NCperson
Level 15
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@ahmlet91 - in summary

 

1) you would file Married - Filing Joint if you are married no later than 12/31/23.  The only other choice is FIling Separate, which is a bad deal, esp. since you have educational expenses which would not be eligible for a tax credit if you filing Separate.

 

2) you would be eligible for either the AOTC tax credit (likely - which is worth up to $2500 as long as your qualified educational expenses exceed $4000) or LLC tax cried (which is worth up to $2000 on up to $10,000 of qualified educational expenses)

 

3) as a W-2 employee, NONE of your business expenses are tax deductible.

 

4) if you buy a new EV, that is worth up to a $7500 tax credit, but that is limited to your tax liability. 

 

5) how much do you expect your income to be (include your spouse's income as well if you post) ? any chance you calculated to something incorrectly?  Use this website to estimate your taxes? Hard to beleive you could owe $25,000 in April and if so, you could be looking at interest penalties as well. 

 

https://www.dinkytown.net/java/1040-tax-calculator.html

 

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