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Taking advantage of tax credit

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Forgive me if this has been covered. So my tax situation is this , I get a refund every year as married filing jointly , never owe. I claim 0 on my paychecks and don’t withhold any amount.

Question is, to take advantage of a 7500 tax credit would I begin claiming 2 (wife and I no kids) on my paycheck? This way increasing my net pay
 
Forgive me if this has been covered. So my tax situation is this , I get a refund every year as married filing jointly , never owe. I claim 0 on my paychecks and don’t withhold any amount.

Question is, to take advantage of a 7500 tax credit would I begin claiming 2 (wife and I no kids) on my paycheck? This way increasing my net pay

Changing what you claim doesn't change the amount you will give to the billionaire class every year in wealth redistribution set in place by the federal government.
 
What you claim has nothing to do with the tax credit. This has been clarified here twenty times at least, not sure why it's still so unclear to many people. What matters is your total tax burden. If your total tax for the year is >$7500, you get full credit. Completely another topic is what happens to the tax credit if/when someone can actually read through the new tax law.
 
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However, if you claim higher you get to keep bit more each paycheck. But you risk what happens with the new tax laws. I'd hate to owe $7500 in April. Couple times I hit ~$4000 for various reasons, not fun. So my recommendation is to stay where you are, and if the tax law gets cleared and the credit stays, and you really want to get bit more on your paycheck each month, then you can claim higher.
 
To clarify it’s not the total tax debt. It’s what you owe in federal taxes only. One has to make more than 50k a year to take advantage of the full credit (if taxed at 15 percent).
 
1. This subject has been beaten to death. Searching is fun!

2. It's unlikely the federal credit survives the tax plan so it's likely moot at this point for everyone but the tiny # of people who get delivery this year.
 
2. It's unlikely the federal credit survives the tax plan so it's likely moot at this point for everyone but the tiny # of people who get delivery this year.

This is some dark side stuff, but I've decided I'm ok with the tax credit dying. At least I'll get a new car sooner because of all the people who cancel or decide to wait for the exact config they want instead of rushing to buy at a discount.
 
Changing what you claim doesn't change the amount you will give to the billionaire class every year in wealth redistribution set in place by the federal government.

That statement makes absolutely no sense. I didn't realize that the average Joe's taxes went to the wealthy and that was considered wealth redistribution? Wealth redistribution works the other way like when the top 1% pay 40% of total federal income taxes and top 10% pay 70%, while the bottom 45% income earners pay 0%. I think you are confused as the tax bill results in the vast majority of Americans keeping more of their money that they earned. I know, what an evil thing.
 
That statement makes absolutely no sense. I didn't realize that the average Joe's taxes went to the wealthy and that was considered wealth redistribution? Wealth redistribution works the other way like when the top 1% pay 40% of total federal income taxes and top 10% pay 70%, while the bottom 45% income earners pay 0%. I think you are confused as the tax bill results in the vast majority of Americans keeping more of their money that they earned. I know, what an evil thing.
It was just a joke
 
What propaganda outlet did you get this nonsense from?

You do realize my statement is fact and not debatable? Use any source you want. People making under $50k will benefit the most, but all income categories get a tax break. Don't let the propaganda get in the way of the facts I

Independent Joint Committee on Taxation

upload_2017-12-11_15-53-54.png
 
Forgive me if this has been covered. So my tax situation is this , I get a refund every year as married filing jointly , never owe. I claim 0 on my paychecks and don’t withhold any amount.

Question is, to take advantage of a 7500 tax credit would I begin claiming 2 (wife and I no kids) on my paycheck? This way increasing my net pay

I forgive you. Many times over. ;)

<amount owed or refunded> = <taxes due> - <taxes paid>.
It's a non-refundable tax credit so it reduces <taxes due> but cannot reduce <taxes due> below 0. It would increase your refund.*

Tax credit is in flux though.
House: end tax credit 12/31/2017 so could only be claimed if you put the car in service by that date.
Senate: maintain tax credit
Depends on which way the budget goes.

* I am not a CPA.
 
I can't wait until February when millions of Americans open their paycheck / direct deposit and see the increase in their net pay. I'm sure there will be no word of it on main stream media, and many on this forum will still not believe it (as they head to Starbucks for a $8 coffee). Hopefully the wealthy naysayers on this forum will put their money where their mouth is and decide not to take the $7500 tax credit, so that someone else who really "needs it" can claim it. I'm guessing that won't happen though...
 
Hopefully the wealthy naysayers on this forum will put their money where their mouth is and decide not to take the $7500 tax credit, so that someone else who really "needs it" can claim it. I'm guessing that won't happen though...

Huh? There is no limit on how many people can claim the EV tax credit. Some "rich guy" taking advantage of the credit won't prevent someone else who makes an average income from also taking advantage. The tax credit starts getting phased out once a manufacturer hits 200,000 cars sold in the US, that's it, no caps on number of people that can claim it when they file their taxes.
 
Hopefully the wealthy naysayers on this forum will put their money where their mouth is and decide not to take the $7500 tax credit, so that someone else who really "needs it" can claim it. I'm guessing that won't happen though...

To be fair, once the phaseout period is triggered, the credits aren't a zero sum game. Everyone who takes delivery in those quarters are eligible- there is no quantity limit.

Before the phaseout period is triggered, the only way to "make sure someone else gets the credit instead" is to not take delivery of the vehicle at all. A vehicle sold is a vehicle sold, regardless of the buyer claiming the credit.

Edit: Looks like PoitNarf beat me by 3 minutes :)
 
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