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Learn how your business can take advantage of electric vehicle tax credits in Aldrich's latest Insights article. #taxcredits #EV #business

Did you know there are tax credits available for businesses that invest in electric vehicles? Find out more on our website. #electricvehicles #taxsavings #AldrichAdvisors

The U.S. federal government encourages electric vehicle (EV) purchases with tax credits up to $7,500 for new clean vehicles, based on specific criteria like assembly location. Used EVs can qualify for up to a $4,000 credit. Starting January 1, 2024, these credits may be applied directly at purchase from registered dealers, subject to income limits. This upfront discount aims to make clean vehicles more accessible and boost EV adoption. For efficient tax-filing, contact Tax@MyTaxFiler.com #EV #Gogreen #taxes #taxsaving #credits

Got your eye on the electric vehicle tax deduction? Don't miss our comprehensive guide on EV tax credits. Explore the historical evolution of electric cars, the rise of tax incentives, and the crucial factors influencing your decision. Discover how you could save up to $7,500 on a new EV. Get the insights you need for a greener and financially savvy choice. Read the full article: https://lnkd.in/egbRrz-U Unlock the potential of electric vehicles and tax incentives! #ElectricVehicles #TaxCredits #GreenDriving #Sustainability #EVTaxCredits #GreenTransportation #TaxIncentives #CleanEnergy #DiamondCPAs #yourPAandNJtrustexperts #yourPAandNJtaxexperts

New U.S. Government EV Tax Credits: 1. Instant Benefits: From Jan 1, eligible buyers get instant tax credits on new/used electric or plug-in hybrid vehicles. 2. Credit Amounts: $7,500 for new, and $4,000 for used vehicles, reducing consumer costs and boosting EV sales. 3. Transferable Credits: Buyers can transfer credits to dealers who apply them at the point of sale. 4. No Tax Limit: Full credits available regardless of federal tax owed; income limits apply. 5. Dealer Requirements: Dealers need licenses, and registration, and must follow IRS procedures for credits. 6. Vehicle Criteria: EVs/plug-ins must be made in North America; SUVs/trucks < $80,000, cars < $55,000, used < $25,000. 7. Income Limits: Buyers' adjusted gross annual income: $150,000 (single), $300,000 (joint), $225,000 (head of household). 8. Repayment Clause: If income exceeds limits for both years and credits taken, repayment is required during tax filing. 9. Battery Standards: Vehicles must meet specific battery/component manufacturing standards. 10. Market Growth: EV sales surged by 50.9% in the first nine months, constituting 7.5% of the market. 11. Regulatory Process: Treasury Department guidelines pending regulatory approval, including public comments. #evtaxcredits #greendriving #sustainablemobility #taxsavings #electricvehicles #climateaction #cleanenergy #taxincentives

The Inflation Reduction Act grants an nonrefundable Electric Vehicle tax credit, or the EV credit to eligible taxpayers who purchase qualifying electric vehicles or plug-in hybrid vehicles between 2023 - 2032. The EV tax credit allows for a maximum credit of $7,500 for new EVs, and up to $4,000, limited to 30% of the sale price, for used EVs. Taxpayers can only claim one credit per vehicle to lower your tax liability. To be an eligible taxpayer, there are income limits and price caps for the MSRP price of the new and used vehicle. Visit the FuelEconomy.gov website for the most up-to-date information on eligible models. #EVtaxcredit #inflationreductionact #electricvehicles #electricvehiclesarethefuture

Did you hear about the updated electric car tax credit in the U.S.? They've made changes to the rules, now requiring a certain percentage of battery minerals and components to be sourced from North America or a U.S. trade partner to qualify for the $7,500 tax credit. General Motors and other U.S. automakers benefit the most from these new rules. https://lnkd.in/gSUwXsQv

You’re probably familiar with the $7,500 federal tax credit for purchases of certain new electric, plug-in hybrid, and fuel-cell vehicles. But did you know that there’s a tax credit available for Used Clean Vehicles? Here's what you need to know: https://lnkd.in/eu6JNYHz

Did you hear about the updated electric car tax credit in the U.S.? They've made changes to the rules, now requiring a certain percentage of battery minerals and components to be sourced from North America or a U.S. trade partner to qualify for the $7,500 tax credit. General Motors and other U.S. automakers benefit the most from these new rules. https://lnkd.in/g5WMJiuN

It’s Monday and we’re talking money! Did you upgrade to an electric vehicle last year? See if you qualify for the electric vehicle tax credit: https://lnkd.in/gBUcSqqt What is the EV Tax Credit? - A non-refundable tax credit offered to tax credit offered to taxpayers who purchase qualifying electric vehicles or plug-in hybrid vehicles. - Recently the Inflation Reduction Act of 2022 modified and updated the rules for this credit, and new clean vehicles must meet battery component requirements in order to qualify. #electricvehicle #taxes