Read on Twitter
I put the truck under my business - and I have to use it 100% for my business between now and the end of the year.
After that, I deduct the full value from my 2020 taxes, and can begin using it for personal reasons.
So I save the money I would have paid in taxes otherwise
After that, I deduct the full value from my 2020 taxes, and can begin using it for personal reasons.
So I save the money I would have paid in taxes otherwise
I’m not telling you my tax bracket but let’s just say it’s another 10K knocked off the price of the truck.
Now we’re down to 34K for the truck.
Now we’re down to 34K for the truck.
The rest, I pay with credit card points, converted to cash.
Two gold AMEX cards plus a platinum Schwab card gets really good earnings for me this year and more than pays for the remaining balance.
For reference I probably have 2M+ in business spend this year through them.
Two gold AMEX cards plus a platinum Schwab card gets really good earnings for me this year and more than pays for the remaining balance.
For reference I probably have 2M+ in business spend this year through them.
Remember: credit card points redeemed as cash are TAX FREE.
TAX FREEEEE cash money
TAX FREEEEE cash money
Boom. Free truck.
That’s it. I hope it’s helpful.
Save your tweets about me not paying my taxes or me being rich or something like that.
Neither are true and I’m just trying to pass on something cool I learned!
Save your tweets about me not paying my taxes or me being rich or something like that.
Neither are true and I’m just trying to pass on something cool I learned!
Addendum: Tax twitter found this thread and found an error in my CPA's plan.
I'll need to keep the truck as 50% business use or more in future years to not get penalized. No big deal, I'll just need to make sure to stay above that 50% mark.
I'll need to keep the truck as 50% business use or more in future years to not get penalized. No big deal, I'll just need to make sure to stay above that 50% mark.
