lottery. A little play can make your day. Peace made responsibily. Must be eighteen years or older to purchase late or claim.
Let's let's let's get into it, miss business.
So we the first thing I want to telk you about few different things as far as tax plan is concerned. But the first thing that we did well, not the first thing that we did, but the thing that I want to talk about first is the cars, cause you know, it's one of these things that gets people's attention and everybody has an opinion on it, and it's like but you know, like I said, everything that we do we do responsibly, and everything that we do we share with
the public. So you know, we when we was purchasing our cars and shout out to you, because she was the first person to really because I had never put a car on a business name before. I always used to just you know, buy my car at least my cars, and put it on my own personal name.
And I never even had the opportunity.
You can I say, well, I can say what kind of car you got? You got the G Wagon?
You GOTG Yeah, this business got the g Wagon, big boy, big body, the.
G AMG G sixty three, sixty three.
He's sixty three. That's what you have been saying.
I mean, I like, c he ain't rolling like that. Man, you might need to find a new one.
G sixty three, that's what. That's a fact, man, spicy.
So when when I was talking to her and she gave me some games, She's like, yeah, you know, I put it under my business account and she kind of like gave me the knowledge on it. So I'm like, all right, well I'm gonna get a car, so I might as well do the same thing. And it was a lot easier than I thought it was gonna be, Like it literally took me five minutes. And the dope part for me, is that my base my bank that I'm getting the financing through is Chase, and I bank
would Chase. So on the app it has like my car payment thing right there, and it's like all I gotta do is just open my Chase app and it's just automatic for the car payment, straight from the straight from the straight from the business account. So let's talk about it. Let's talk about it. So there's two ways that you can that you can accomplish this, right. Well, first let's talk about the six thousand pound UL because a lot of people was asking about the six thousand
pound RUL. They thought that that's what it was. Because if you're not familiar, well, I'll let you, I'll I'll They say, I talk too much, You're explain, you explaining the six thousand.
You're so smart that you can't help it. You can't help it, all right, So let's talk about vehicles, right, So you have you have your standard vehicles, right, Most vehicles like even rain drovers, g wagons, they fall a little under six thousand pounds. But for the most part, all vehicles fall under about six thousand pounds. And if you do, and we'll talk, and I also want to talk about the different ways you can go about purchasing your vehicle.
Right, So, you have your finance and then you have your lease in, or you can pick the mileage method. Right, most people are very familiar with the mileage method. However, when you finance your car, it when you could pretty much purchase your vehicle. It sits as an asset in your business. Right, So when it sits as an asset in your business, anytime you have any type of assets, you get to depreciate them. So when you are depreciating your vehicles, there are certain timeframes in terms of years
that you get to depreciate it over. So for anyone that isn't familiar when you depreciate any sort of asset, what you're doing is you are you're pretty much allocating the cost of whatever asset you acquire, and you are writing it off over time. Right, So with a vehicle,
typically standard depreciation years for a vehicle is seven years. However, there's this thing called bonus appreciation that Trump put that Trump pretty much wrote into his tax code, where for vehicles that are less than six thousand pounds, you the first year you get to the duck eighteen thousand dollars right, the second year, you get to depreciate sixteen thousand, and then the year after that you get to the the duck.
Ninety six hundred.
Right in year three, then every year after that you get to the duck five thousand, seven hundred and sixty dollars for each year intil the value of your asset has been pretty much fully depreciated, right, meaning that you've captured the full cost of your vehicle. Now, if your vehicle is more than six thousand pounds, you get to the duck one hundred percent of the vehicle, right. And why that is so important is because sometimes people need those deductions.
Right.
You may say, let's I purchased this vehicle. It's over six thousand pounds. I need those write offs, right, So instead of writing it off over years, you get to write it off one hundred percent.
In that year.
The good thing about bonus appreciation you can choose to take it. You can choose not to. So let's just say, hypothetically, if you were saying, you know what my vehicle I want to you know, I don't want to take advantage of bonus appreciation, right, you will just write it off over years.
Over Let's say those seven years.
And why that's important is because in like tax planning sessions, we get to make those decisions.
Right.
So Rashaw talked about tax planning where I sit down with my clients and I kind of find out everything that's going on, and then we get to make the decision on saying, okay, if you finance, okay, should we take advantage of bonus appreciation? Is your vehicle over six thousand pounds is it not? And how we can treat it right. Another option is leasing your vehicle. So when you lease your vehicle, you get to write one of the least payment off. Right, It's like any other expense that you are.
Incurring on a vehicle.
Keep in mind on the fine if you're financing as well as leasing, you are also able to take deductions such as gas, insurance payments, registration, any sort of car washes, tires. Right, you get to write those things off. And I wanted to mention those things because then you have the mileage
method that people are very familiar with. So with the mileage method, you pretty much it's kind of like a quick calculation for I'm sorry, I keep seeing people ask about pounds, so I can't necessarily tell you how many pounds your vehicles are, but I'm sure if you google it you will find out how much of your co waves.
So now, in regards to the mileage method, that's pretty much the irs quick wave of saying, you know what, if you don't want to keep track, and you don't want to write off your payments, or even if you drive a lot, and it may be to your best interest, instead of writing off the least payments or depreciating your vehicle, will just do the mileage method. So what that means is you just track your mouths from all of your
business activities throughout the year, and then you will multiply. However, mini miles that is for twenty nineteen was fifty eight cents per mile. Now, the thing that people always make the mistake of when it comes to the mileage method is that they feel they can take the mileage method and then also deduct gas and insurance and all of those things on top of it.
But you can't the idea behind the mileage method.
It's kind of like a quick calculation for you to say, you know what, I'm just going to write off my vehicle this way. Something to note is that you have to either take advantage of the mileage method or the actual right. So the actual method is writing off your actual expenses such as you know, like your leash, your insurance, your gas, all of those things, or you use the mileage method, right, which is a quick calculation.
So I don't think I have any more to really, no.
Real quick because as I'm listening to you say, and from a CPA standpoint, is it best that like if I have a credit card, I allocate that credit card specifically to all those things, right, So that makes it easier to make for bookkeeping.
Be a good idea because when.
We're doing your bookkeeping, well, we'll be able to allocate that what you guys should have. And and I don't know, I'm gonna put this out there.
I don't know if you guys have it.
But everyone who has a business, and you guys have business credit, everyone should have a gas card, right, So if you guys don't have gas cards, you should get gas cards.
Car a card for gasoline, yes.
But it's strictly under your business name, so they go they base it off of your business credit and that's how you qualify for the the the gas cards.
So like I have VP Shell has gas cards.
There's a few different there's a few different gas companies that issue gas cards. But that is a really good way because you know that that card is specifically for gas. There's usually like you'll get a like reduced rates, and then it's a really good way to just kind of keep track of it and build your business credit at the same time.
So that is that's really good.
I didn't even know about the gas card. I learned something. I just learned something just now on Friday. Learn you learned something every day, You learned something every day. So so you shouldn't be getting gas because like right now I'm getting gas it's on my regular credit card.
I shouldn't be doing that.
Everything should be under your business name. And that's something very important. So when you say under your under your credit card, is it your personal credit card or business credit card?
The gas is my personal credit card.
Personal, So yeah, you need a business credit card.
So it should either be under your business gas card or your business credit card. And I'm glad that you said that because that is the number one struggle that I have with business owners is that we co mingle our funds. Right, we take our personal funds our personal credit and we pay for things on the business side, and we have to start looking and treating our businesses like separate people, right like you.
Would never come and pay my bills. I would never come and pay your bills.
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Hey, and you just have to kind of look at your entity like that as well. Right, Like your entity has their own has its own legal name, It has its own EI in number that acts as a Social Security number. Right, So you definitely should not be paying for your gas now that you have the car under your business you should not be paying for your gas under your personal car.
Okay, So I'm happy that you said that.
Noted noted, I appreciate that.
So I should be paying for it for either a business credit card or a business debit card. Yes, about any other expenses that might come with the car. Everything should be game.
It should be under your business. That car now belongs to your business. So look at it as though, like my car, right, Like if I needed tires, you wouldn't come and be like, you know what, I'm gonna pay for that.
That's kind of like what you're doing.
I mean, unless you just wanted to give me, like be nice and generous. But you know, ideally, that's how I like to explain it to people. You know, you just have to separate everything out that that car is not your car. That car is the business car. So you want to take care of all of the expenses underneath the business maintenance, you know, car registration, inspection, everything relating to the car should be under the business name.
Got it, got it, got it?
And yeah, So the six thousand rule, the range rovers ranged from forty pounds to five thousand, seven hundred and forty five pounds, So the range Rovere is just underneath six thousand pounds. So that's why we we did the what we do, we're doing that, we're doing standard actual.
You're doing actual, right, you guys are going to do actual and you're going to write off your payment.
Right, So that's why we did actual But what we what we are using the six thousand pound rule for is our truck, big truck, the big truck, not the range rope.
Not that truck, the real truck.
The truck is.
Eighteen wheeler. So yeah, you want to talk about that.
Yes, So that is definitely a really good perk for my people that get into trucking where you are able to write off one hundred of the vehicle costs.
So again, you may need starting up that business.
You may need to write that, you know, write that vehicle off one hundred percent in that year. But again, let's say if we sat down and we were like, you know what, if we kind of take the entire cost of the vehicle, that may put us in a negative. Depending on what you're trying to do. You may try to qualify for a home. You may be trying to go for a loan, right, You may not want your even though when they do loans they add back depreciation, but you may not want to exhaust all of.
That all of that expense for twenty twenty.
You may want to kind of keep it on the book so that you can exhaust it over time, right, and that is what's extremely important, and that's why it's important to.
Have these conversations. Right.
So, there's a couple things that I pointed out so far that you need to have the conversation. You need to understand if you're going to do the actual method or the knowledge method. You also need to understand if you're going to take advantage of bonus of depreciation or you're not right. And so those conversations have to be had, and they have to be had ideally before the year is over.
Ray.
I have so many clients that I engage and they're like, yeah, only time I talk to my accountant.
Is January through April.
But now that you guys have businesses, you have trucking companies, you real estate, whatever it is, you can't wait until the end of I mean the next year to talk about taxes.
It's a fact. It's extremely important.
And I feel like there's so much stuff that people don't know, like you know what I'm saying. It's like even I didn't know about that the gas card. And I'm a financial advisor, so there's so much information out there, and it's like, if you're not properly educated, you can make mistakes, and like I said, this is it's a lot easier than I thought it was going to be.
All you need is the EI in number. You need a business name, so when you when you when you get the car, you get them, you give them that information.
I don't think you need the articles of operation.
The articles of operation, your address that you incorporated business with.
And then if the business is like under ten years, I don't think you could get it just solely on your business. So you have to like be a personal guaranteur, guarantee, whatever.
But even that is good to know.
So like it's good to know that to have good credit too, right, because if your credit is not great.
Then you can't be the personal yeah, for your own call.
So so they run like your personal credit, but it's under your business name. So the business, the businesses the cars under the business names, but they run your personal credits.
And it's a vibe.
Like knowing that that car, like knowing that my car belongs to my business.
It just I don't know, it feels better.
But just to kind of piggyback for what you guys were saying, it's really important. One, Yes, your credit needs to be in shape, right, you have to have your credit together, but to just kind of go through the ways that you can qualify for a car loan. One is completely outright purchasing it through your business name. However, you're not going to be able to outright purchase it under your business name if one, you don't have established
credit or you've never had any big loans, right. So for me, that was the scenario where I had some business credit, I had the taxes, right, so they should be asking for taxes. They ask for your bank statements, right, because ideally, just how you need to qualify for the loan, they want to see what's going on on your business in so you have to show them bank statements.
You have to show them tax returns, but.
That may not be enough even if you have the income side, because what they may want to say is, Okay, we can't really trust you to give you this big loan because you've never had a loan exclusively in your business name. So that's when you, as the individual, have to come in and back the business, right, and that can be done in two ways.
You can either come in as a co signer, which you guys were just talking about.
Or a co applicant, right and so those are two different things, Like I have to I went in as a co applicant. I'm not sure if you guys went in as co signers or co applicants, because it's kind of like a The difference is that a co signer like it, it doesn't show up on your personal credit, right, but the co applicant it does show up, right, It shows up on my personal credit because it's almost like we went me and my business, we went into the loan together. So that's why it's showing up on my
business side as well as my personal side. So I just wanted to point that out that there are you know, that's also another way as well that you know you will qualify. But again that's kind of more of a lending thing. From an accounting side, you definitely got to make sure that you know your taxes are completed. You have to make sure that it is a situation where you know they some lenders.
May request a profit and laws statement, i e. You'll need to make sure that your bookkeeping is in place, which a.
Lot of business owners, that's like the first thing that they neglect is there is their bookkeeping. So just being financially set so that you can position yourself to not only stave on taxes but like really build your business credit.
All right, we got we got a few questions for you, miss business. But before we go to the questions, everybody on YouTube, if you could be so kind to like hit the like.
Button, greatly appreciate it.
And for people that might just be tuned into YouTube that might not know what's going on here. So, as I said, Eyo University's our educational platform. So we have seventy archived classes, and then we have weekly classes every single week on different topics from different presenters, everything from how to start a marijuana business to car insurance to real estate taxes, the taxes everything. And then we have monthly financial planning calls with me. We have biweekly real
estate calls with MG the mortgage guy. We have book club ran by you, Movie Club ran by you, private Facebook group. So it's the whole community. It's not an investment club, it's not an investment tips. It's the actual university where you learn. And we're going to actually open our trade department God willing and twenty twenty one with the hvac and like plumbing and stuff like that.
To try to see people that kills. Skills. Skills is very important. Skills is very important.
So once a month we do it what we call open enrollment to just like open it up to the public and then just you know, show it and you can, you know, see for yourself. So right now, for Black Friday to the end of Black Friday, we're running a fifty percent off sale on an annual membership, which is three hundred and thirty three dollars like that, Yeah, for the year, three hundred and thirty dollars for years.
Like I know, there's a bunch of people that's like waiting for nine o'clock Pso this is lessing.
In P five.
No, that's it's close to this less than that. I'm gonna put the link inhead. The link is also in the description, so if you want to if you want to do it, the code, the code is e y L fifty and you go to Eyo University dot com and you get fifty percent off a couple hundred dollars less less than a night out in uh Atlanta. That's the only place. Atlanta is the only place that's open. So that's the only thing I could really say. That's a big ain't no other place open. But uh yeah,
part of Eyo University is that we get question and answers. Yeah, market Mondays is kind of like a case study and that you get to But this is what we do every single week where we bring an expert in the field and then people get to ask them questions.
My graduates from my school being forced bad drop bag drop, Mike drop bad, drop bag drops.
Coach, the energy out there felt different. What changed for the team today?
It was the new game day scratches from the California Lottery players.
Everything.
Those games sent the team's energy through the roof.
Are you saying it was the off field play that made the difference on the field.
Hey, little play makes your day, and today it made the game. That's all for now, Coach.
One more question played the new Los Angeles Chargers, San Francisco forty nine Ers and Los Angeles Rams scratchers from the California Lottery. A little play can make your day. Peacely, responsibly. It must be eighteen years or older to purchase or flame