Be SUPER careful with ERTC claims right now! The IRS has been cracking down hard on what they consider "improper" claims. My business partner's company had their claim audited and they're now fighting penalties. Make sure you're actually eligible and have solid documentation.

I'm going through the exact same situation right now - filed my ERTC claim in February and it's been radio silence from the IRS ever since. The uncertainty is killing me because my business really needs that cash flow. From what I'm reading here, it sounds like the 6-9 month timeline that Luca mentioned is pretty accurate, which means I've still got several months to go. The lack of communication from the IRS is the worst part - you have no idea if your paperwork is sitting in a pile somewhere or if there's an issue that needs to be resolved. I'm definitely going to look into some of these tools people mentioned for getting status updates. At this point I just want to know that my claim is actually being processed and hasn't disappeared into the bureaucratic void. Has anyone else tried calling the IRS directly or is that just a waste of time?

Has anyone actually filed a 2020 return recently using TurboTax or other tax software? Do they still support returns from that tax year or do you have to file paper forms?

Adding to what others have said about the May 17, 2024 deadline - I want to emphasize that this is a hard cutoff date. The IRS doesn't make exceptions, even if you file just one day late. I learned this the hard way with an old return from 2018 where I missed the deadline by literally 3 days and lost out on a $800 refund. Also, make sure you have all your documents ready before you start filing. You'll need your 2020 W-2s, any 1099 forms, receipts for deductions, and possibly your prior year return for reference. If you're missing any employer documents, you can request wage transcripts from the IRS, but that takes time you might not have given how close the deadline is. One more tip - if you do file electronically, make sure to save confirmation that it was submitted before the deadline, just in case there are any questions later. Good luck getting your refund!

I'm a property manager (not yours obviously lol) and I can tell you we always request W9s for any payment over $600, even when it's not taxable income. It's just company policy for record-keeping and because our accounting system requires it. Our legal team makes us do it even when we know the payment won't be reported as income.

I'm going through something very similar right now! My landlord had to reimburse me for a busted water heater that left me without hot water for 3 weeks. They also asked for a W9 before cutting the check, which had me worried. After reading through all these responses, I feel much better about it. The key thing I'm taking away is that the W9 request itself doesn't mean it's taxable income - it's just their standard procedure for payments over a certain amount. I'm definitely going to keep detailed records of everything like Miguel suggested, and make sure any documentation clearly states it's a "rent reduction" rather than compensation for inconvenience. It sounds like the specific wording really matters for tax purposes. Thanks everyone for sharing your experiences - this is exactly the kind of real-world advice that's hard to find elsewhere!

2 Don't forget that if you take Section 179 or bonus depreciation and then sell the vehicle or reduce business use below 50% before the end of its recovery period, you'll face recapture provisions where you have to report as income a portion of the deduction you took. This bit me hard when I sold my business truck after only 3 years.

Just want to add another important consideration - make sure you're aware of the Section 280F "luxury auto" limitations that can apply even to vehicles over 6,000 lbs in certain situations. While most heavy-duty trucks escape these limits, some newer electric trucks with high-end features might still be subject to them. Also, regarding your EV credit question - you mentioned it's electric, but make sure it actually qualifies for the credit. Many electric vehicles have lost eligibility due to the new battery component and final assembly requirements that went into effect. You can check the current list of eligible vehicles on the IRS website. One more tip: consider timing. If your business income varies year to year, you might want to evaluate whether taking the full Section 179 deduction this year maximizes your tax benefit, or if spreading it out with regular depreciation might work better for your overall tax situation.

Has anyone used TurboTax for handling car deductions and EV credits? I'm trying to figure out if it walks you through all this complicated stuff or if I need something more specialized for my 2025 taxes.

I'm in a similar boat - making around $70k and considering an EV purchase partly for the tax benefits. After reading through all these responses, it sounds like the key is understanding the difference between tax credits and deductions, and being realistic about the actual savings. From what I'm gathering, the EV tax credit (up to $7,500) is the real benefit since it's a dollar-for-dollar reduction in taxes owed, but it depends on the specific vehicle configuration and your tax liability. The business deduction route only works if you have legitimate business use beyond commuting, and even then you're only saving your tax rate percentage of the deducted amount. I'm definitely going to check my mileage patterns first and maybe use one of those tax analysis tools mentioned here before making such a big purchase decision. Thanks everyone for the reality check about not buying a $40k+ car just to save a few thousand in taxes!