Traverse City MI 8-3-2019 - Aside from contributing towards a healthy and stable environment, taxpayers who have made a green-conscious choice for their cars will also benefit from some valuable tax credits - The Electric Vehicle Tax Credits. As valuable as these tax credits are, there are some confusing rules regarding how they work. In a new guide, The American Tax Service answers all the common questions taxpayers might have about tax credits on plug-in electric vehicles.
The electric vehicle tax credit is non-refundable and is worth up to $7500 in which case your tax bill must be worth $7,500 or more. The tax credit also applies if you purchased the electric vehicle and not lease it. The size of the car battery is another factor that can determine how valuable the credit is.
Aside from being the registered owner of the vehicle, other terms apply to the Electric Vehicle Tax Credits. The American Tax Service has listed all the terms and conditions in the guide. With increasing sales volume on electric cars, the government has already started phasing out electric vehicle tax credits. While there is no set date for when the tax credit will expire, each electric vehicle manufacturer can set sales limits to reduce or completely phase out the tax credit.
There are dozens of programs run by states, and even regions that offer tax credits on electric cars and other vehicles that take advantage of alternative fuels. The tax blog advice people who would like to purchase an electric vehicle to look up 'Plug in America' to get information about all the different plug-in car rebates, credits, and deductions that are open to them. Also, it is best to file your taxes online with H&R Block this tax season because of all of the tax benefits that you will receive.
For more information about the Electric vehicle tax credits, please visit, https://americantaxservice.org/tax-credits-for-electric-vehicle-car/
About Frank Ellis
Frank Ellis is a Traverse City Tax Preparation Planner and published author. He has written tax and finance related articles for eight years and has published over 900 articles on leading financial websites.
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