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EV tech advances so quickly that a good fraction of the tax credit you miss will be made up for in a better car.Thanks for your responses. Went ahead and put $1000. We will see. I am kicking myself for taking this long to decide on this !
Received an interesting email late tonight from a gallery advisor in Dallas, TX. I gather Tesla is expecting the federal tax credit to begin phasing out late this year and are pushing MS and MX sales over M3.
Email copied below:
Hi Xxxx,
My name is Xxx and I am a Tesla Gallery Advisor in Dallas. We are grateful for your Model 3 Reservation and your investment in sustainable transportation as well as contributing to the change of the automotive industry's dependence on fossil fuels.
2017 is going to be a big year for Tesla with several new products, including the roll-out of the vehicle that you placed a Reservation for, the Model 3. Until this year, our owners have been able to take advantage of the $7,500 Federal Tax Credit (IRC 30D) to make Tesla ownership more affordable. This credit will begin to phase out later in 2017 as we near the expiration of this benefit.
If you would like to take advantage of the $7,500 Federal Tax Credit (IRC 30D) prior to it’s anticipated expiration later this year, I would be happy to discuss next steps for a Model S or Model X. There are available inventory options for accelerated delivery and this will assure that you get this benefit. You can also custom build a new Model S or Model X as well. In addition to the Federal Tax Credit, you would be able to take advantage of the Referral Credit program, saving you $1,000 on your Tesla purchase of the Model S or Model X. For all new Model S or Model X owners that you refer through the Referral Program, you will earn Referral Program awards (Referral Program).
We welcome you to explore the new Autopilot features and some of the other new technologies and I can help schedule a drive experience so you can get a feel for the new technology. We are fortunate to have 3 convenient locations in the DFW area where you can schedule a drive experience in a Model S or Model X.
I look forward to hearing from you soon!
Electric Regards,
This credit will begin to phase out later in 2017 as we near the expiration of this benefit.
If you would like to take advantage of the $7,500 Federal Tax Credit (IRC 30D) prior to it’s anticipated expiration later this year,
Received an interesting email late tonight from a gallery advisor in Dallas, TX. I gather Tesla is expecting the federal tax credit to begin phasing out late this year and are pushing MS and MX sales over M3.
Email copied below:
Hi Xxxx,
My name is Xxx and I am a Tesla Gallery Advisor in Dallas. We are grateful for your Model 3 Reservation and your investment in sustainable transportation as well as contributing to the change of the automotive industry's dependence on fossil fuels.
2017 is going to be a big year for Tesla with several new products, including the roll-out of the vehicle that you placed a Reservation for, the Model 3. Until this year, our owners have been able to take advantage of the $7,500 Federal Tax Credit (IRC 30D) to make Tesla ownership more affordable. This credit will begin to phase out later in 2017 as we near the expiration of this benefit.
If you would like to take advantage of the $7,500 Federal Tax Credit (IRC 30D) prior to it’s anticipated expiration later this year, I would be happy to discuss next steps for a Model S or Model X. There are available inventory options for accelerated delivery and this will assure that you get this benefit. You can also custom build a new Model S or Model X as well. In addition to the Federal Tax Credit, you would be able to take advantage of the Referral Credit program, saving you $1,000 on your Tesla purchase of the Model S or Model X. For all new Model S or Model X owners that you refer through the Referral Program, you will earn Referral Program awards (Referral Program).
We welcome you to explore the new Autopilot features and some of the other new technologies and I can help schedule a drive experience so you can get a feel for the new technology. We are fortunate to have 3 convenient locations in the DFW area where you can schedule a drive experience in a Model S or Model X.
I look forward to hearing from you soon!
Electric Regards,
Received an interesting email late tonight from a gallery advisor in Dallas, TX. I gather Tesla is expecting the federal tax credit to begin phasing out late this year and are pushing MS and MX sales over M3.
Email copied below:
Hi Xxxx,
My name is Xxx and I am a Tesla Gallery Advisor in Dallas. We are grateful for your Model 3 Reservation and your investment in sustainable transportation as well as contributing to the change of the automotive industry's dependence on fossil fuels.
2017 is going to be a big year for Tesla with several new products, including the roll-out of the vehicle that you placed a Reservation for, the Model 3. Until this year, our owners have been able to take advantage of the $7,500 Federal Tax Credit (IRC 30D) to make Tesla ownership more affordable. This credit will begin to phase out later in 2017 as we near the expiration of this benefit.
If you would like to take advantage of the $7,500 Federal Tax Credit (IRC 30D) prior to it’s anticipated expiration later this year, I would be happy to discuss next steps for a Model S or Model X. There are available inventory options for accelerated delivery and this will assure that you get this benefit. You can also custom build a new Model S or Model X as well. In addition to the Federal Tax Credit, you would be able to take advantage of the Referral Credit program, saving you $1,000 on your Tesla purchase of the Model S or Model X. For all new Model S or Model X owners that you refer through the Referral Program, you will earn Referral Program awards (Referral Program).
We welcome you to explore the new Autopilot features and some of the other new technologies and I can help schedule a drive experience so you can get a feel for the new technology. We are fortunate to have 3 convenient locations in the DFW area where you can schedule a drive experience in a Model S or Model X.
I look forward to hearing from you soon!
Electric Regards,
your employer cannot tell you how many exemptions you can claim. When I had a situation where I needed withholding stopped, I simply submitted a W-4 claiming 99 dependents. Yes, you can do this. From: a 20 year practicing CPA. Happy to field questions if need be.
You can mitigate this somewhat if you have tax withheld from your paycheck by updating your W-4 with your employer to have 9 exemptions (the max you can do without actually proving you have that many kids!) and having less tax withheld with each paycheck. Just don't forget to revert to normal next year!
You cannot make a lump sum payment at the end of the year without being subject to a 2210 underpayment penalty (2210 is the form used to calculate the underpayment penalty). The government wants their money in roughly even payments throughout the year, either in withholding or 4 equal quarterly estimates.
To avoid the 2210 penalty, you must:
1 - Pay 90% of the total tax due OR 110% of the prior year's tax bill
2 - AND make your payments through withholding or equal quarterly estimates (a payment with your return by Apr 15th is considered a Q4 estimated payment)
Paying nothing during the year and paying it all with the return will owe a penalty. If you aren't paying the penalty, you aren't calculating the 2210 correctly and haven't gotten caught.
Read the tax thread sticky, you have a basic misunderstanding of tax liability.Thoughts ?
Read the tax thread sticky, you have a basic misunderstanding of tax liability.
Your case is very simple. In 2018 your tax liability will be less than $7500. But you expect to qualify for full $7500 credit. This means your tax liability will be $0 next year. Find a way to minimize your tax withholdings to as close as $0 beginning January 2018. There is a box on W4 forms that allows you to exempt yourself from withholding. But it says that you would need $0 tax liability in 2017 and expect $0 in 2018 to use it, and it doesn't sound like you will. Therefore increase your exemptions as much as legally possible to get as close to $0 as you can.
Edit: just wanted to add for clarification that we are talking about 2018 tax year, for which you will be filing your tax return by April 15, 2019.