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Couple things I learned from buying an EV for my business last year: 1) The business EV credit doesn't have the same income limits as personal credit 2) If business buys it, you can potentially take bonus depreciation 3) Lease vs buy makes a huge difference 4) Double check which credit the specific EV qualifies for - some only get partial credit now 5) State incentives sometimes ONLY apply to personal purchases Talk to an accountant who specifically knows EV tax stuff. Regular CPAs often mess this up cause the rules change so much.
Great question! I went through this exact decision last year with my consulting business. Here's what I learned: The key factor is legitimate business use percentage. If your wife will use the EV >50% for business, buying through the business generally makes more sense. If it's primarily personal (<50% business use), personal purchase with business mileage deduction is usually better. For a new business that might show a loss: Personal purchase could be smarter because you get the immediate $7,500 tax credit (assuming income qualifies), plus you can still deduct business mileage at the standard rate. If the business buys it but shows a loss, those depreciation deductions don't help you right now. Don't forget to check: - Which specific EV models qualify for full vs partial credit - Your state's incentives (some only apply to personal purchases) - Whether leasing might be better (dealers can pass through credits as reduced payments) I'd recommend running the numbers both ways with actual projected income/expenses. The "right" answer really depends on your specific tax situation and how much business vs personal use the vehicle will actually see.
Same here! My transcript shows DDD for today and I've been checking my Chime app every 10 minutes lol. From what I've seen in other threads, most people get theirs between 3-7pm EST on their DDD. Some lucky ones get it earlier but that seems to be the main window. Fingers crossed we both get ours soon! š¤
Same energy here! š I've been refreshing my app so much I'm surprised I haven't worn out my phone screen. The waiting is the worst part honestly. At least we know we're not alone in this madness!
Had this exact thing happen to me in 2022! My advice: document EVERYTHING. Save all your incorrect paystubs, take screenshots of the wrong SSN, keep email chains with HR and payroll, etc. I ended up with issues even after they "fixed" it because the first 3 quarters of reporting had already been sent to the IRS with the wrong SSN. When tax time came, I had to file on paper instead of electronically, and I had to include a letter explaining the situation along with documentation. It delayed my refund by months but eventually got sorted out.
This is a serious issue that needs immediate attention. Since you mentioned this started in January 2024 and we're getting close to tax season, time is of the essence here. Beyond what others have mentioned about getting corrected W-2s, I'd also recommend contacting the IRS directly to report the situation proactively. You can call the IRS Business & Specialty Tax Line at 1-800-829-4933 to explain the situation and create a paper trail. This way, if there are any discrepancies when your employer files their quarterly reports, the IRS will already have a record of the issue. Also, make sure to request a Social Security Statement from the SSA to verify that your earnings are being properly credited to your account. You can do this online at ssa.gov. If the wrong SSN was used, your earnings might not be showing up correctly, which could affect your future Social Security benefits. One more thing - if your employer uses a third-party payroll service like ADP, make sure the correction flows through to ALL systems, not just the paystub generation. Sometimes these fixes only get applied to one part of their system while other reporting functions still use the old information.
Has anyone ever tried arguing that a change in your personal involvement with the properties constitutes a material change? Like if you were actively managing all properties when grouped, but now have become passive with one or more of them?
Yes! This worked for me in 2022. I originally grouped 3 properties when I was actively managing all of them, spending >750 hours/year on them collectively. When I took a full-time job and outsourced management on two properties, my involvement dropped dramatically. I documented this change in time commitment and was able to ungroup successfully.
I've been dealing with a similar ungrouping situation and wanted to share what I learned from my research and consultation with a tax professional. The key is really understanding that the IRS looks at whether the original economic rationale for grouping still exists. Beyond what others have mentioned, here are some additional "material changes" that might qualify: - **Debt structure changes**: If you refinanced one property with significantly different terms (like switching from commercial to residential mortgage, or adding/removing personal guarantees) - **Insurance changes**: Moving from a blanket policy covering all properties to separate policies can show they're no longer economically integrated - **Tenant profile shifts**: If one property went from long-term residential to short-term vacation rental, that's a fundamental business model change - **Legal structure modifications**: Changes in LLC operating agreements, management structures, or ownership percentages The documentation is crucial - you need to show the IRS that maintaining the grouping would be "clearly inappropriate" given the new circumstances, not just that ungrouping would save you taxes. One strategy I've seen work is preparing a detailed memo explaining how the properties functioned as an integrated economic unit originally, and how specific changes have disrupted that integration. This proactive documentation can be invaluable if the IRS ever questions your ungrouping decision. Have you considered whether any of these types of changes apply to your situation?
Maxwell St. Laurent
Does anyone know what software the IRS is using these days? I heard they were still running on systems from the 1960s for some of their core processes. Maybe instead of hiring 87,000 people they should spend some of that money upgrading their tech?
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PaulineW
ā¢They're still using COBOL programming language for their main databases, which was created in the 1950s! I saw an article that they have over 60 different case management systems that don't talk to each other. No wonder they're inefficient.
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Ryan Young
The technology issue is a huge part of the problem! I work in federal IT contracting and the IRS modernization efforts have been ongoing for decades with mixed results. They're actually allocating about $3.2 billion of the new funding specifically for IT upgrades, including replacing those ancient COBOL systems. The challenge is that you can't just flip a switch and modernize everything overnight when you're dealing with systems that process 240+ million tax returns annually. They have to maintain the old systems while building new ones, then carefully migrate data without losing anything or creating security vulnerabilities. But you're absolutely right that better technology could reduce the need for some of those 87,000 hires. Automated processing, better taxpayer self-service portals, and AI-assisted correspondence could handle a lot of the routine work that currently requires human intervention. The IRS has been piloting some chatbot technology and online account features that show promise.
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