Has anyone used an electric vehicle for business? I'm considering getting a Chevy Bolt for my business, and I'm wondering if there are additional tax benefits beyond the regular vehicle deductions. From what I understand, there's still the $7,500 tax credit for some EVs, but I'm not sure how that interacts with business use deductions.

Great thread everyone! As someone who just went through this process with my marketing consultancy, I wanted to add a few practical tips that helped me maximize my deduction for my Subaru Outback (definitely under 6,000 lbs). First, start tracking your mileage NOW if you haven't already - even if you're still shopping for the vehicle. Use a smartphone app or simple logbook to record business trips. The IRS expects contemporaneous records, not reconstructed logs. Second, consider your long-term business plans. If you expect your business mileage to increase significantly, the standard mileage rate might be better. If your mileage will stay consistent but you're buying a more expensive vehicle, actual expenses could work better. Finally, don't overlook the home office deduction connection. If you have a qualifying home office, trips from your home office to client meetings are fully deductible business miles. This can really add up over the year and make either deduction method more valuable. The key is running the numbers for YOUR specific situation rather than following general rules. Every business is different!

Processing usually means theres nothing wrong, just waiting in line. But check your transcript for any codes that start with 570 or 971

This whole system is broken fr fr 🤡 Been processing since February too

Just be careful about the "triple net lease" exception! If your rental is a triple net lease (tenant pays taxes, insurance, and maintenance), it specifically DOESN'T qualify for QBI under the safe harbor. Found this out the hard way last year.

This is such great timing for this discussion! I've been managing a small duplex for the past three years and finally understand why my tax preparer kept asking about my "hours spent" on rental activities. I thought it was just for passive activity rules, but now I see it's also crucial for QBI qualification. One thing I'd add for anyone tracking their rental hours - don't forget to include time spent on tenant communications, property advertising/marketing when units are vacant, and research time for repairs or improvements. I was only tracking the physical maintenance time initially, but realized I spend significant hours on emails, phone calls, and researching contractors/suppliers. Also, if you're using property management software or apps like Zillow Rental Manager, those often have built-in time tracking features that can help with contemporaneous record-keeping. Much easier than trying to remember to update a spreadsheet every time you do something rental-related!

The IRS is such a joke fr fr... They expect us to pay on time but take 10 years to send refunds 🤡

Have you tried checking your account transcript instead of just the return transcript? Sometimes the account transcript shows processing activity even when the return transcript is blank. Also, if you filed in February and verified ID in March, you're definitely within the timeframe where it could still be processing normally - the IRS is still working through returns from that period. Don't panic yet!

One more thing on this topic - capital loss carryovers can potentially be used on back-to-back separate and joint returns. Like if you filed as single with carryover losses, then got married, you CAN bring those losses to your joint return. But what's weird is if you file jointly with losses, then get divorced, each spouse gets half the carryover. My ex and I had about $18k in carryovers when we split, and we each took $9k to our separate returns.

For the divorce question about splitting capital loss carryovers - yes, this is covered in IRS Publication 504 (Divorced or Separated Individuals). When spouses who filed jointly get divorced, any unused capital loss carryovers from the joint returns are generally allocated 50/50 between the former spouses on their subsequent separate returns, unless they agree to a different allocation in their divorce decree. However, if one spouse can demonstrate they were responsible for a larger portion of the losses (like if they managed all the investments that generated the losses), they might be able to claim a larger share. But absent specific documentation or agreement, the IRS default is 50/50 split. The key thing is to make sure this gets addressed in your divorce settlement so there's no confusion later when you're both trying to claim the carryovers on separate returns.