Business owners, anyone claim ev credit?

[F150LER]

My accountant wasn’t sure if the business could claim or if he has to pass it through to me personally. He’s looking into it. Any one have any experience?

Planning to depreciate like my other trucks.

Thanks!

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[jredondox]

My accountant wasn’t sure if the business could claim or if he has to pass it through to me personally. He’s looking into it. Any one have any experience?

Planning to depreciate like my other trucks.

Thanks!

Yes you can we claimed our Mach e last year and planning on doing our f150 this year

 

[F150LER]

Yes you can we claimed our Mach e last year and planning on doing our f150 this year

Any special steps/forms? I’m sure mine will get there but he thought he’d have issue me a k1. Hoping to avoid.

 

[ChrisCon]

My accountant has advised me because my business is an S-Corp it can be claimed.

 

[F150LER]

Ahh yea. I’m an LLC

 

[jredondox]

My accountant has advised me because my business is an S-Corp it can be claimed.

Same here

 

[Nate977p]

In the S-corp camp here and you can (we have on past EVs, F150L was personal).

I don't see why being an LLC would change that as the credit is available to an entity (person or business), I don't think it's tied to certain types. All the EV companies doing leases get the credits!

 

[RickLightning]

LLCs don't generally file tax returns. Owner would file for tax credit.

 

[AT193]

LLCs don't generally file tax returns. Owner would file for tax credit.

I am a partner in two LLCs, both file tax returns every year. The difference isn't in filling the return, the difference is that the LLCs do not pay anything when they file their return. They both issue me (and other partners) K1s that show all of the info from the year (our share of profits, deductions, payroll, etc). Then I use those K-1s to file my personal taxes, in addition to any other income/deductions that I have outside of the business. My understanding is that the EV tax credit will come in to play at that point. Since the LLC taxes pass through to me, my personal EV tax credit technically counts against the LLCs taxes for the year, aka, my taxes for the year. If the LLC was the one buying the truck, the. It would get to depreciate it as machinery AND also get to take the EV credit, which again would be reflected on my K-1.

 

[RickLightning]

Your LLC is a partnership or S corp, right?

 

[PungoteagueDave]

LLCs don't generally file tax returns. Owner would file for tax credit.

Most LLCs do file tax returns. A sole member LLC may not file a tax return depending on circumstances, but all others do. And most LLCs are not sole member. I'm a non practicing CPA, so check with your tax advisor, but I use LLCs for lots of stuff, have dozens of K-1's annually, some from partnerships, others from LLCs, no S-corps. A couple of them are from LLCs that don't file returns because they are sole member, owned by my wife (farms). An interesting element of taking the credit into your business is that it converts the EV credit's nature into a general business credit. Some CPAs are interpreting that to mean unused credits can be carried forward, which is not the case for EV credits in general. I have no view or expertise on this, but it is the position of two CPA firms that I know.

 

[F150LER]

I am a partner in two LLCs, both file tax returns every year. The difference isn't in filling the return, the difference is that the LLCs do not pay anything when they file their return. They both issue me (and other partners) K1s that show all of the info from the year (our share of profits, deductions, payroll, etc). Then I use those K-1s to file my personal taxes, in addition to any other income/deductions that I have outside of the business. My understanding is that the EV tax credit will come in to play at that point. Since the LLC taxes pass through to me, my personal EV tax credit technically counts against the LLCs taxes for the year, aka, my taxes for the year. If the LLC was the one buying the truck, the. It would get to depreciate it as machinery AND also get to take the EV credit, which again would be reflected on my K-1.

This is exactly what my accountant is saying to me as well.

 

[Yellow Buddy]

My accountant wasn’t sure if the business could claim or if he has to pass it through to me personally. He’s looking into it. Any one have any experience?

Planning to depreciate like my other trucks.

Thanks!

Time to get a new accountant..

 

[F150LER]

Time to get a new accountant..

lol yea okay.

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