I use my new 2016 Tesla MS for mostly for business.
As I was doing my taxes on Turbotax I was shocked to see that I only receive a tax credit on the personal usage of the car. So if I use my car 90% for business and 10% for personal the tax credit comes to $750 instead of $7,500. True I can take a depreciation deduction on the car on the schedule C, but that is much less then the tax credit.
Is this correct?
As I was doing my taxes on Turbotax I was shocked to see that I only receive a tax credit on the personal usage of the car. So if I use my car 90% for business and 10% for personal the tax credit comes to $750 instead of $7,500. True I can take a depreciation deduction on the car on the schedule C, but that is much less then the tax credit.
Is this correct?