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doing taxes tomorrow

Discussion in 'Model S' started by CPD2601, Feb 28, 2016.

  1. CPD2601

    CPD2601 Member

    Joined:
    Aug 29, 2015
    Messages:
    31
    Location:
    Columbus, Ohio
    Any thing i should expect or prepare for from you all experienced $7500 tax credit getters?
     
  2. Half Dollar Bill

    Half Dollar Bill Traveller, teacher, poet, accountant

    Joined:
    Oct 19, 2013
    Messages:
    557
    Location:
    Northern Virginia
    Solo, tax professional or software?
    Any other relevant info like personal or business return?
    If it's just a straight-forward return and you have more than a $7500 tax liability, I think the consensus would be that you'll be fine as long as you follow the rebate form instructions.
     
  3. TampaRich

    TampaRich Member

    Joined:
    Jul 7, 2013
    Messages:
    110
    Location:
    Tampa, FL
    Just did TurboTax today. You have to search through their long list of deductions to find the Energy Efficient Vehicle entry. It requires you to enter your VIN, purchase date and amount, and gross weight (must be less the 14,000 lbs to qualify, so no problem). Make sure you write off your sales tax and registration fees if your state allows it.

    In writing off my sales tax I discovered that Tesla fat fingered the tax amount and charged me $50 more than they should have. Working to get that refunded.
     
  4. Troyrod

    Troyrod Member

    Joined:
    Nov 15, 2015
    Messages:
    19
    Location:
    Pasadena, ca
    My tax guy took a few minutes to fill out the right lines on his app, first one that he did. His app required the battery capacity in order to recognize the $7500 credit.
     
  5. Dave85D

    Dave85D Member

    Joined:
    Oct 28, 2015
    Messages:
    25
    Location:
    West Kootenays, BC
    I've never heard of anything like that. Are there any such tax considerations that people know of in Canada?
     
  6. CPD2601

    CPD2601 Member

    Joined:
    Aug 29, 2015
    Messages:
    31
    Location:
    Columbus, Ohio
    Tax guy, (sorry should have put that). Just a little nervous about him saying there is not $7500 credit. I've printed every thing i have so fingers crossed. Thanks everyone
     
  7. lennieorr

    lennieorr Member

    Joined:
    Nov 24, 2015
    Messages:
    6
    Location:
    Livermore, CA
    My tax guy told me that the rebate is still in draft form and has not been officially adopted. He told me my rebate will be somewhere between $2500 and $7500 depending on the final draft.
     
  8. Barry

    Barry Member

    Joined:
    Aug 9, 2013
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    786
    Location:
    Colorado
    I went through Turbotax over the weekend myself, and entered everything except a K-1 that is still outstanding. No issues at all. As is the case for most, I didn't get any credit for the charger install, as it's eliminated by AMT, even though I don't pay AMT. One annoyance about Turbotax is it didn't carry over the car info to the state return for the state credit ($6K in Colorado, even if your tax burden is less than that!) I had to re-enter it.
     
  9. CmdrThor

    CmdrThor Member

    Joined:
    Jul 24, 2013
    Messages:
    864
    Location:
    Marietta, GA
    It is time to fire your tax guy. I've already filed my taxes with Turbo Tax and my refund is scheduled to be deposited on 3/2. It is quite amazing how many paid professionals can't figure out things that are easily handled by ~$50 DIY tax software.
     
  10. CarmaKazi

    CarmaKazi Member

    Joined:
    Jun 10, 2015
    Messages:
    32
    Location:
    Houston, TX
    I did mine through TaxAct but couldnt find the EV deduction so i did it in TurboTax and found it. Unless you have lots of complicated tax issues, I would recommend using software. Unfortunately for me, the tax credit only but a small dent in how much i have to pay....sigh
     
  11. zwede

    zwede 2013 P85+

    Joined:
    Jan 17, 2014
    Messages:
    501
    Location:
    Plano, TX
    I claimed it last year. I don't use any software, I fill out the forms "manually" on freefilefillableforms.com. The form is simple, I got my $7,500 deduction and no audit.
     
  12. jerrytes516

    jerrytes516 Member

    Joined:
    Aug 16, 2015
    Messages:
    7
    Location:
    United States
    After much back & forth checking rules and regs and searching everywhere for the EV credit info... my accountant finally figured out how and where to find the Tesla 7500.00 credit.
    First, he tells me (on his computer software) the the Vin # automatically calculates the $$. Then he laughed, it turned out that the on the very last page of the computer form he uses, the credit is automatically applied.
    Hope this helps you all.
     
  13. Max*

    Max* Autopilot != Autonomous

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    NoVa
    Fire him. I got my refund on Friday. Full $7,500.
     
  14. Armadillos

    Armadillos Member

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    May 4, 2015
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    172
    Location:
    Denver, CO
    I did mine on Taxact, and had to find the form for the car. Filed it, and it took about 3 weeks to get the refund. Got it last Friday.
     

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