Beaird Harris Ranks No. 32 in CNBC’s List of Top 100 Financial Advisory Firms for 2024
Beaird Harris is thrilled to announce that we have been ranked as No. 32 in CNBC’s annual list of “Top 100 Financial Advisory Firms of…
These electric “go-green” vehicles don’t use gas-powered engines, allowing you to save potentially thousands of dollars each year on gas alone. And with the Infrastructure Investment and Jobs Act allocation of $7.5 billion to states and local governments to help increase public charging station availability nationwide, consumers should find it easier to adopt energy efficient cars.
In addition, you may qualify for a Clean Vehicle Credit (formerly Plug-In Electric Vehicle Credit). Though there were some changes to the credit as a result of the Inflation Reduction Act of 2022, the maximum amount of the credit remains $7,500 for new vehicles and $4,000 for used vehicles. If you find yourself in the market for a go-green vehicle note there are significant hurdles you’ll have to overcome to qualify for the new Clean Vehicle Credit:
MSRP Hurdle
Income Hurdle
*The new income thresholds are effective December 31, 2022, If you income is excess of that mentioned above, you may consider a purchase prior to year-end to take advantage of any remaining credits.
Domestic Production Hurdle
What You Can Do
IRS.gov provides an index of manufacturers to help you determine if a particular brand and model year qualifies for the tax benefit. The Department of Energy provides a list of model year 2022 and early model year 2023 electric vehicles that meet the final assembly requirement. And keep in mind that beginning with vehicles acquired after 2023, purchasers may transfer the credit to the dealer (meaning the credit could be applied to lower your cash outlay for the car rather than waiting to receive the benefit when you file your tax return).
The manufacturing restrictions written into the bill make most currently available electric vehicles ineligible for the credit. The new rules also allow for a 30% credit for commercial vehicles that meet certain qualifications.
There will be more details on how to obtain these credits in the future. As always, planning ahead can help you maximize your financial situation and position you for greater success.
Please contact our office at (972) 503-1040 if you’re considering a purchase a clean vehicle to discuss how these credits may apply to you.
No Professional Advice, Client Relationship, or Reliance on Information
Please note that any information or content on our Website, or any forms or tools on our Website which allow you to submit information or make calculations, and your use thereof, are not intended to provide any kind of professional advice, consultation or service, including but not limited to, legal, accounting, tax, or business advice. Nor does any such information, content, forms, or tools, or your use thereof or reliance thereon, create or constitute an attorney/client, accountant/client, or consultant/client relationship. You should therefore not use our Website or reliance on any information, content, forms, or tools on our Website as a substitute for any kind of professional advice. Rather, you should consult with a licensed professional, including one employed by our Company, for any accounting or tax questions you may have. You agree that we will not be liable to you or to any third party to the extent you treat or consider any information, content, forms, or tools on our Website as constituting any kind of professional advice. The information and content, including but not limited to forms and tools, presented on or made available through our Website are made available solely for general information purposes. We, therefore, do not warrant the accuracy, completeness or usefulness of any such information, content, forms, or tools, and any reliance you place on the same is strictly at your own risk. We disclaim all liability and responsibility arising from any reliance placed on such materials by you or any other visitor to our Website, or by anyone who may be informed of any of its content.
Our Website provides illustrative lists of services that we provide. Nothing contained on our Website shall be construed as an offer or guarantee to provide any particular services to you, nor shall anything on our Website be construed as a direct solicitation for employment by any persons, companies, or organizations. Prior results we have obtained for others do not guarantee a similar outcome.
Beaird Harris is thrilled to announce that we have been ranked as No. 32 in CNBC’s annual list of “Top 100 Financial Advisory Firms of…
As you consider your year-end charitable giving strategies – whether you want to support your favorite qualified charity or make an annual gift to your…
A Revocable Living Trust offers flexible estate planning benefits, including tax-efficient wealth transfer, enhanced control over asset distribution, protection from creditors, and privacy by avoiding…
Schedule a complimentary call today. We’ll help you get started and learn more about Beaird Harris.