- Wow! You Can Now Get a Tax Credit For Buying a Used Electric Vehicle
- 2023 brings with it a whole new set of rules related to qualifying for a tax credit for purchasing a used electric vehicle. This is the first time that used electric vehicles have qualified for a tax credit, and although considerably less than the credit for purchasing a new electric vehicle, it does provide an incentive for lower income taxpayers to acquire an electric vehicle. However, this new credit – officially termed the Previously-Owned Clean Vehicle Credit in the tax code – also comes with some rules that limit the vehicles that qualify, and essentially bars the credit to higher income taxpayers. Here are the details.
- Be On the Outlook for Tax Reporting Forms
- With tax season upon us, documents reporting income, sales and other items needed for your 2022 tax return should have arrived or will be arriving soon. Be on the lookout for them and be careful not to accidently discard any. Here are some of the common tax forms you need to be watching for depending upon your particular circumstances.
- How Shopify Upended the eCommerce Sector in the Best Possible Way
- How Shopify upended the ecommerce sector in the best possible way. Learn more.
- Video Tips: IRS Made Adjustments to the 2020 Unemployment Income
- The IRS recently completed the final automatic corrections of tax year 2020 accounts for taxpayers who overpaid their taxes on 2020 unemployment compensation.
- Who Claims the Children’s Tax Benefits You or Your Ex-Spouse?
- If you are a divorced or separated parent, a commonly encountered but often misunderstood issue is who claims the child or children for tax purposes. This is sometimes a hotly disputed issue between parents; however, tax law includes some very specific but complicated rules about who profits from the child-related tax benefits. At issue are a number of benefits, including the children’s dependency, child tax credit, child care credit, higher-education tuition credit, earned income tax credit, and, in some cases, even filing status.
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