Since when is there $70k worth of tax savings on electric cars?
And I'd love to buy a $126k car and not be about to use it 1/3 of the time because I'm renting it out just to afford it. Insurance will love it.
Also gonna learn just cause the car costs 70k doesn’t mean you get the full 70k off your tax bill, much less any APPORTIONED percentage since he is posting that it’s a ‘cool vehicle’, means it has personal value for him, so he’d be able to get even less of a credit. If any.
dude has confused "write off" with "tax credit" and that's not even with amortization and depreciation factored in.
gonna love seeing the conclusion to his story, those tears'll rust his buckst
oh and made the classic mistake of "i use it for business, it's a write-off"
you only use it for business 3 days a month you only get to write off 3 days worth of use on it 🤣
technically, maybe; if it's a "business expense" but only for % used for business and it's usually amortized over multiple years with deprecation built in.
i used to consult for an accountant. the "👀👀 free top of the line computer for me??" was quickly put to bed
i worked for a GC who was ABSOLUTELY breaking these rules with trucks for his whole family, but there was at least some nexus like "construction = truck"
i worked at a small ISP and the "company van" (which i drove all of once) was 99% the owners personal vehicle.
and that was one of the least fraudy things they did 🤣 someone's gotta catch ya, after all
