That's right. Don't buy a car for a tax write-off. We need to buy a car because it makes sense for our

business and then we get the tax write-write-off. Now, there's a lot of information out on the web of how to ride off a vehicle. That's great, but there's a lot of misinformation out there, getting everyone excited to go buy a car simply for a ride-off thinking they're going to get a Tesla for free. But the truth is, for a lot of people, buying that car for the wrong reason, can be

devastating to their business. And I'm going to get a Tesla for free. But the truth is, for a lot of people, buying that car for the wrong reason, can be devastating

to their business.

And I'm going to walk you through three reasons why buying that vehicle could be a bad idea.

Now, I'm a CPA attorney, best-selling author, a partner in a law firm, and an accountant for 20 plus years seeing business owners make decisions like this.

And I want you to know there's good reasons and bad reasons, and I'm going to guide you through it.

Number one bad reason for buying a vehicle just for the write-off is because we think we're going to get this vehicle for free because of some mysterious tax benefit.

The reality is we have to have an ongoing trader business that's making money, that the vehicle is used in the business.

They're making enough money to justify the ride off.

So if we don't have a ongoing business where we're allowed to ride off this vehicle, we're going to get

stuck with it and no ride off at all. Example number one, let's say you own a restaurant or some

sort of brick and mortar business where essentially you're going from home to the business every

day. That's great and the business could be profitable, but you're not going to be able to ride off

a vehicle commuting. That's not going to be a valid ride off for buying that vehicle. Another example, let's say you have an online business. You're working out of your basement and your underwear. That's great. You're making great money, but you don't need a car to go anywhere. So buying this vehicle is not going to be a ride off either. And third example example, you're a brand-new real estate investor and you're so excited and you're out working the angles and you're going to buy some real estate and fix it up and flip it, but you haven't bought anything yet. You haven't made any money yet. You're going to go out and buy that expensive car hoping to ride it off and garner attention for other investors. That's not a ride-off. That vehicle's going

to sit in the driveway with no tax deduction. So the moral of the story is, let's make sure we have

a business that can support the deduction for the vehicle and the vehicle makes sense for the business.

Now we can start talking about a ride-off. Number two reason for trying to buy a vehicle just for the ride-off is it gets us excited to buy more

vehicle than we need.

We're going to now go out and buy a more expensive vehicle because we think the ride-off

is going to pay for it.

People, this is not a good idea.

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