3 results for tag: Electric Vehicles


2022 Last-Minute Vehicle Purchases to Save on Taxes

Do you need a replacement business car, SUV, van, or pickup truck? Do you need tax deductions this year? Do you need a tax credit to offset what you owe to the IRS? If you answered yes to any of these questions, you need to examine this article and get ready to smile. Thanks to the Tax Cuts and Jobs Act (TCJA), you can write off the cost of a vehicle purchase in 2022—including, in many cases, up to 100 percent of the cost—faster than ever before. And if you plan on purchasing an electric car or a plug-in hybrid electric vehicle, you may qualify for a tax credit of up to $7,500. Get the Timing Right Donʼt procrastinate. If ...

Buying an Electric Vehicle? Know These Tax Law Changes

Are you thinking of buying an electric vehicle or a plug-in hybrid? And are you looking to benefit from the $7,500 tax credit? If so, you have much to consider—thanks to the newly enacted Inflation Reduction Act. The Electric Vehicle Credit for 2022 The maximum $7,500 credit for fully electric cars or plug-in hybrid electric vehicles that applies to both business and non-business vehicles remains in place through December 31, 2022, subject to one significant change. The Significant Change Begins August 17, 2022 Electric vehicles purchased and placed in service after August 16, 2022, qualify for the tax credit only if they are ...

New Law: Business Tax Credits for Your Electric Vehicle Purchases

Three things to know about this new law: The existing electric vehicle tax credit that applied to both business and personal vehicles remains unchanged from January 1 to August 16, 2022. The new and difficult North America assembly rules apply from August 16 through December 31, 2022, and require tax planning if you want to buy an electric vehicle this year. Beginning in 2023, buying an electric vehicle for your business escapes the draconian rules that haunt 2023 personal-use electric vehicle purchases. What’s the Deal for the Remainder of 2022? Here’s what you need to consider for the remainder of 2022: The 200,000-vehicle ...