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Government EV Tax Credits Make Electric Cars More Affordable
Income Guidelines for EV Tax Credits: Qualifying for Savings on Electric Vehicles
If you’re considering buying an electric car you may qualify for government EV tax credits helping you save money according to the published article of The Ascent. The IRS sets rules for eligibility based on income. Singles earning under $150,000 or married couples earning under $300,000 can get credits for new electric cars. For used EV, the income thresholds are $75,000 for singles and $150,000 for married couples.
READ ALSO: $,1741 Average Tax Refund: A Guide For Americans
Government EV Tax Credits Make Electric Cars More Affordable. (Photo: PCMag)
Maximizing EV Tax Credits: Tips for Maintaining Eligibility and Saving on Electric Cars
You can find out which electric cars qualify for tax credits on a website called FuelEconomy.gov. They have tools to help you search for eligible vehicles. It’s important to keep track of your income so you don’t lose your credit. You can do things like put money into retirement accounts or donate to charity to lower your income and keep your credit. If you’re thinking of buying a car consider getting an electric one and saving with EV tax credits!
