American Tax Service

Helping Americans File Their Taxes

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Tax Credits for Electric Cars

Electric vehicle tax credits can be highly valuable, but there are a lot of confusing rules regarding how they work. This guide will show you what you need to know about tax credits on plug-in electric vehicles. It will also answer some of the most common questions people have.

What Are the Electric Vehicle Tax Credits?

electric car and vehicle tax credit

The Qualified Plug-in Electric Drive Motor Vehicle Credit (IRC 30D), which is now known as the Clean Vehicle Credit, was amended by the Inflation Reduction Act of 2022 (Public Law 117-169), and a new requirement for final assembly in North America was added as a result of this legislation.… Read the rest

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Home Energy Tax Credits

Tax season is going to be here before you know it. Therefore, now is the time to ensure that you have completed all of the energy-efficient upgrades to your home.

Having an energy-efficient home will save money on your bills and pay less money in taxes. Learn how you claim home energy tax credits if you qualify.

Non-Business Energy Property Credit

home energy tax creditsYou can get a 30% credit for your energy-efficient improvements. Things that fall under this category include:

  • Water heaters
  • Electric heat pumps
  • Central air conditioners
  • Natural gas, propane, or oil water heaters
  • Qualified oil furnaces
  • Qualified oil hot water boilers
  • Some air circulating fans
  • Insulation that reduced heat loss or gains
  • Exterior windows, skylights, or doors
  • Storm windows and doors
  • Solar panels
  • Metal and asphalt roofs that reduce heat loss or gain

Residential Energy Efficient Property Credit

This energy tax credit will allow you to have a 30% credit for the alternative energy equipment that you have installed.… Read the rest