the EV credit goes against your tax liability. the taxes you pay in go against the tax liability after the EV credit. you tax bill will likely be significantly more in 2023. as self-employes there is the self-employment (SE) tax effectively about 14.1% of your net self-employment income. that's about $14,000 on $100,000 of SE income. in addition, you will owe for regular income taxes. The EV credit cannot offset the SE tax. it's limited to line 22 on the return before the EV and certain other credits.
you might want to do a preliminary tax calculation using this link. there are other calculators for 2023.
https://us.icalculator.com/tax-calculator/annual/2023.html
as to the EV credit ask the dealer. There are many new rules, and we have no info about the Telsa you will buy. Some qualify others will not.
to be safe from underpayment penalties you would need to meet one of the following rules f for 2023
There will be no federal penalties for not paying in enough taxes during the year if ( i have eliminated rules that likely won't apply to you):
1) timely estimated tax payments equal or exceed 90% of your 2023 tax or
2) timely estimated tax payments equal or exceed 100% of your 2022 tax (110% if your 2022 adjusted gross income was more than $150K) or
the lower of 1 or 2 is your required annual income tax payments. 1 is difficult to know until the year end so generally option 2 is the safer option. under the simplified method 25% of the estimate taxes must be paid in each quarter by 4/18, 6/15, 9/15 and 1/15/24.
failing this and being subject to penalties you can use the annualized installment income method.
this method requires knowing your income and deductions thru 3/31, then 5/31, then 8/31, and finally tear end which should be the same as the tax return. the income is annualized. taxes are computed on the annualized income and then de- annualized. your tax payments for each period must equal or exceed these amounts to avoid penalties.
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state laws vary
