Get a jump start on next year’s return! The government is constantly coming out with new ways to save on taxes every year. This year the best ways to do so involve energy home savings and electric cars which you can find below:
1) For single-family house-energy savings projects started after August 16, 2022 and that will be completed by September 30, 2031, you may receive the below rebates:
– 50% of the costs up to $4000 maximum if energy savings are at least 35%
– $2000 maximum if the energy savings are more than 20% to less than 35%
2) For new construction of energy saving appliances, the following maximum rebates can be achieved:
– $1750 for a heat pump water heater
– $8000 for a heat pump for space heating or cooling
– $840 for either an electric stove, oven, etc. or an electric heat pump clothes dryer
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3) For new construction of non-appliance upgrades, the following maximum rebates can be achieved:
– $4000 for an electric load service center upgrade
– $1600 for insulation, air sealing, and ventilation
– $2500 for electric wiring
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4) The Clean Vehicle Tax Credit – this is a $7500 credit for yourself if you:
– buy a new electric vehicle that has final assembly in North America
– is a four-wheel vehicle and is for use on public streets
– has a minimum battery capacity of 7 kilowatt-hours
– does not exceed $80,000 for vans, SUVs, and pick-ups and $55,000 for other vehicles
To achieve the above credit, your adjusted gross income (AGI) must not exceed:
$300,000 for Married Filing Jointly
$225,000 for Head of Household
$150,000 for all others