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2024 Tax Credits to Consider – Boost Your Wallet!

Electric Car Owners: Don’t Miss Out on Up to $7,500 with the Clean Vehicle Credit

Accurate Reporting is Key for Clean Vehicle Credit Eligibility

Tax season is here, and there are new opportunities for folks looking to save money on their tax bills. One such chance is the Clean Vehicle Credit, available to those who bought an electric car after January 1, 2023. Depending on the car’s battery and mineral requirements, buyers could snag up to $7,500 in tax credits. However, it’s crucial for both the dealer and the buyer to report vehicle information accurately to qualify for this credit.Another avenue for savings is the Energy Efficient Home Improvement Credit. Homeowners who made green upgrades in 2023 could receive a tax credit of up to $3,200. This credit covers a range of home-energy improvements, from installing new windows to conducting energy audits. To claim this credit, homeowners must provide receipts and documentation proving that the upgrades meet the necessary standards.

READ ALSO: $1,500 And 25% Worth Per Child: Illinois Senators Proposes Senate Bill Tax Credits: Easing Skyrocketing Childcare Costs And Boost Preschool Access!

Legislative Updates May Boost Child Tax Credit for Lower-Income Families

Lastly, families can benefit from the Child Tax Credit, which may see expansions in the near future. While the credit remains unchanged for now, legislation passed through the House aims to increase the refundable portion for lower-income families. Though the bill is awaiting Senate approval, tax experts reassure filers that any changes would be retroactively applied by the IRS, eliminating the need for amended returns. Keeping an eye on legislative updates could lead to more savings for families come tax time.

READ ALSO: Tax Credit To Unlock Dreams Of First-Time Homebuyers- Sen. Tammy Baldwin Unveils Plan!

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