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I could be corrected, but my understanding is, that light travels at "C" because it is massless. Furthermore anything with mass cannot travel at or above the speed of light. This is why your formula doesn't work for the speed of light.
If you use V=C in your calculation the C simply cancels itself out. Another thing, the square root of 1 is 1.
t=(t-V/Csquared)/(square root of 1-Vsquared/Csquared)
=(t-C/C*C)/(Square root of 1-C*C/C*C)
=(t-C)/(Square root of1-1)
=(t-c)/(1-1)
=(t-C)/0
=0
So I guess this formula only works for objects which have mass.
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