Why Tesla Price Cuts Will Impact Yout Tax Credit

Tesla has just cut prices for some of its models, but you should know that the rules for EV tax credits have changed.
In 2009, the government created these credits to encourage car buyers to go electric, but they made some significant changes last year.
Remember that if you have a modified adjusted gross income of $150,000 for individuals or $300,000 for joint filers, you may no longer qualify for the credit.
And it's not just based on your current income, it can also be based on your income from the preceding year.
Another thing to note is that vehicles must be assembled in North America and the suggested retail price can be at most $80,000 for vans, SUVs, and pickups or $55,000 for all other vehicles. So, if you're looking to buy a Tesla, check the price of the specific model you're interested in.
The IRS is still working on guidance around the new law, so check their website for updates. And, as always, consult with your tax professional before making any big purchases. Happy EV hunting!
#shorts #tesla #teslaprice #moneyhacks #moneytips #personalfinance

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