“Electric Vehicle Tax Credit, what you NEED to know!”

Hey Taxpayers, Tiffany Gonzalez CPA is here with a great video for all of my drivers that want to go green! The Clean Vehicle Tax Credit better known as the Electric Vehicle Tax Credit is pretty new and recently saw new changes.

Tiffany is going to bring you all the details you need to know to make sure you qualify for this lucrative tax credit that is worth up to $7,500!

There are a lot of restrictions that you need to be aware about and consider before you make that purchase if you are considering the credit.

So tune in and make sure you are able to claim this credit!

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Electric vehicles are becoming more popular as consumers strive for more eco-friendly transportation options. As part of the effort to promote the use of electric vehicles, the federal government offers a tax credit that can help reduce the cost of buying an electric vehicle. Here’s what you need to know about the electric vehicle tax credit.

The electric vehicle tax credit is a federal tax credit available to individuals who purchase an eligible electric vehicle. The credit is available for both new and used electric vehicles, and it can be worth up to $7,500. The amount of the credit depends on the size of the vehicle and its battery capacity.

The credit is available for vehicles purchased after January 1, 2009. However, it is important to note that the credit is only available for the first 200,000 electric vehicles sold by a manufacturer. Once a manufacturer has sold 200,000 vehicles, the credit is no longer available for that manufacturer.

In order to claim the credit, you must file a tax return with the IRS. You will need to provide proof of purchase, such as a sales invoice or registration, as well as proof that the vehicle is eligible for the credit. You will also need to fill out IRS Form 8936, which can be found on the IRS website.

It is important to note that the electric vehicle tax credit is not a refundable tax credit. This means that it can only be used to reduce your tax liability, not to receive a refund. If the credit is greater than your tax liability, the excess amount will not be refunded.

The electric vehicle tax credit can be a great way to save money when purchasing an electric vehicle. However, it is important to understand the requirements and limitations of the credit before you make a purchase. Be sure to consult a tax professional if you have any questions about the credit or how to claim it.