I bet John loves having someone who knows surprisingly less than him try to defend him. Mark.ca said it perfectly, your total liability is your total liability. It doesn’t matter if they take every penny from every check, you’ll just get more back at the end of the year. So if your liability is 10,000 dollars, but they took all 100,000 of your paycheck for taxes, you’ll get 90,000 dollars back. However, if you bought an EV car with a 7500 dollar rebate, that deducts 7500 from your total liability, so you would get 97,500 back. Does that make sense?
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This thread got surprisingly interesting. Not sure there is a person on this forum that knows more about current or past EV deals and incentives than Mark, so I guess that makes him miserable??
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Perhaps I worded my reply incorrectly.
Nowhere did I say anything about tax liability. If someone goes from zero to 11 deductions, they’re obviously going to “owe” more at the end of year assuming all else is equal. If someone knew they had a $7500 tax credit at YE, why wouldn’t that person manipulate their W4 deductions to increase take home pay during that tax year assuming it was early enough in the year?
Am I still off base?
No, you’re good.
American taxing system sucks and is confusing big time so it’s no wonder people often disagree on any given laws.
The terms are confusing too. Take this “deductions” term for example…it can mean what you are referring to aka “payroll mandatory deductions” :
- Federal income tax withholding…based on income, departments…
- Social Security & Medicare taxes – also known as FICA taxes.
- State income tax withholding.
- Local tax withholdings such as city or county taxes, state disability or unemployment insurance.
- Court ordered child support payments.
…or it could mean tax time taxable income adjustments as in deducting your mortgage interest, DMV tags, charitable donations, 401k, stock losses…all of which lower your taxable income for the year.
I say we burn it all up and start over since “tax reform” is obviously not working.
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To Matt,
Just curious… Did you purchase or lease on this deal in May?
If lease, what did that equate to DAS and monthly payment. Just want to compare to the deal I just got.
Thx
The May incentive was purchase only (came out to $17,5xx out the door after factoring in the $7500 tax credit), but my previous 3 Leafs were leases. I actually had a 2018 SV I traded in, it was $332/month plus tax and was a true $0 down. So your SV deal is better than that. I am in AZ w no state rebate just for context.
Thanks for the info!
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Did you end up doing the deal? How do you like it compared to the 2017?
yes.
its much much better than the 2017. even when not considering the SV upgrades vs the S.
the added 50 miles in range is great as well.
definitely worth the extra $70 a month in costs (total inc DAS).
i’m loving the e-pedal too!
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Yeah e-pedal is the best. I loved my 2015 S when I got it too, but this new one blows the previous gen away, they are just a lot harder to hack! Congrats on another EV!
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NJ. Looking for a good deal on an electric vehicle. Used, New or Lease. So uncertain as to what the good bargains would be. With regards to a lease $178 max.