Little Known Tax Credit

December 20, 2022
islandadmin

Tax Credit for EV Charging

We know it’s that time when we’re all trying to look for ways to save on our taxes. Not only that, but we look back on our spending throughout the year and notice the different trends in our spending. For a lot of us, this year was particularly bad in terms of gas money. Prices saw record highs, and many of us were back in the office—commuting and traveling. While the prices are expected to drop down somewhat over the coming year, that’s not a guarantee. They can become a huge, unpredictable strain on your bottom line at any time.


So, what if we could kill two birds with one stone? Save on our gasoline bills next year while getting a sizeable tax credit. And maybe even increasing our home value along the way?


We’ve all seen the wild fluctuations in gas prices in the past years, reaching record highs.


A lot of people think about getting an electric vehicle, but most people don’t have a charger in their home and might not even live very close to a public charging station.


While there are lots of things to consider, this piece of information we recently came accross might make the difference for many of you.


As a part of the recently passed Inflation Reduction Act, there are huge tax credits being applied to home installations of EV charging stations. We’re talking a 30% ($1000 max) credit on both installation and materials.


Even if you don’t own an EV, having a charging station can increase the value of your home while scoring you a sizeable tax credit. We think it’s worth considering as an option, and realize many people may not have heard about this. If you try it or have any other creative tax-tips, let us know. We’re always looking to share knowledge and help each other out.