According to my Tax guy, I need a certificate of some sort that says my Mach e is qualified for the Tax Credit.

[yngwenli]

You probably know more about the tax credit than your tax preparer. They do make mistakes.

As strange as it sounds, I think this is very true...I've also had cases where tax people get things completely wrong since many aren't really that familiar with tax code changes or things that they aren't experiencing themselves. They simply didn't bother.

Most people here who studied the wording/text of this EV credit since it has a factor in their decision will know more simply because you did the research and they didn't.

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[Mach1E]

As strange as it sounds, I think this is very true...I've also had cases where tax people get things completely wrong since many aren't really that familiar with tax code changes or things that they aren't experiencing themselves. They simply didn't bother.

Most people here who studied the wording/text of this EV credit since it has a factor in their decision will know more simply because you did the research and they didn't.

Yeah, not sure why people are so critical of the tax preparer in this situation.

Would you honestly expect a random tax professional to know exactly which vehicles and models qualify and haven’t phased out of the 200,000 tax credits per manufacturer off the top of their head?

This is just a CYA situation. They have to sign off on the taxes. And when you come in and say “I get a $7,500 tax credit,” all they’re doing is saying “cool, got any proof?”

We know the Mach E still qualifies because we researched it.

Off the top of your heads, outside of Tesla, do you know exactly which manufacturers have phased out or which stage of the phase out they are in? Because I don’t and I wouldn’t expect a CPA to know for certain either.

And just for fun, here is a list of 53 other tax credits you pay qualify for and didn’t know about. You’ll need proof for all of them as well:

https://www.policygenius.com/taxes/tax-deductions-tax-credits-you-can-take/

 

[yngwenli]

This is just a CYA situation. They have to sign off on the taxes. And when you come in and say “I get a $7,500 tax credit,” all they’re doing is saying “cool, got any proof?”

This maybe why I still do my own taxes. I guess since the tax payer is paying whatever is due and the tax preparer isn't, they simply have little/0 incentive to find every tax deduction for you. They just plug you in their software and that's that.

Of course, I've been in finance and read up on taxes a lot as well in another life so maybe taxes are just something I'm interested in (since it affects me and my financial situation).

We do know exactly which vehicles and the phase outs from the original source (the IRS) so yes, just because they have an EA or a CPA doesn't mean you can't know more than them really.

For reference and I've posted this here before a few times, here is the IRS exact numbers of the 200k cut off (which might be changing with new tax law if it goes in).

https://www.irs.gov/businesses/irc-30d-plug-in-electric-drive-motor-vehicle-credit-quarterly-sales

 

[HuntingPudel]

As strange as it sounds, I think this is very true...I've also had cases where tax people get things completely wrong since many aren't really that familiar with tax code changes or things that they aren't experiencing themselves. They simply didn't bother.

Most people here who studied the wording/text of this EV credit since it has a factor in their decision will know more simply because you did the research and they didn't.

Quite true. I spoke with at least 3 different tax and accounting people who tried to convince me that I could carry over or get refunded the amount of the tax incentive that exceeded my tax burden. One was still adamant about that after I showed him the wording on the IRS web site About the EV credit.

 

[DYohn]

The certificate mentioned in the tax code is provided to the IRS by the manufacturer. The owner is not responsible for that.

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