Get the EV Tax Credit You Deserve in 2024
Ready To Claim Your Tax Break?
This is the perfect time to maximize your tax savings.
If you've invested in an electric vehicle (EV), significant tax credits could be waiting for you.
The $7,500 EV tax credit, revamped by the Inflation Reduction Act, is an opportunity not to be missed.
Electric vehicles aren’t just better for the environment - they can also save you thousands of dollars at tax time through a federal tax credit of up to $7,500. But the rules around the EV tax credit changed on January 1, 2024, so it pays to understand the new requirements if you want to claim this valuable incentive.
The good news is that dozens of popular EV and plug-in hybrid models still qualify, as long as:
The vehicle is assembled in North America
At least 50% of battery components are made or assembled in North America by 2024 (this percentage increases over time)
At least 40% of critical battery minerals are sourced from the US or free trade partners by 2024 (this also increases over time)
The vehicle costs less than $55,000 for sedans or $80,000 for SUVs and trucks
Your adjusted gross income is below $300,000 if married filing jointly, $225,000 if head of household, or $150,000 if single
Get Up to $7,500 Back for your
EV Purchase or Charging Equipment
The federal electric vehicle tax credit now applies to more than just new car purchases. Whether you buy used, install a home charger, or add solar to power your EV, tax credits can add up to thousands in savings.
New EVs Up to $7,500
The tax credit of up to $7,500 continues for new electric vehicle purchases, but qualifying models have changed for 2024.
Dozens still qualify, but the vehicle must be assembled in North America and meet battery component and mineral sourcing requirements.
To find a comprehensive list visit, https://fueleconomy.gov/feg/evsplash.shtml
Used EVs Now Qualify
For the first time, buying a used electric vehicle at a dealership can make you eligible for a tax credit of up to $4,000 or 30% of the vehicle price (whichever is less).
The used EV must be at least 2 model years old and have an original MSRP under $25,000. And you can only claim the used EV credit once in the vehicle's lifetime.
Home Charging Credits
Installing a home EV charging station now qualifies for a tax credit up to $1,000 or 30% of the hardware and installation costs.
This covers both standard Level 2 chargers as well as smart bidirectional chargers that can power your home.
If you add solar panels to run your EV charger, you may be eligible for the solar tax credit of up to 30% off installation costs.
New EVs Up to $7,500
The tax credit of up to $7,500 continues for new electric vehicle purchases, but qualifying models have changed for 2024.
Dozens still qualify, but the vehicle must be assembled in North America and meet battery component and mineral sourcing requirements.
To find a comprehensive list visit, https://fueleconomy.gov/feg/evsplash.shtml
Used EVs Now Qualify
For the first time, buying a used electric vehicle at a dealership can make you eligible for a tax credit of up to $4,000 or 30% of the vehicle price (whichever is less).
The used EV must be at least 2 model years old and have an original MSRP under $25,000. And you can only claim the used EV credit once in the vehicle's lifetime.
Home Charging Credits
Installing a home EV charging station now qualifies for a tax credit up to $1,000 or 30% of the hardware and installation costs.
This covers both standard Level 2 chargers as well as smart bidirectional chargers that can power your home.
If you add solar panels to run your EV charger, you may be eligible for the solar tax credit of up to 30% off installation costs.
Went Electric and Ready to Save? We're Here to Help!
Our tax experts are here to guide you through every step, ensuring you maximize your savings and make the most of the EV tax credits available.
Let us handle the complexities while you enjoy the ride.
Went Electric and Ready to Save? We're Here to Help!
Our tax experts are here to guide you through every step, ensuring you maximize your savings and make the most of the EV tax credits available.
Let us handle the complexities while you enjoy the ride.
Why Choose M&M Tax?
Experts in
Electric Vehicle (EV) Tax Credits
We understand the specific challenges
and opportunities in your tax situation.
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