The G-Wagon write off, explained: are they all committing tax fraud? скачать в хорошем качестве

The G-Wagon write off, explained: are they all committing tax fraud?

Thanks to TuxMat for sponsoring today's video! Find your extreme coverage floor mats today at https://bit.ly/4d2hCW7 If the financial alphas on TikTok are to be believed, there's a secret loophole in the US tax code that allows you to buy a Mercedes G-Wagen and deduct its cost from your taxes. Are they right? Sort of... What's true is that there is a section of the tax code—Section 179—that allows small business owners to write off the cost of a road vehicle purchased for the business. To qualify, it needs to have a gross vehicle weight rating of between 6,000-14,000 pounds, which is the max allowable weight of the vehicle when fully loaded with cargo and passengers. When Section 179 was introduced in 2009, this mainly included work vans, pickup trucks, and big SUVs. Oh yeah—and the G-Class, which was the most expensive vehicle to qualify at the time. The G-Class had already been on sale in the US for a decade at that point, but sales soon skyrocketed. And over time, Section 179 became known as the G-Wagon write-off, because it seemed like so many people were using this one weird trick to buy one with the government's help. Especially in recent years. And those guys on TikTok make it sound so simple... Unfortunately, it's not. Doing it properly is extremely complicated. And it's likely that a lot of folks have accidentally committed tax fraud and are setting themselves up for an audit in the future. 0:00 Intro 0:42 G-Class recap 2:20 The loophole that changed the game 5:14 What happened next 6:10 Questionable advice 9:05 Who's to blame 10:57 So can I get a free G-Wagen or what? Produced by →   / joeyrassool   Hosted by →   / kylecheromcha   Previous episode →    • The Annual Race that got Celebs hooked on ...   The Drive is the chronicle of car culture. We write stories you actually want to read. → https://www.thedrive.com/ FOLLOW US! Instagram →   / thedrive   Facebook →   / thedrive   TikTok →   / thedrive_official   WORK WITH US → [email protected]