Audits, Outlaws, and Oil: Advanced Tax Plays and What Actually Gets You in Trouble with the IRS
Wealthy Way
Ryan Pineda
4.9 • 2.2K Ratings
🗓️ 4 June 2026
⏱️ 16 minutes
🧾️ Download transcript
Summary
From writing off luxury vehicles to investing in exploratory oil and gas drilling, what is the line between smart tax strategy and literal tax evasion? Greg and Ryan debunk the paralyzing fear surrounding IRS audits, detailing what auditors actually look for versus what people think will land them in jail. They discuss the infamous case of "The Situation" from Jersey Shore, explain why it is illegal not to file but not illegal not to pay, and break down how the government actively incentivizes you to invest in energy and write it off against active income.
Transcript
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| 0:00.0 | What about like, is buying a car a good tax write off? |
| 0:04.6 | It can be if you're actually using it for business. |
| 0:07.7 | Oh, you have to use it for business. |
| 0:09.2 | Yeah, so it needs to be. |
| 0:10.2 | Can't take it to the beach. |
| 0:12.1 | Your beach house, your Airbnb? |
| 0:14.4 | Yeah, you can drive it to your Airbnb. |
| 0:16.0 | Okay. |
| 0:16.4 | That would count as business miles. |
| 0:18.3 | So my big loophole with that is buy it at the end of the year, |
| 0:22.0 | like December 27th or something, and just use it 100% business that year. And with the |
| 0:29.0 | bonus depreciation, you write off 100%. And then after that year, you just have to use it 50% for |
| 0:35.2 | business. But I had one client who forgot and drove it to the doctor on accident. |
| 0:40.4 | And so then their 100% business use dropped to 80% because they bought it so late in the |
| 0:45.1 | year that they didn't have that many miles. |
| 0:47.3 | And so that doctor's drive was personal. |
| 0:50.2 | And so it dropped them down huge on the business use. |
| 0:53.6 | So if you buy a car at the end of the year, you could write off the whole purchase price. As long as you use it 100% for business. Oh, wow. Yeah. So you're going to buy December 30th. Yeah, we're buying. You might get New Year's Eve sales too. I mean, you might get a good deal on the car too. Sure. What about it like if you buy her wife a car? Does she work in the business? |
| 1:11.1 | Yes. too. I mean, you might get a good deal on the car, too. Sure. What about, like, if you buy her wife a car? |
| 1:12.9 | Does she work in the business? |
| 1:14.6 | Yes. |
| 1:18.0 | For this podcast? |
... |
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