|
Some people have an incentive to hold off on charitable giving until next year, in order to get the full tax reward for their generosity when new rules take effect.
|
|
Steve Cohen moves closer to gaining lucrative New York City casino licence Financial TimesSteve Cohen Wins Approval for Casino Near Mets Stadium The Wall Street JournalNew York Casino Next To Citi Field Approved After Years Of Wrangling; Mets Owner Steve Cohen To Run It Yahoo FinanceNYC casinos: New York Gaming Board votes to recommend 3 new casino licenses in the Bronx, Queens ABC7 New York
|
|
U.S. shoppers spent nearly $12 billion this year.
|
RELATED ARTICLES | | |
|
After East Wing demolition, White House tours are back just in time for the holidays NPRI toured the White House to see Melania Trump's Christmas decorations. The East Wing is no more, but the display was still dazzling. Business InsiderPHOTOS: 'Home is where the heart is': Melania Trump unveils White House Christmas decor KOMOInside this year's White House holiday decor CNN
|
|
This Unbeatable LG OLED Deal Takes the Cyber Monday Crown CNETWalmart has this LG 4K TV with AI on sale for Black Friday, but today is your last chance to get it Syracuse.comThe Top-of-the-Line LG Gallery Series G5 OLED TV Drops to a New Price Low for Cyber Monday IGNI've tested around 50 TVs in the last year and I love the LG G
|
|
This year, the technology is providing personalized shopping recommendations.
|
|
President Biden signed the Inflation Reduction Act into law on August 16. The massive climate, energy, tax, and healthcare package contains numerous clean energy incentives including tax credits for the purchase of new and used electric vehicles. But you may not have heard that the new law also revives the tax credit for electric vehicle charging stations and equipment that had expired in 2021. There are some changes to the prior charging station tax credit that you will want to be aware of, so that you can potentially use the tax break for your own EV charger.
What is the Tax Write Off for EV Chargers?
The federal tax credit for electric vehicle chargers originally expired on December 31, 2021. However, the Inflation Reduction Act's Alternative Fuel Refueling Property tax credit extends the EV charger tax incentive ten years—through December 31, 2032.
SEE MORE EV Tax Credits Are Changing: What's Ahead
So, what does that mean for you? Essentially, if you install an EV charging station at home, the tax credit under the Inflation Reduction Act is 30% of the cost of hardware and installation, up to $1,000. Also, beginning in 2023, the tax credit for business and home installations, will apply to other EV charging equipment like bidirectional (i.e., two-way) chargers.
Businesses that that install new EV chargers or EV charging equipment can also benefit from a tax incentive of up to 30% of the total cost of equipment and installation. But they will have to meet certain labor and construction requirements to be eligible to claim the full incentive.
Before the Inflation Reduction Act, the limit on the amount of the EV charger tax credit for businesses was $30,000 (which still applies to projects completed before the end of 2022). However, under the new law, if you complete the business installa
|
|
