The Internal Revenue Service (IRS) has announced in IR-2023-05 that they will begin accepting and processing 2023 individual tax returns on January 23, 2023. The news release also provides tips, key dates, and other details about the filing season. Here is some additional information that will help you plan for an easier opening to filing season:
2023 Clean Vehicle Tax Credit
The IRS has issued Notice 2023-1 in response to the new 2023 Clean Vehicle Tax Credit, a provision of the Inflation Reduction Act. Taxpayers may be eligible for a credit of up to $7500 for purchasing and placing a qualifying new plug-in electric vehicle (EV) or fuel cell vehicle (FCV) in service if the following income limitations are met.
Modified adjusted gross income (AGI) must not exceed:
Sellers must report all required information to the IRS at the time of sale. Please visit the Department of Energy's Electric Vehicles with Final Assembly in North America page and use the VIN (Vehicle Identification Number) Decoder tool under "Specific Assembly Location Based on VIN" to see if a specific vehicle meets assembly requirements. To review the rules for qualifying used clean vehicles, visit the Used Clean Vehicle Credit page on IRS.gov.
Additional resources: