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?
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).… Read the rest
The entire tax code was reformed under President Trump’s Tax Cuts and Jobs Act (TCJA). The TCJA has changed many things about the Child Tax Credit. These new rules apply to the new tax season.
How Much do I Get Back for a Child?
Under the TCJA, the Child Tax Credit saw a substantial increase to $2,000 per qualifying child. Up to $1,400 of this amount is refundable, depending on your income. This has doubled the previous amount, and the Child Tax Credit was previously only refundable if you were also claiming the Additional Child Tax Credit.… Read the rest
Although an incredible number of families currently claim this valuable tax break, the IRS says many more qualify for this refundable tax credit yet neglect to take advantage of it.
The guidelines for (EIC) Earned Income Credit Table were recently increased; therefore, many more families meet the requirements and can claim the earned income credit. Take a couple of minutes to ensure you don’t pass up a credit that might provide you with a bigger refund check.
How Much are the EIC, Earned Income Credit Table Amounts for 2021, 2022?
The Earned Income Tax Credit (or “EITC” for short) is an excellent option for low-income families and individual filers to utilize for a larger return and overall cash back from the government when you file your taxes. While fairly straight-forward to understand, many tax filers do no understand how the EITC works, and if they qualify. It’s estimated that nearly 1/5 qualified applicants don’t use the credit.