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Electric Vehicle Tax Credit

All articles tagged with #electric vehicle tax credit

finance1 year ago

Navigating the Corporate Transparency Act: Key Deadlines and Compliance Tips

The Forbes Tax Breaks newsletter discusses the low compliance rate with the Beneficial Ownership Information (BOI) reporting requirement, with only 20% of businesses having filed with FinCEN. The newsletter also covers potential changes to the Tax Cuts and Jobs Act provisions set to expire in 2025, including the state and local tax deduction cap. Additionally, it addresses the potential rollback of green tax incentives, such as the electric vehicle tax credit, under President-elect Donald Trump. The newsletter highlights the ongoing debate over the taxation of Social Security benefits and provides updates on tax deadlines and events.

via Forbes|
#beneficial-ownership-information#corporate-transparency-act#electric-vehicle-tax-credit
finance2 years ago

Maximize Your Savings: Understanding Electric Vehicle Tax Credits and Direct Dealer Discounts

The electric vehicle (EV) tax credit has been enhanced, allowing individuals to receive the credit as cash at the dealership when purchasing an electric or fuel-cell vehicle. Previously, taxpayers had to wait until tax time to claim the credit, which was nonrefundable and could result in a partial or no credit depending on the amount of taxes owed. The EV tax credit applies to both new and previously owned vehicles, with different credit amounts and income thresholds. To claim the credit, taxpayers need to fill out IRS Form 8936 when filing their tax return. Starting in January 2024, individuals can receive the EV tax credit up front as a cash payment or down payment when purchasing an electric vehicle, regardless of their tax liability.

via Forbes|
#electric-vehicle-tax-credit#electric-vehicles#ev-tax-credit