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EV Tax Credit
As the global mobility and automotive sector moved toward greener technologies with battery-powered vehicles, the IRS is rewarding EV buyers with handsome tax credits. EV manufacturers are bringing impressive new cars like the Tesla Model 3, the electric Hummer and the Mustang Mach E to market, while the government is busily incentivizing them for faster adoption. EVs are estimated to be 40-50% of the total cars sold in the US in the next few years. Electronic vehicles have also created a buzz among buyers in the last few years, thanks to the rapid development of technology and a massive push from electric car manufacturers as a whole. According to a 2019 report, the automotive industry is pegged to spend more than $515 billion on the development and manufacturing of electric vehicles. If we look into the history of EV tax credits, they came into effect after the Energy Improvement and Extension Act of 2008. It got a further boost with the American Recovery and Reinvestment Act 2009, which was an amendment to the original 2008 act. The Internal Revenue Code Section 30D provides an EV tax credit. It was amended again in 2013 by the American Tax Relief Act for some electric 2- and 3-wheelers.
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FlyFin's A.I. reminds you to add any qualified EV purchase to your tax return to avail of the EV tax credit benefits. Deadlines are crucial to applying for the EV tax credit as it’s only valid for the tax year you bought the vehicle in. FlyFin’s A.I.-powered tax penalty calculator also generates your quarterly estimated taxes for you, based on your income and deductions. The smart Android and iOS applications send you automatic reminders, so you never miss a tax filing deadline or miss out on incentive schemes like the EV tax credit. FlyFin's tax CPA team is also here for you 24/7 to answer any tax-related questions and support you in filing a 100% accurate tax return for you.
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