For used cars, modified adjusted gross income cannot exceed $150,000 married filing jointly, $112,500 head of household, $75,000 single.For new cars, modified adjusted gross income cannot exceed $300,000 married filing jointly, $225,000 head of household, $150,000 single.Manufacturer’s suggested retail price for vans, sport utility vehicles, and pick ups is limited to $80,000 and other cars are limited to $50,000.Manufacturer must be a qualified manufacturer.Requires final assembly in North America (Effective immediately on August 17, 2022, unless you have entered into a binding contract to purchase a new electric vehicle before August 16, 2022).The manufacturer limitation is eliminated for cars sold after December 31, 2022.Some of the changes related to the Clean Vehicle Credit include: Since credits are a dollar for dollar reduction of taxes you owe, you can lower your taxes by up to $7,500 and save money on gas. Under the new law people still may be eligible for a tax credit up to $7,500 for purchasing a new electric vehicle under the renamed Clean Vehicle Credit, and for the first time, starting Janupeople purchasing used electric vehicles may be eligible for a tax credit up to the lesser of $4,000 or 30% of the sales price, depending on their income. Clean Vehicle Creditīefore the Inflation Reduction Act people were able to claim a credit of up to $7,500 for the purchase of a new electric vehicle. Energy Efficient Tax BenefitsĪ portion of the tax bill will go to consumer home energy rebate programs and include the Clean Vehicle Credit, the Alternative Fuel Vehicle Credit, and energy credits for your home. Here’s what’s included in the Inflation Reduction Act and what it can mean for you and your taxes. Please share any alternatives if you know of any.Today the President signed the Inflation Reduction Act of 2022 into law, which includes new tax provisions, extensions, and expansions of tax benefits related to energy efficiency and healthcare. There are much better debit and checking options out there though, so I feel stuck with PNC because I am so dependent on their Virtual Wallet feature. There is NO WAY I can keep track of every penny, but Virtual Wallet DOES - it's just delayed - which is the only complaint I have about it. I'm a young professional with a busy schedule and am always moving about, paying for parking, gas, buying food, beverages and snacks where ever I can, etc. So on Mondays, I'm ALWAYS surprised that the Chinese takeout I had the previous Friday, wasn't withdrawn from my account until 3:00am the following Monday. The HUGE downfall is that it's not exactly accurate and PNC doesn't post many expenses on my account until a few days later. so I can watch my spending in certain areas in real time. Plus, it gives me an overview of upcoming bills for an unlimited number of billing cycles so I can plan ahead.Īlso, it categorizes my expenses into dining, auto, bills, entertainment, personal hygiene, groceries etc. The major selling point of PNC's Virtual Wallet is that it tracks my everyday purchases, including the $3.50 bottle of water I bought at a vending machine WHILE anticipating upcoming expenses to provide me with a fairly accurate "free" spending budget until my next payday - which it also anticipates. You have no idea how much TIME virtual wallet saves me. Before anyone suggests that I "balance my checkbook like the good 'ol days" or download another app to keep track of my spending, or use Excel - Yeah, I used to do all of that, BEFORE I discovered Virtual Wallet. I'm looking for a new bank, but I've grown dependent on PNC's Virtual Wallet feature. Here, please treat others with respect, stay on-topic, and avoid self-promotion.Īlways do your own research before acting on any information or advice that you read on Reddit. Get your financial house in order, learn how to better manage your money, and invest for your future.
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