Hi guys: I am financing my model x purchase instead of leasing. Likely to possession of car within a few weeks or months. How is the 7500 dollars federal tax credit applied? Is it deducted from my overall taxable income? I.e. like 401K- I make about 100,000, so 100,000-7500= 92,500 instead is taxable income? Or is it if I owe like 30,000 dollars on my taxes from federal government, the 30,000- 7500= 22500 is owed instead? Thanks.