Posts Tagged ‘tax credit on evs’
Tax season is here, and in the spirit of tax season, we would like to clarify a commonly misunderstood tax credit myth within the automotive industry. You have probably heard that some PHEVs and electric vehicles (EVs) are eligible for a tax credit, but do you know what that means?
Many people think a tax deduction is the same thing are the as a tax credit, but unfortunately that is not the case. A tax credit is a credit the government may grant tax payers for various things, like the purchase of an EV or PHEV, but taxpayers only benefit from the tax credit if they owe taxes for that tax year. Although it is not money in your pocket, that tax credit can still be very beneficial if you typically owe the government each year. (more…)