The Inflation Reduction Act (IRA) made significant changes to the electric vehicle tax credit. The links below parse out important criteria for you to meet if you are considering the purchase of or recently have purchased a new EV.
Of particular note, the seller must provide the following report in order for you to be eligible for the credit: https://www.irs.gov/credits-deductions/clean-vehicle-credit-seller-or-dealer-requirements Please make sure that the seller’s report is provided at the time of vehicle delivery. IRS guidance reads that the credit won’t be available if the seller’s report is not included with delivery of the vehicle.
If you have additional questions about an EV tax credit, please reach out to your accountant. We want to help make your life #LessTaxing!