Gettin my cheese! WOO!

Bought Jan 22

 

I think you might be confusing a Section 179 Deduction (equipment for business use) and the EV Tax Credit. Section 179 you need to be business owner or partner (e.g. K1), and use the vehicle for business use (normal commute doesn’t count). There is an exception in 179 for car with GVWR 6000+ lbs that allows deduction of up to full vehicle price as a depreciation expense, but you have to justify use of the car as a % of how much it is used for actual business use (not just commute). A lot of people play fast and loose with their Section 179 deductions, taking 100%, when they don’t use the vehicle 100% for business, and mostly get away with it because enforcement of tax laws has been lax in the US, but all of that is a whole other discussion. EV Tax Credit is for anyone, w2 or K1, but the EV must meet requirements and the tax filer also meets requirements (income level). After the changes to the income limits, I would speculate a lot of people buying a $150k luxury car make higher than the limit and aren’t going to qualify for the EV Tax Credit any longer.