MARK KOHLERMain Street Professionals, Main Street Professionals, Main Street Professionals, Main Street Professionals, Main Street Professionals, LLC · Owner at Main Street Professionals, LLC

The 7th Tax Day of Christmas: The Auto Deduction

26 Dec 2019 · 2 min

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1:39

In this video Mark Kohler highlights the unusually generous auto deduction available under the Tax Cuts and Jobs Act, emphasizing the December 31 deadline for placing a vehicle on a small‑business’s books for the 2019 tax year. He walks viewers through key decisions—whether to lease or purchase, buy new or used, and how business versus personal mileage affects the deduction. Kohler stresses that the vehicle must serve a legitimate business purpose and warns against buying a truck, SUV, or car solely for the tax write‑off, urging a sound economic decision. He points to additional resources in the video description for various scenarios and reminds viewers that missing the year‑end deadline forfeits the benefit for 2019.

Chapters

On the seventh day of Christmas, my true love gave to me a vehicle not seven swans swimming, a vehicle like the commercial with the big bow on top of the car. Truck or suv. Okay, this is a big deal. If you're a small business owner, you may have already heard. If not, newsflash. The auto deduction is the best it's ever been in 40 years. Love or hate, the Tax Cuts and Jobs Act. This is a strategy you want to take advantage of. Maybe this year or next year. But again, the deadline December 31st is a big one for this year and that is buying a new or used vehicle by stimulating the economy. Going out and making a purchase, trading in your current one and getting a new one with a loan in the name of the business or not paying cash doesn't matter. I want a business vehicle on your books this year that might help you save a ton in taxes. Now, there's lots of issues. Do you lease? Do you buy new? Do you buy used? All these little things play into also how many miles you put on your car for business. Do you have a commute? Do you have a lot of personal miles? But with the right equation, this could be a great write off before December 31st. So look down below. I've got a lot of options there in an article of what scenario might fit you. And don't just go buy a car, truck or SUV because you want to write off. Make a good economic decision decision. Don't let the tax tail wag the dog. I get too many clients call me up going, mark, should I go buy a truck? I don't know. Do you need one? No, but I want a write off. That's not a good reason. So look down below. Study this up is a huge strategy before you're in and if you don't pull the trigger by December 31st, you're out of luck for 2019.