If you bought an EV or plugin hybrid in 2022, you are likely eligible for up to $7,500 in tax credits. We say likely because there are a few stipulations based on your income and the make/model.
This tax credit is also good for 2023, meaning it’s not too late to reap the tax benefits of an EV purchase. If you purchase a qualifying EV this year, you can file for the EV tax credit next year. And starting in 2023, you can also qualify for up to $4,500 in tax credit for the purchase of a used EV.
A consumer reports survey from last year showed that more than 50% of buyers are more likely to buy an electric vehicle if it comes with a hefty tax credit.
The US government began incentivizing the purchase of EVs in the 2010s. And the most recent package of incentives in the 2022 Inflation Reduction Act is the most lucrative yet.
Navigating the bureaucracy of the EV tax credit might seem a little confusing on the surface. But with a little research, the help of a good car salesman, and some patience during tax season, you could get up to $7,500 back on your federal taxes.
It’s honestly easier than it seems.
The tax credit is an extension of a previously existing credit, but the most significant change is that all new qualifying vehicles must be assembled in North America. That means many foreign manufacturers aren’t capable of making qualifying vehicles right now (though most are working to remedy this).
After purchasing a qualifying vehicle, be sure to keep your documents in a safe place until tax season. When you fill out your taxes, remember to let your accountant, tax filer, or TurboTax know about your purchase.
You can find out if the car you’re thinking of purchasing was assembled in North America using this VIN Decoder from the US Department of Transportation.
We also compiled a handy list of all the vehicles currently listed by the IRS as qualifying.
The tax credit also comes with income stipulations and is only available to US families who make less than $300,000 per year (or $150,000 married filing jointly). But that includes something like 90% of US households.
We are searching for a Software Engineer II to help us enhance and maintain our web app and api. Our engineering team is constantly working to build the tools necessary to support the growth of Carmigo.
The Intermediate Software Engineer will have a unique opportunity to help grow an early stage tech company and will be exposed to our entire tech stack. This position will enhance your leadership skills and push your engineering abilities to the next level.
About the Position: We are searching for a Junior Software Engineer to help us enhance and maintain our web app and api. Our engineering team is constantly working to build the tools necessary to support the growth of Carmigo.
The Junior Software Engineer will have a unique opportunity to help grow a tech company from ground zero and will be exposed to our entire tech stack. We firmly believe that this position will provide unparalleled growth potential for young engineers. This position is not for the faint of heart – A Junior Engineer must be passionate about technology and be driven to make an impact, but if the mentality is there, this opportunity is as good as it gets.
Thinking about buying a new EV? Check this list to see which cars qualify for the 2023 EV Tax Credit.
The new Used Clean Vehicle Credit extends savings to Americans purchasing used EVs.
Any household that makes less than $150,000 or an individual who makes under $75,000 qualifies for a tax credit equal to $4,000 or 30 percent of the sale price (depending on which is lower).
The Congressional Budget Office has reported nearly 25,000 used EVs will qualify for up to $4,000 in tax credits in 2023.
Used EV purchasers don’t have to worry about the North American assembly requirement but will have to purchase the EV from a dealership to qualify.
Check Our Used Clean Vehicle List
We are searching for a Software Engineer II to help us enhance and maintain our web app and api. Our engineering team is constantly working to build the tools necessary to support the growth of Carmigo.
The Intermediate Software Engineer will have a unique opportunity to help grow an early stage tech company and will be exposed to our entire tech stack. This position will enhance your leadership skills and push your engineering abilities to the next level.
About the Position: We are searching for a Junior Software Engineer to help us enhance and maintain our web app and api. Our engineering team is constantly working to build the tools necessary to support the growth of Carmigo.
The Junior Software Engineer will have a unique opportunity to help grow a tech company from ground zero and will be exposed to our entire tech stack. We firmly believe that this position will provide unparalleled growth potential for young engineers. This position is not for the faint of heart – A Junior Engineer must be passionate about technology and be driven to make an impact, but if the mentality is there, this opportunity is as good as it gets.
Thinking about buying a used EV? Check Carmigo’s definitive list to see which cars qualify for the IRS’s 2023 EV Tax Credit.
If you’ve been on the fence about an EV purchase, now is the time to take advantage of federal funds. You will start saving on gas immediately, and up to $7,500 will be added to your final tax return (or subtracted from your bill) when you file. You can put that toward anything, but if you put it toward your car you’ll be looking at lower monthly payments and reduced maintenance and fuel costs.
We are searching for a Software Engineer II to help us enhance and maintain our web app and api. Our engineering team is constantly working to build the tools necessary to support the growth of Carmigo.
The Intermediate Software Engineer will have a unique opportunity to help grow an early stage tech company and will be exposed to our entire tech stack. This position will enhance your leadership skills and push your engineering abilities to the next level.
About the Position: We are searching for a Junior Software Engineer to help us enhance and maintain our web app and api. Our engineering team is constantly working to build the tools necessary to support the growth of Carmigo.
The Junior Software Engineer will have a unique opportunity to help grow a tech company from ground zero and will be exposed to our entire tech stack. We firmly believe that this position will provide unparalleled growth potential for young engineers. This position is not for the faint of heart – A Junior Engineer must be passionate about technology and be driven to make an impact, but if the mentality is there, this opportunity is as good as it gets.
Soaring gas prices have a lot of us asking if EV charging prices are cheaper than gas. We break it down as gas and EV duke it out!
When you decide to make the switch, list your car on Carmigo.
It’s the easiest way to sell your car, and you can do it all from the comfort of your phone without ever leaving your home. We legit had two people list their cars while pumping gas last week.
List your car in as few as 15 minutes, and sell it in as little as one business day.
