Avoid These Common Mistakes When Applying for EV Tax Credits
Tuesday, 12 March 2024, 16:00
Key Tips for Maximizing EV Tax Credits in 2024
Thinking about buying an electric vehicle in 2024? Make sure you're aware of crucial considerations to maximize your savings through EV tax credits. Here are five mistakes to steer clear of:
- Not checking income limits: Ensure you meet the income thresholds to qualify for EV tax credits.
- Avoid assuming every EV gets max tax credits: Understand which vehicles qualify for the full $7,500 credit.
- Consider used EVs: Explore the advantages of purchasing a pre-owned electric vehicle and benefit from significant discounts.
- Don't forget plug-in hybrids: Plug-in hybrids can also qualify for EV tax credits, offering an alternative to fully electric vehicles.
- File Form 8936: Complete the necessary paperwork to transfer your tax credit from the dealership.
Make informed decisions when buying an EV to make the most of available tax benefits.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.