BMW X5 and X6 Forum 2014-Current
BMW Garage BMW Meets Register Search Today's Posts Mark Forums Read


Post Reply
 
Thread Tools Search this Thread
      01-04-2017, 07:04 AM   #89
MParallel
Mr. OEM
MParallel's Avatar
Netherlands
542
Rep
796
Posts

Drives: '98 E36 M3 AW/Black 1 of 12
Join Date: Jan 2014
Location: The Netherlands

iTrader: (0)

X5M as a company car?

I knew I was doing something wrong, now I know what!

__________________

'1998 BMW M3 3.2 Cabrio • Alpinweiß III auf Schwarz • Deutschland-ausführung • 1 von 12 • SMG • SRA • PDC • AUC • GSM • HK • UURS • IHKA • FGR • MFL •

Appreciate 1
      01-04-2017, 07:23 AM   #90
vpatel867
First Lieutenant
vpatel867's Avatar
317
Rep
380
Posts

Drives: 16 F10, 19 xm40i, 24 x7
Join Date: Aug 2016
Location: Plano, TX

iTrader: (0)

Garage List
  [10.00]
Quote:
Originally Posted by t1blackout View Post
Haha you guys are hilarious.

The guy next to the white car and I are the owners and the blue and black cars went to our Vice Presidents who have been with us since the beginning.

I'm not secretive about the business model if anyone is curious. We closed 2016 with about ~$105M in sales but our gross profit margins are very small (about 4% average while we grow as fast as possible by saving the government millions of dollars on their IT equipment). Our net profit margins after buying the cars will be somewhere in the neighborhood of $1M after paying out well above average salaries and bonuses. We've had some attention from Forbes and INC because of growth, and a few jiu-jitsu sites because of our obsession. If anyone is curious and wants to look us up just PM me... We have a long way to go but the most important thing for us is to enjoy the ride while it lasts. The future looks good though for now... especially to and from work every day :P
Hey, man not to stalk or anything. I found your LinkedIn page. Love your company growth! You have some amazing sales folks. I had LED lighting company, and I was selling to the City of Chicago and web. Bidding on RFPs. We had couple big wins. I had some major issues with the partner and had to move on. But love how you guys are close.
Appreciate 1
      01-04-2017, 08:34 AM   #91
GOLFFRR
GOLFFRR's Avatar
10711
Rep
27,534
Posts

Drives: GOLFFRR cart
Join Date: Mar 2009
Location: we sell BMWs to "ALL" US states

iTrader: (4)

very cool!
__________________

BEFORE YOU BUY YOUR NEXT BMW, EMAIL OUR GUY KOTE FIRST!
Kote M Sales:Kotem@bmwofcamarillo.com Cell:805-368-9101
vipfinance@bmwofcamarillo.com for warranties!
Appreciate 0
      01-04-2017, 09:35 AM   #92
t1blackout
Enlisted Member
100
Rep
42
Posts

Drives: Ordering 2017 X5M
Join Date: Dec 2016
Location: Charlottesville, VA

iTrader: (0)

Quote:
Originally Posted by vpatel867 View Post
Hey, man not to stalk or anything. I found your LinkedIn page. Love your company growth! You have some amazing sales folks. I had LED lighting company, and I was selling to the City of Chicago and web. Bidding on RFPs. We had couple big wins. I had some major issues with the partner and had to move on. But love how you guys are close.
No worries! Our sales folks make the whole thing possible! Thanks for the support
Appreciate 0
      01-04-2017, 09:35 AM   #93
t1blackout
Enlisted Member
100
Rep
42
Posts

Drives: Ordering 2017 X5M
Join Date: Dec 2016
Location: Charlottesville, VA

iTrader: (0)

Quote:
Originally Posted by unclesanchez View Post
As a tax CPA, if your CPA told you you could expense the entire cost in the first year you need to look for a new one. If the IRS saw that on your business return you would lose that battle in a second.

But those vehicles are sweet. Enjoy the fruits of your labor.
He didn't tell us it was a 100% writeoff... Just the 25k and then 50%. in the first year.
Appreciate 0
      01-04-2017, 10:24 AM   #94
04cobra
Banned
633
Rep
1,048
Posts

Drives: 2015 M3 - 6MT
Join Date: Mar 2011
Location: MN

iTrader: (0)

So since I rent my other home out all year long and manage it, and its considered a business, can I take part in this 179 expense as well? If I can I am about to cry, because I have been renting my home out for quite a while now. Everything I read on the interwebs says I can.
Appreciate 0
      01-04-2017, 11:42 AM   #95
Fugly M3
Major General
Fugly M3's Avatar
4903
Rep
5,050
Posts

Drives: 2023 M3CX
Join Date: May 2006
Location: SoCal

iTrader: (5)

wow, cool!
Appreciate 0
      01-04-2017, 01:04 PM   #96
ouengineer
Second Lieutenant
120
Rep
233
Posts

Drives: 2015 335xi, 97 Silvia
Join Date: Dec 2016
Location: Colorado

iTrader: (0)

Wow! Congrats on getting them all ordered and delivered in time for a great price!

Don't know about the 21's, but the cars all look incredible even with those massive wheels! Especially the blue/silverstone combo.
__________________
Appreciate 1
      01-04-2017, 01:29 PM   #97
ano0oj
Captain
309
Rep
743
Posts

Drives: '22 M3 AWD, '23 Macan S
Join Date: May 2009
Location: Houston

iTrader: (4)

Wow...just one-upped my company car set up. Have 4 X5 50i here...
Appreciate 1
      01-04-2017, 01:33 PM   #98
BMWBIASED
Enlisted Member
BMWBIASED's Avatar
United_States
29
Rep
46
Posts

Drives: '15 X5 XDrive 35i
Join Date: Oct 2015
Location: New Jersey

iTrader: (0)

Congrats. Cool story. Here's to continued success and enjoying your rides.
Appreciate 1
      01-04-2017, 02:00 PM   #99
PARTS@STBMW
PARTS@STBMW's Avatar
2680
Rep
7,300
Posts

Drives: BMW
Join Date: Nov 2011
Location: Camarillo, CA

iTrader: (4)

Well done!
Appreciate 1
      01-04-2017, 06:18 PM   #100
LuisBoston
Lieutenant Colonel
LuisBoston's Avatar
United_States
377
Rep
1,874
Posts

Drives: '13 128i, '23 iX M60
Join Date: Feb 2008
Location: Boston

iTrader: (3)

Garage List
2023 BMW iX M60  [10.00]
2013 BMW 128i  [9.50]
2007 328xi  [10.00]
Nice rides, but this shouldn't be celebrated on the backs of U.S. taxpayers.

This tax loophole needs to close. It needed to close 10 years when guys were using it to buy Hummers.
__________________
2021 Polestar 2
2013 BMW 128i 6MT MGM/CR. M-sport/Premium/Cold, HK, Xenons, BMW SSK and PE. ED 7-12-2013.
SOLD: 2007 328xi 6MT BSM/Terra, 2018 F31 Sunset/Oyster
[url]http://www.1addicts.com/forums/showthread.php?t=897862
Appreciate 0
      01-04-2017, 06:35 PM   #101
t1blackout
Enlisted Member
100
Rep
42
Posts

Drives: Ordering 2017 X5M
Join Date: Dec 2016
Location: Charlottesville, VA

iTrader: (0)

Quote:
Originally Posted by LuisSF View Post
Nice rides, but this shouldn't be celebrated on the backs of U.S. taxpayers.

This tax loophole needs to close. It needed to close 10 years when guys were using it to buy Hummers.
"on the backs of taxpayers" ha ha. As if somehow I am burdening the US taxpayer by saving a small piece of my own damned money that I only earned in the first place by saving the taxpayer money. Income taxes destroy the economy and have been deemed unconstitutional at several points in our countries history. The Federal Reserve (which basically operates as a private central banking cartel with the power to print money in secret by the trillion and hand it out overseas or here) required an income tax to pay the bankers interest on the national debt so they passed it in the same legislation in 1913. This is why we have so much spending and debt in this country. Industries like ours spring up around it.
Appreciate 3
      01-04-2017, 06:39 PM   #102
joseyu
Private First Class
66
Rep
115
Posts

Drives: 20 M2C, 17 488GTB, 16 Cayman S
Join Date: Oct 2006
Location: USA

iTrader: (0)

Congrats on these beautiful cars as well as the successful company. I do have some questions on the payment part of the car buying transaction. Do you have to write the dealer a check in the full amount or can one finance the car? Also, how does the sale tax associated with the purchase factor into the 50% + 25k depreciation? THanks and congrats again!
Appreciate 1
      01-04-2017, 07:55 PM   #103
MRCUR
Lieutenant Colonel
MRCUR's Avatar
United_States
822
Rep
1,779
Posts

Drives: 2018 Model 3 Performance
Join Date: Oct 2014
Location: PA

iTrader: (0)

Quote:
Originally Posted by joseyu View Post
Congrats on these beautiful cars as well as the successful company. I do have some questions on the payment part of the car buying transaction. Do you have to write the dealer a check in the full amount or can one finance the car? Also, how does the sale tax associated with the purchase factor into the 50% + 25k depreciation? THanks and congrats again!
You can finance the vehicle. Taxes are included in what can be written off.
Appreciate 1
      01-04-2017, 08:06 PM   #104
joseyu
Private First Class
66
Rep
115
Posts

Drives: 20 M2C, 17 488GTB, 16 Cayman S
Join Date: Oct 2006
Location: USA

iTrader: (0)

Thanks!!

Quote:
Originally Posted by MRCUR View Post
You can finance the vehicle. Taxes are included in what can be written off.
Appreciate 0
      01-05-2017, 12:28 AM   #105
UsualSuspect
Lieutenant General ***
UsualSuspect's Avatar
United_States
59
Rep
751
Posts

Drives: this way and that way...
Join Date: Feb 2009
Location: Boston

iTrader: (4)

Quote:
Originally Posted by t1blackout View Post
Thank you. We really appreciate all of the feedback. Life is a dream that you have some control over. Try jiu-jitsu (gracie/brazilian specifically). That's the best recommendation I know how to give as a person.
Thanks. I'm an independent system admin myself, so it's great to see the fruits from your labor. I've never tried Jiu-Jitsu but I've been an athlete my entire life and now for over the past 3 yrs I've been into CrossFit & I love it.
__________________
Everyone has a photographic memory, some just don't have film.
Appreciate 1
      01-05-2017, 01:31 AM   #106
sbash
Enlisted Member
25
Rep
44
Posts

Drives: 2016 Donington Grey X5 M
Join Date: Jan 2016
Location: KY

iTrader: (0)

Quote:
Originally Posted by LuisSF View Post
Nice rides, but this shouldn't be celebrated on the backs of U.S. taxpayers.

This tax loophole needs to close. It needed to close 10 years when guys were using it to buy Hummers.
Oh good lord LuisSF, I'm guessing you are employed by someone other than yourself.

First of all, it might be nice if you'd kindly tell us about these poor souls that you are referring to when you talk about "the backs of U.S. taxpayer"? You do realize that top-earning 1 percent of Americans pay nearly half (50%) of all federal income taxes and that bottom 80 percent of Americans only pay about 15 percent of all federal income tax? We all drive on the same roads, have the same opportunity in terms of public schools, benefit from some sort of government system, law enforcement, emergency services, supplemented healthcare, etc... The value of the services and benefits that the majority of folks receive is much greater than what they have to pay for it. The expense for all these things is still there, it's just that all of those system-gaming SUV buyers are the ones making up the difference for the people who aren't paying their own way.

Based on that reality, my way of looking at things is that the folks buying the expensive SUVs and the X5Ms in particular, are the real taxpayers carrying the burdon. How about get off our friggin backs! After all, is it really fair that just a few percent of tax payers have to support a system where the largest majority are net takers ?

Secondly, please explain how taking an accelerated depreciation hurts your so-called "tax payer"? Either way, the vehicle gets depreciated. Depreciating the vehicle early creates an incentive to buy more vehicles. When you get rid of the vehicle, any value remaining in the vehicle goes back towards income and is taxed at the appropriate rate. If anything, more vehicles are purchased which in turn creates a job for someone. The section 179 and Bonus depreciation helps to create jobs.

I know it's a novel idea, but at some point, having a job and actual income is more important than penalizing someone else for their hard work and success.
Appreciate 3
      01-05-2017, 03:07 AM   #107
AylinNett
Private
18
Rep
55
Posts

Drives: 320d
Join Date: Sep 2016
Location: Switzerland

iTrader: (0)

Nice! Do you have some interior pics?
Appreciate 1
      01-05-2017, 08:11 AM   #108
onfireX5
Brigadier General
3617
Rep
4,532
Posts

Drives: F90M5,F85X5M
Join Date: Jul 2015
Location: Va

iTrader: (0)

Quote:
Originally Posted by t1blackout View Post
"on the backs of taxpayers" ha ha. As if somehow I am burdening the US taxpayer by saving a small piece of my own damned money that I only earned in the first place by saving the taxpayer money. Income taxes destroy the economy and have been deemed unconstitutional at several points in our countries history. The Federal Reserve (which basically operates as a private central banking cartel with the power to print money in secret by the trillion and hand it out overseas or here) required an income tax to pay the bankers interest on the national debt so they passed it in the same legislation in 1913. This is why we have so much spending and debt in this country. Industries like ours spring up around it.
+ 1,000,000,000,000,000

YOU built it, YOU earned it. Take every legal advantage that you can from the political thieves.
Appreciate 1
      01-05-2017, 08:40 AM   #109
Fugly M3
Major General
Fugly M3's Avatar
4903
Rep
5,050
Posts

Drives: 2023 M3CX
Join Date: May 2006
Location: SoCal

iTrader: (5)

Quote:
Originally Posted by LuisSF View Post
Nice rides, but this shouldn't be celebrated on the backs of U.S. taxpayers.

This tax loophole needs to close. It needed to close 10 years when guys were using it to buy Hummers.
Quote:
Originally Posted by t1blackout View Post
"on the backs of taxpayers" ha ha. As if somehow I am burdening the US taxpayer by saving a small piece of my own damned money that I only earned in the first place by saving the taxpayer money. Income taxes destroy the economy and have been deemed unconstitutional at several points in our countries history. The Federal Reserve (which basically operates as a private central banking cartel with the power to print money in secret by the trillion and hand it out overseas or here) required an income tax to pay the bankers interest on the national debt so they passed it in the same legislation in 1913. This is why we have so much spending and debt in this country. Industries like ours spring up around it.
Quote:
Originally Posted by sbash View Post
Oh good lord LuisSF, I'm guessing you are employed by someone other than yourself.

First of all, it might be nice if you'd kindly tell us about these poor souls that you are referring to when you talk about "the backs of U.S. taxpayer"? You do realize that top-earning 1 percent of Americans pay nearly half (50%) of all federal income taxes and that bottom 80 percent of Americans only pay about 15 percent of all federal income tax? We all drive on the same roads, have the same opportunity in terms of public schools, benefit from some sort of government system, law enforcement, emergency services, supplemented healthcare, etc... The value of the services and benefits that the majority of folks receive is much greater than what they have to pay for it. The expense for all these things is still there, it's just that all of those system-gaming SUV buyers are the ones making up the difference for the people who aren't paying their own way.

Based on that reality, my way of looking at things is that the folks buying the expensive SUVs and the X5Ms in particular, are the real taxpayers carrying the burdon. How about get off our friggin backs! After all, is it really fair that just a few percent of tax payers have to support a system where the largest majority are net takers ?

Secondly, please explain how taking an accelerated depreciation hurts your so-called "tax payer"? Either way, the vehicle gets depreciated. Depreciating the vehicle early creates an incentive to buy more vehicles. When you get rid of the vehicle, any value remaining in the vehicle goes back towards income and is taxed at the appropriate rate. If anything, more vehicles are purchased which in turn creates a job for someone. The section 179 and Bonus depreciation helps to create jobs.

I know it's a novel idea, but at some point, having a job and actual income is more important than penalizing someone else for their hard work and success.
Quote:
Originally Posted by onfireX5 View Post
+ 1,000,000,000,000,000

YOU built it, YOU earned it. Take every legal advantage that you can from the political thieves.
Somehow, I feared this thread would head in this direction. The tax code is full of nonsense. Singling out this guy and his company for taking advantage of it is just about as shitty as creating the nonsense.
Appreciate 1
      01-05-2017, 09:58 AM   #110
onfireX5
Brigadier General
3617
Rep
4,532
Posts

Drives: F90M5,F85X5M
Join Date: Jul 2015
Location: Va

iTrader: (0)

You are majorly confused. My post SUPPORTS his position.
Appreciate 1
Post Reply

Bookmarks

Tags
2017, 4 x5m's, govsmart, x5m

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off



All times are GMT -5. The time now is 09:20 AM.




xbimmers
Powered by vBulletin® Version 3.8.11
Copyright ©2000 - 2024, vBulletin Solutions Inc.
1Addicts.com, BIMMERPOST.com, E90Post.com, F30Post.com, M3Post.com, ZPost.com, 5Post.com, 6Post.com, 7Post.com, XBimmers.com logo and trademark are properties of BIMMERPOST