Electric Car Enthusiasts Rejoice: EV Tax Credits Offer Relief Amid Car Buying Challenges
Unlocking EV Tax Benefits: Income Thresholds You Need to Know
According to The Ascent, buying a car has been hard due to fewer cars available, higher insurance costs, and pricier auto loans. But if you’re thinking of getting an electric car (EV), there’s some good news about EV tax credits that could help you save money. To qualify for these credits, you need to follow the IRS rules, which means meeting certain income limits they’ve set.
To get EV tax credits, you must fit into specific income ranges set by the IRS. For new EVs, if you’re single, your income must be $150,000 or less, and for married couples filing together, it’s $300,000 or less. If you’re considering a used EV, the income limits are lower, at $75,000 for singles and $150,000 for married couples. It’s important to understand these rules to avoid surprises when it’s time to file your taxes.
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3 Smart Strategies to Amp Up Your EV Tax Credits – Maximize Your Refund!(PHOTO: getty image)
Navigate EV Tax Credits: Your Guide to Finding Eligible Electric Vehicles
To find out which EVs qualify for tax credits, you can visit FuelEconomy.gov. There, you’ll find tools to help you search for eligible EV models and learn about the credits you can get. It’s also a good idea to check quotes from different car insurance companies to understand your overall car ownership costs. While EV tax credits can make buying an electric car more affordable, it’s crucial to consider all aspects before making a decision.
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