Owning a car is a no-brainer for most people. You shop around, look for financing, and then purchase it. It’s yours, and, as opposed to leasing, eventually, you won’t have a car payment. But if you’re interested in an electric vehicle (EV), buying may not be the best option. The 2022 Inflation Reduction Act may…
US Electric Vehicle Tax Credits Get Tougher to Navigate
April 1, 2023
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Claiming a tax credit for your electric vehicle may soon get more complicated. The Treasury Department and the Internal Revenue Service (IRS) issued the proposed guidance on March 31. They result from provisions in last year’s Schumer-Manchin bill, which some call the “Inflation Reduction Act” (IRA). The original electric vehicle tax credit, which ranged from…
The Changing Rules for the Electric Vehicle Tax Credit
By Kelley R. Taylor From Kiplinger’s Personal Finance When the Inflation Reduction Act passed in 2022, it ushered in an electric vehicle tax credit worth up to $7,500. This EV tax credit has caused some confusion ever since partly because of the rules on price limits as well as the manufacturing, sourcing and assembly of…
IRS Changes Definition of ‘SUV,’ Making More Vehicles Eligible for Tax Credits
The Internal Revenue Service (IRS) modified the regulatory definition of a sport utility vehicle (SUV) to make more vehicles eligible for an electric vehicle (EV) tax credit of up to $7,500. In a notice issued on Feb. 3, the IRS and the Department of the Treasury jointly changed the vehicle classification standard by which vans,…
IRS Announces $2,000 Tax Credit Reminder | Facts Matter
The IRS issued a reminder to millions of Americans, urging them to apply for the Earned Income Tax Credit. This is a tax credit that last year averaged more than $2,000 per person, it’s a tax credit that tens of millions of Americans are eligible for—but it’s also a tax credit that about 20 percent…
Federal Tax Credit for Multi-Generational Home Renovations Now Available to Canadians
The federal government is offering a new tax credit to help make it easier for Canadians to care for adult relatives in their own homes. The multi-generational home renovation tax credit took effect Jan. 1 for expenses related to building a secondary suite for a family member who is a senior or an adult with…
Tax Breaks for Charitable Gifts
By Joy Taylor From Kiplinger’s Personal Finance Question: Can I deduct charitable contributions that I made in 2022 if I don’t itemize? Answer: No. The 2020 and 2021 easing for charitable gifts of cash has expired. Beginning with 2022 returns filed next year, nonitemizers can no longer write off on page 1 of the Form…
Electric Vehicle Tax Credit: Who Will Qualify in 2023?
Americans looking to purchase an electric vehicle (EV) could qualify for a tax credit of up to $7,500 in 2023 as part of the Biden administration’s push to ensure that half of all new vehicles sold in 2030 are electric or plug-in electric hybrids. The tax credits were created as part of President Joe Biden’s Inflation Reduction Act, signed…
A Tax Credit to Reduce Health Care Premiums
By Joy Taylor From Kiplinger’s Personal Finance Question: I’m purchasing health care coverage through my state’s exchange and wonder if I’ll be eligible for a tax credit that reduces my premium. Who qualifies for it? Answer: The premium tax credit is available to eligible individuals who buy health insurance through an exchange. More people qualify…
Tax Credit for Electric Vehicle Chargers Is Back
By Kelley R. Taylor From Kiplinger’s Personal Finance Question: Is there any tax break for installing an electric vehicle charging station at my home? Answer: Yes. The Inflation Reduction Act, signed into law in August, revived a tax credit for Electric Vehicle (EV) charging stations and EV charging equipment that had expired at the end…
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