Wanting an electric vehicle? Needing an electric vehicle? No doubt with the ongoing rollercoaster pricing of gas, we are all considering life with an electric vehicle!
Yes, there will be MORE tax credits available for electric vehicles purchased and put in use after december 2022 under the proposed Inflation Reduction Act. The proposed credits are $7,500 for a new vehicle and $4,000 for a used vehicle. There are however lots and lots of lines of fine print so please please please don’t rush out and put down a deposit on your dream vehicle.
Some of the fine print relates to where the vehicles are put together, this must be in the US and other requirements are related to the price of the vehicle. There are caps on the prices of vehicles that will be eligible for the credit. So it remains to be seen exactly which car manufacturers will be able to get their electric vehicles approved and then manufactured and available for purchase. The good news is that these credits are set to be around for ten years so we will have time to wait, choose and select mindfully.
Remember business owners, these proposed tax credits are for purchased vehicles only, nothing for leasing a vehicle. Let’s discuss the cost benefit analysis for you here.
Back to basics – THOMAS will show you all the tax deductions in your business that you must must must understand and deploy to keep more of your hard earned money.