Electric cars are entitled to a tax credit if they qualify. The value of the IRS tax credit ranges from $2,500 to $7,500, depending on the electric vehicle in question. Size and battery capacity are the primary influencing factors.
Are Electric Car Tax Credits Available?
Yes, most electric cars are still eligible for this tax credit. Currently, Congress has set the phase-out limit of electric cars sold at 200,000 units per manufacturer. After that the credit begins to phase out for that manufacturer.… Read the rest
Here is a breakdown of everything you need to know about the Child Tax Credit and Additional Child Tax Credit
How Much do You Get Back in Taxes for a Child?
The child tax credit for 2020, 2021, allows you to get back up to $2000 per child in taxes. This is a tax credit, which means it reduces your tax bill dollar-for-dollar, which makes it highly valuable for all families.
The child tax credit is a type of tax credit available to parents and guardians who want to reduce the amount of tax they pay this year.
This tax credit will take your overall tax bill and reduce it dollar for dollar. It’s one of the most rewarding types of tax credits working people can take. If you have a qualifying income, you may be able to take the full value of the child tax credit.
It all depends on how many qualifying children you have and how much you make, though.… Read the rest
The Federal Solar Tax Credit is a credit you can claim for installing solar powered equipment in your home, which can ultimately reduce the amount of tax you need to pay to good old Uncle Sam.
The Environmental Protection Agency and the Department of Energy wants to encourage Americans to switch to solar power through the Energy Star program. In return for reducing your carbon footprint, you can claim the Federal Solar Tax Credit on your taxes.… Read the rest
Are you wondering who can qualify as a dependent on your tax return? This is your guide to assessing whether one of your family members may be able to be classified as a qualifying dependent when you file your taxes.
Dependent Tax Credits, Deductions, and Exemptions are Available to You!
The energy tax credit is designed for people who want to improve their homes to make them more energy-efficient. One example of this may be installing solar panels to generate energy from the sun. Making use of renewable energy in your home could be a significant tax move for you.