If you bought a new, qualified plug-in electric vehicle (EV) in 2022 or before, you may be eligible for a clean vehicle tax credit up to $7,500 under Internal Revenue Code Section 30D.
The credit equals:
The maximum credit is $7,500. It is nonrefundable, so you can’t get back more on the credit than you owe in taxes. You can’t apply any excess credit to future tax years.
In December 2015 Congress passed a 5 year extension on the Federal Solar Investment Tax Credit (ITC) – that means, dollar for dollar, up to 30% of the costs related to a new solar energy system for your residential or commercial property can be reduced from your taxable income until 2019 – and there’s no cap on the value of the system!
While savings are gradually reduced from 2020 onward, there’s still time to save an average $5,000 dollars installing your residential solar panels. Even better — if your tax liability isn’t great enough to claim the entire credit, you can roll the savings over to the next year, as long as the bill is in effect. Note that lessees of solar systems will not be available for the credit. Call your preferred tax specialist to find out if you’re eligible!
You can claim credits and deductions when you file your tax return. You may also qualify for certain coronavirus credits, deductions and relief.
Tax credits and deductions can change the amount of tax you owe so you pay less.
Claim certain credits and deductions on your tax return and you may be able to get a larger refund, while others may give you a refund even if you don’t owe any tax.