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I've been using Turbo Tax for years. I used to pay for a professional, but figured out it was just throwing money away. If you let TT guide you through the process, it will show you all deduction possibilities. If you tell it you want to do it yourself, you may miss some, as you seem to have done with the EV credit. I've never had the need to contact them for assistance.
Well, it did seem to work for me, and was definitely way, way cheaper than the person I usually use. This year my taxes were less complex, so I decided to do them myself. It all ended up working out. That said, if I ever hit the jackpot, I would probably have to go back to a professional
In a dark way, I'm kind of glad it's complex and inefficient, because it you play your cards right, its easy to game the system
if you think you can game the system and you're right, then there are others are gaming it more than you, and once again, the system is inherently unfair.
why should a tax system be based on knowing (or paying those who know) how to game the system? i know, let them eat cake.
if you think you can game the system and you're right, then there are others are gaming it more than you, and once again, the system is inherently unfair.
why should a tax system be based on knowing (or paying those who know) how to game the system? i know, let them eat cake.
I prefer like you an equitable and fair tax system that not complicated. But it's not that way, and purposely will never be that way. As long as there are loopholes, I'm going to exploit them, within the law of course.
I'm sympathetic to the poor and less fortunate, even believing in Capitalism. In fact I'm among those who are told to "just eat cake", so that's not a phrase I would say to anyone
Just kidding This is for the incorrect font size for the Brake, Park, and ABS icons that appear on the screen. Already corrected with an OTA update. They should just save the trees
Can the EV tax credit be received as a refund? I know someone who has an EV and they stated they are received a $7500 refund.
Not directly. If your friend had, say, a $15000 federal tax liability and had already paid that through withholding or estimated payments then $7500 would get refunded but it's actually the overpaid federal tax that's being returned.
Non refundable means just that. It can only offset. If your friend had, say, a $5000 liability, had already paid that, and then earned the credit then your friend's federal tax bill would be offset via the credit and they would get a $5000 federal tax refund. In other words, the extra $2500 would be lost (and it can't be carried forward or back).
Can the EV tax credit be received as a refund? I know someone who has an EV and they stated they are received a $7500 refund.
@swajames answered already, but as another example, my daughter didn't make enough last year, so she has a small tax liability, so the $7500 tax credit is not going to help her much. She did get a one time $2500 rebate from the State of California, which they sent to her as a check, but that's not a tax credit, but direct rebate
One more dumb question, can you use the tax credit multiple times if you buy more than 1 EV like for example you have multiples EVs.
Not a dumb question at all. And yes, if you otherwise meet the conditions you can take as many as you like. The main thing is that you didn't buy with the specific intention to resell it, there's a somewhat nebulous "not for resale" requirement which is broadly viewed as what was your intention when you bought it. So in other words if you bought an EV with the intent to flip for profit back when you could do that then you would not, in principle, qualify for the credit. If however you bought it, realized you didn't like it and then sold it, you could. What differentiates one scenario from the other is of course somewhat subjective. In reality, if you don't abuse it, no one is likely to question your credits.
I've been using Turbo Tax for years. I used to pay for a professional, but figured out it was just throwing money away. If you let TT guide you through the process, it will show you all deduction possibilities. If you tell it you want to do it yourself, you may miss some, as you seem to have done with the EV credit. I've never had the need to contact them for assistance.
As a CPA, my rule of thumb for advising people whether they need a tax preparer or not is if they have a business or a complex level of investing going on.
If you're just a wage-earning employee like myself, there's not much reason to pay a CPA to do it.
As a CPA, my rule of thumb for advising people whether they need a tax preparer or not is if they have a business or a complex level of investing going on.
If you're just a wage-earning employee like myself, there's not much reason to pay a CPA to do it.
That's pretty much what I am, although I used to do IT consulting on the side under an LLC, which made things slightly more complicated. The LLC has been shut down for a couple of years, so decided to go the TT route this year. So far, so good 👍
Just kidding This is for the incorrect font size for the Brake, Park, and ABS icons that appear on the screen. Already corrected with an OTA update. They should just save the trees
Tesla owners poke fun at NHTSA for paper notices telling them their cars are already fixed through OTA update
A Tesla mobile tech arrived at my office today to perform a tire rotation. He also pushed an OTA update 2024.2.7
I think it's just minor fixes. On another note, if you have aftermarket Aero covers, they don't want to touch them. I had to convince the tech I wasn't going to hold him or Tesla responsible if they break taking them off. They are pretty touch, so wasn't worried
Yeah Tesla doesn’t like to mess with any aftermarket stuff even if it doesn’t affect what you are taking the car in for. Some people have the new control arms on the Model S for the abnormal tire wear issue with the 21’s and some won’t touch the car until they take the aftermarket parts off.
@Allen K I followed your lead, and I reset my trip meter on my Y. Temps are a bit warmer (52F this morning although wet and raining), so efficiency has improved. My commute was 8 miles, about half freeway half road. Speeds were averaging around 72 MPH highway and 50 MPH off highway. Here are the results:
Let me translate that with some quick math. 0.19 kWh per mile, 5.24 miles per kWh, or my favorite (this one's for you Bit ) 19.10 kWh per 100 miles! If you factor in that a gallon of gas is equal to 33.7 kWh energy, than that's a whopping 176 MPGe
Averaging over 11,832 miles of driving, it's a little lower. 0.28 kWh per mile, 3.62 miles per kWh, or 122 MPGe.
I have to say, not bad for a Mid-size SUV with 384 HP and a 0 to 60 of 4.6 seconds
