Submitted by Kenpenguin on Sat, 2017-02-25 06:37
Had a question about the $7,500 Tax Credit how much of that will be taken off of what I owe to the IRS? For example, I owed the IRS $6,000 last year with deductions of $9,000 in medical, $5,000 in work-related expenses, 5,000 work miles, and $4,000 school credit. After all those deductions I only got back $250 from my Tax Return. From what my CPA told me each category has a percentage of deductions applied to what I owe. She is not familiar with the electric car tax credit (Form 8834) so what percentage of the $7,500 will be taken out of the $6,000? Thank you.