It appears that the business deduction is limited to $2500, and that is where he got that figure from.
- - - Updated - - -
Another thought: Can your S-Corp accrue a year-end bonus to you that would create a tax liability for you? It wouldn't necessarily have to pay the bonus this year if it was accrued. You would need to document a resolution from the stockholders and/or officers to approve the bonus.
I bought my car 4/30/2011. I filed my 2011 tax return on time with the form 8936 and was denied the $7500 by the IRS. No reason stated. I called, was told to wait a few months, called back. Nothing. Then my accountant called and was told to wait until mid October. So we will try again. I just reviewed all the data on form 8936 and it was correct. I pay plenty of taxes, so I should get the refund.
I heard somewhere that early on buyers put the $$$ down for the car and didn't put the car on the road for a year or two as the car was not delivered right away and that you have to pay and register and drive in the same year that you are applying for the tax credit. Clearly I did all that correctly.
So we will see what happens. Has anyone else been denied their $7500 when they qualify?
1. Do not copy anything that I post outside of the TMC forum without permission.
2. Any advice or opinions posted here are to be taken as my personal opinions only. There is no implied warranty, fitness for purpose, or official statements from any company I may have been or am affiliated with.
3. Even the best recommendations are wrong when used inappropriately.
There are currently 1 users browsing this thread. (0 members and 1 guests)