Tax credit stick and carrot

Discussion in 'General' started by Aircooled6, Nov 7, 2017.

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  1. Aircooled6

    Aircooled6 New Member

    i just learned that I don’t make enough (84K) to qualify for more than $4000 in IRS tax credits if I purchase this year. based on last year’s return. In addition, after talking to the office in charge of EV incentive program in Texas, although announcing in September, they are still formulating the rules and said that they most likely would be ready in the spring of ‘18. He also said that I shouldn’t bank on it being applied retroactively. That increases my planned cost $6495 or $96 a month.
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  3. Domenick

    Domenick Administrator Staff Member

    Huh. I'm not much of an authority on taxes, I just try to pay as few as legally possible, and I've never made even close to that much money in a year. Seems to me, though, that one should owe at least $7,500 with that kind of income. Unless, of course, you have a bunch of exemptions or something.

    One way around this might be to lease instead, as the dealer gets the credit and (hopefully) passes the saving on.
  4. Feed The Trees

    Feed The Trees Active Member

    If you are only paying $4k on $84k then be happy. You will now pay $0 on $84k, so no whining please!
    Counterpoint likes this.
  5. Counterpoint

    Counterpoint New Member

    Yup. Anything that reduces your taxes to zero after making that much is going to be a big plus for you!
  6. Feed The Trees

    Feed The Trees Active Member

    After all my deductions, offsets, retirement contributions, etc i still paid $30k fed tax last year plus another big chunk to CA. I'd love for a car to send me to $0!
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