fellas, as you know, cars are my thing.
you have all seen my last 3 purchases within the past year.

now i have decided to start a youtube channel to show the joys of automobile lifestyle





below, ima drop the link for anyone to
SUBSCRIBE - LIKE - COMMENT

 www.youtube.com/user/iskatenikes

if there are ppl in NYC, DMV, ATL, Florida, Houston, or LA that want to create content, dont hesitate to hit me up.

Your cars are dope!! Videos are 2 short tho bruh

grats! That thing looks so s*xxssyyyyy!! lol

Also why the videos so short ? you just getting started ?

you could probably benefit from this tool.
[URL="https://vidiq.com/allaboutthecharts"[/URL]
(yea its my affiliate lank, i would still suggest it if i wasnt)

Jamalreynolds said Your cars are dope!! Videos are 2 short tho bruh

You think his videos are for you to watch? He’s writing off his cars as tax losses every year and all he has to do is advertise his channel once a year.

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NumberRuns said You think his videos are for you to watch? He’s writing off his cars as tax losses every year and all he has to do is advertise his channel once a year.

Hmmm…Please break this down to me

Pull up to one of the Benz meets if you ever in Miami

view IG

view IG

NumberRuns said You think his videos are for you to watch? He’s writing off his cars as tax losses every year and all he has to do is advertise his channel once a year.

I'm listening

black tesla said I'm listening

MyStYlEaRt said Hmmm…Please break this down to me

You can create an LLC (some people don’t even do that part) and legitimize your hobby. That’s taxes 101. The most popular way I see people doing it is selling pictures. Let’s say you like sneakers. Make an IG account, buy a bunch of sneakers, post the sneakers, sell the photos. The IRS just cares if you advertise your business. It doesn’t have to be successful.

Plenty of people have made their hobby into a business and write off their expenses. Twitch and YouTube personalities do this. They buy all the games, equipment, and online money for games and write it off end of year. And if they end the year losing $10,000, guess what, it’s reported as negative income to the IRS.

Think what Uber and yellow cab drivers do with vehicles and vehicle maintenance but on an online scale.

NumberRuns said You can create an LLC (some people don’t even do that part) and legitimize your hobby. That’s taxes 101. The most popular way I see people doing it is selling pictures. Let’s say you like sneakers. Make an IG account, buy a bunch of sneakers, post the sneakers, sell the photos. The IRS just cares if you advertise your business. It doesn’t have to be successful. Plenty of people have made their hobby into a business and write off their expenses. Twitch and YouTube personalities do this. They buy all the games, equipment, and online money for games and write it off end of year. And if they end the year losing $10,000, guess what, it’s reported as negative income to the IRS. Think what Uber and yellow cab drivers do with vehicles and vehicle maintenance but on an online scale.

Thanks man!

NumberRuns said You can create an LLC (some people don’t even do that part) and legitimize your hobby. That’s taxes 101. The most popular way I see people doing it is selling pictures. Let’s say you like sneakers. Make an IG account, buy a bunch of sneakers, post the sneakers, sell the photos. The IRS just cares if you advertise your business. It doesn’t have to be successful. Plenty of people have made their hobby into a business and write off their expenses. Twitch and YouTube personalities do this. They buy all the games, equipment, and online money for games and write it off end of year. And if they end the year losing $10,000, guess what, it’s reported as negative income to the IRS. Think what Uber and yellow cab drivers do with vehicles and vehicle maintenance but on an online scale.

riiiiight so... that LLC for your hobby is to write off what you spent on your hobby... against what? obviously you didnt finance that hobby using the income generated by the said entity, that money came from somewhere else. unless you can write off against wherever that money came from...

xbossxplayax said riiiiight so... that LLC for your hobby is to write off what you spent on your hobby... against what? obviously you didnt finance that hobby using the income generated by the said entity, that money came from somewhere else. unless you can write off against wherever that money came from...

If you make good money in your regular 9-5 and owe the IRS money at year end. Or get a lot of money taken out of your check throughout the year. Let’s put it at $200,000.

You have a hobby. Call it cars. You have 2 and spend $40,000 on maintenance, insurance, lease payments. Your income will be $160,000 for the tax year after you write off those losses. That brings your tax rate down from 32% to 24%.

And if you want to write off more you probably can (office space, cameras, etc..)

I followed but i dont care about cars.
I only care about a boat safe and sturdy enough to take me offshore so i can hit the good fishing spots. Lol

NumberRuns said You can create an LLC (some people don’t even do that part) and legitimize your hobby. That’s taxes 101. The most popular way I see people doing it is selling pictures. Let’s say you like sneakers. Make an IG account, buy a bunch of sneakers, post the sneakers, sell the photos. The IRS just cares if you advertise your business. It doesn’t have to be successful. Plenty of people have made their hobby into a business and write off their expenses. Twitch and YouTube personalities do this. They buy all the games, equipment, and online money for games and write it off end of year. And if they end the year losing $10,000, guess what, it’s reported as negative income to the IRS. Think what Uber and yellow cab drivers do with vehicles and vehicle maintenance but on an online scale.

Learn something everyday. Good looks brother

NumberRuns said If you make good money in your regular 9-5 and owe the IRS money at year end. Or get a lot of money taken out of your check throughout the year. Let’s put it at $200,000. You have a hobby. Call it cars. You have 2 and spend $40,000 on maintenance, insurance, lease payments. Your income will be $160,000 for the tax year after you write off those losses. That brings your tax rate down from 32% to 24%. And if you want to write off more you probably can (office space, cameras, etc..)

ok so even if its a separate entity of its own, the LLC, its loss can be written off against the money you earned from your regular 9-5 or your other entity. i aint know you could criss cross like that. is it because you are the sole owner of the LLC in question, you and the LLC are seen as one and the same, from the tax perspective?

just trying to learn. not arguing

xbossxplayax said ok so even if its a separate entity of its own, the LLC, its loss can be written off against the money you earned from your regular 9-5 or your other entity. i aint know you could criss cross like that. is it because you are the sole owner of the LLC in question, you and the LLC are seen as one and the same, from the tax perspective? just trying to learn. not arguing

Correct. Most people do it as a sole proprietorship. If you do it as an LLC to limit liability it is more complicated. Because you’d have to “pay yourself” (even if zero) and write of your contributions to the LLC. It’s all the same.

You’d tell the tax man “I have this LLC. I’m funding it with money from my main salary job. It lost money so I couldn’t pay myself. My actual income is negative $40,000 for that job.”

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NumberRuns said You can create an LLC (some people don’t even do that part) and legitimize your hobby. That’s taxes 101. The most popular way I see people doing it is selling pictures. Let’s say you like sneakers. Make an IG account, buy a bunch of sneakers, post the sneakers, sell the photos. The IRS just cares if you advertise your business. It doesn’t have to be successful. Plenty of people have made their hobby into a business and write off their expenses. Twitch and YouTube personalities do this. They buy all the games, equipment, and online money for games and write it off end of year. And if they end the year losing $10,000, guess what, it’s reported as negative income to the IRS. Think what Uber and yellow cab drivers do with vehicles and vehicle maintenance but on an online scale.

Interesting! Doesn't the govt. rule you a hobby if you take losses too many years in a row though?

numberruns said you can create an llc (some people don’t even do that part) and legitimize your hobby. That’s taxes 101. The most popular way i see people doing it is selling pictures. Let’s say you like sneakers. Make an ig account, buy a bunch of sneakers, post the sneakers, sell the photos. The irs just cares if you advertise your business. It doesn’t have to be successful.

Be careful.

Big up OP inspiring moves

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milesjhughes said Interesting! Doesn't the govt. rule you a hobby if you take losses too many years in a row though?

Losses don’t matter. And you wouldn’t call it a hobby. You’d call it a business.

Eastcoast said Be careful.

Millions of people do it every year. It’s not fraud. You can read books and articles about it—turn your hobby into a business.

It doesn’t have to be profitable. But you have to try to make it profitable. That’s the rule. Advertise. Do what OP is doing. Have an online shop.

Businesses fail every day B

NumberRuns said You can create an LLC (some people don’t even do that part) and legitimize your hobby. That’s taxes 101. The most popular way I see people doing it is selling pictures. Let’s say you like sneakers. Make an IG account, buy a bunch of sneakers, post the sneakers, sell the photos. The IRS just cares if you advertise your business. It doesn’t have to be successful. Plenty of people have made their hobby into a business and write off their expenses. Twitch and YouTube personalities do this. They buy all the games, equipment, and online money for games and write it off end of year. And if they end the year losing $10,000, guess what, it’s reported as negative income to the IRS. Think what Uber and yellow cab drivers do with vehicles and vehicle maintenance but on an online scale.

I'm an owner of a transportation that's doing well but this was very insightful. Thank you for the information. Good looks brother

NumberRuns said Millions of people do it every year. It’s not fraud. You can read books and articles about it—turn your hobby into a business. It doesn’t have to be profitable. But you have to try to make it profitable. That’s the rule. Advertise. Do what OP is doing. Have an online shop. Businesses fail every day B

Just a warning to everyone about selling pics to get over on taxes. You can end up following someone into a jail cell.

Eastcoast said Just a warning to everyone about selling pics to get over on taxes. You can end up following someone into a jail cell.

How? Run a legitimate business and open a legitimate shop and post legitimate pictures and advertise it. Millions do it on Etsy every day.