New car--Truck

[reckedracing]

crawling around in a car cleaning up after fucking slobs is going to get old real fast
keep your rat race job with the beni's
your schedule C "should" be reported, and since you are just starting out you "should" have enough expenses to show a loss for the first few years, loss on Sch C = reduction of salaried income for taxes = bigger refund
if you push it for more than a couple years then you're looking for trouble
mileage is gonna be your best deduction at 50 cents a mile, so make sure you keep a pretty accurate mileage log
would help to keep a separate card for the business that you pay off every month
use it for any purchases of "cleaning" stuffs

 

[B16]

You can only deduct from what you made on the side business right? Meaning he can't deduct the loss from his regular paying job.

 

[reckedracing]

incorrect
small business's can show a loss on a schedule C
sounds like you are getting into the area of hobby expenses

 

[corvetteguy78]

just ran the suggested retail value on KBB on the Titan after adding all the options. Pretty solid at $26,715, I getting it for $19,871

 

[B16]

incorrect
small business's can show a loss on a schedule C
sounds like you are getting into the area of hobby expenses

I thought you could only deduct that loss from what that small business brought in? Maybe I'm wrong.

I'm not totally clear; but my goal is to do a small business to offset my "hobby" costs without it looking like a hobby but appear to be a business where it is "regular, available with the intent to profit."

 

[Briansol]

set up a race team as an llc. that's your best best probably.

 

[reckedracing]

anything automotive is gonna be under a huge microscope for the hobby red flag
just a heads up
if its a hobby you can offset any hobby income with expenses, but you can not take a hobby loss to offset your other earned income

just ran the suggested retail value on KBB on the Titan after adding all the options. Pretty solid at $26,715, I getting it for $19,871

now go to driveyourdream.com or one of the other car buying sites and spec out the truck and see what invoice vs retail is.
if you input your name etc they will tell you what the closest 3 dealers in your area will offer you above/below invoice
do NOT put your phone number because they will all call you within 5 minutes

 

[Hondadude141]

just ran the suggested retail value on KBB on the Titan after adding all the options. Pretty solid at $26,715, I getting it for $19,871

You have to also consider the effect the economy/gas prices has on the retail price of a truck with a v8 that gets 17 mpg highway. KBB does not factor anything like that in, the market can really affect the retail value of a vehicle.

 

[reckedracing]

You have to also consider the effect the economy/gas prices has on the retail price of a truck with a v8 that gets 17 mpg highway. KBB does not factor anything like that in, the market can really affect the retail value of a vehicle.

troof
i remember when they were selling quad cabs dodge trucks for like 25-50% off when the last gas spike hit
too bad this isn't a spike, but rather just another rung on the ladder(go go gadget inflation...?)

 

[Hondadude141]

Shoot, the yukon/tahoe's I've been looking at can be worth as much as 20-21K according to KBB, but they are being sold for 12-13K because they get a whopping 13-19 mpg.

 

[corvetteguy78]

troof
i remember when they were selling quad cabs dodge trucks for like 25-50% off when the last gas spike hit
too bad this isn't a spike, but rather just another rung on the ladder(go go gadget inflation...?)

Yeah last time this happened i was trading in the A6 and saw a 50k Ford Excursion in a Honda Showroom and they could not sell it for $19k and civics were back ordered

 

[invisibledemon]

congrats on the truck.
personally, i like those.
im not a huge fan of big trucks, but if i needed one, i wouldnt mind having one of those.

 

[Bob Vila]

Still should have bought a Ram

 

[Battle Pope]

Still should have bought a Ram

I guess they removed the "driver poorly endowed" badge. Must be custom.

 

[corvetteguy78]

picked up the truck, its great....really like it...talk about irony, i traded in my car with a broken glove box, guess what i got in return..mine was worse though..that's my only complaint so far. the stero is insane, so loud and clear and basey love it...very clean...

 

[Briansol]

:afro:

 

[Briansol]

damn, i thought we had a fro emoticon.

 

[invisibledemon]

:rainfro::fosho3:

those were the only fro's i found.

 

[83civic]

nice truck

 

[corvetteguy78]

nice truck

thanks i'm loving the dam thing....fucking modding cars is a fucking addiction...i've been doing nothing but looking at what i can do to it, readin up on the forums

6inch lift
33" Tires and nice black wheels

Corsa Exhaust
B pipes
JBA Headers
Injen CAI
UPREV Tune

AHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH