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Electric Vehicles

Get tax breaks for energy-saving purchases this year because they may disappear

Electirc Vehicle Charging Equipment Credit, Electric Vehicles, Home Energy Efficiency Improvements, Inflation Reduction Act, Tax Credits /

The Inflation Reduction Act (IRA), enacted in 2022, created several tax credits aimed at promoting clean energy. You may want to take advantage of them before it’s too late. On the campaign trail, President-Elect Donald Trump pledged to “terminate” the law and “rescind all unspent funds.” Rescinding all or part of the law would require action […]

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Understanding the $7,500 federal tax credit for buying an electric vehicle

Electric Vehicles, Modified Adjusted Gross Income (MAGI), Tax Credits For Buying an Electric Vehicle /

Electric vehicles (EVs) have become increasingly popular. According to Kelley Blue Book estimates, the EV share of the vehicle market in the U.S. was 7.6% in 2023, up from 5.9% in 2022. To incentivize the purchase of EVs, there’s a federal tax credit of up to $7,500 for eligible vehicles. The tax break for EVs

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Interested in an EV? How to qualify for a powerful tax credit

Electric Vehicles, Federal Tax Credit, Tax Credits, Tax Incentives /

Sales and registrations of electric vehicles (EVs) have increased dramatically in the U.S. in 2022, according to several sources. However, while they’re still a small percentage of the cars on the road today, they’re increasing in popularity all the time. If you buy one, you may be eligible for a federal tax break. The tax

Interested in an EV? How to qualify for a powerful tax credit Read More »

The power of the tax credit for buying an electric vehicle

Electric Vehicles, Internal Revenue Service, Tax Credits /

Although electric vehicles (or EVs) are a small percentage of the cars on the road today, they’re increasing in popularity all the time. And if you buy one, you may be eligible for a federal tax break. The tax code provides a credit to purchasers of qualifying plug-in electric drive motor vehicles including passenger vehicles

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