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In response to
"A detailed look at how the new EV credit will affect builders, sellers, and buyers. -- (link)"
by
TWuG
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This is the only thing anyone looking for a tax credit needs to remember...
Posted by
Mop (aka rburriel)
Aug 8 '22, 09:33
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It's a tax *CREDIT*. It's not an additional refund in any way, or some special magic check (although some state incentives *are* that). If your liability was $x, now it's $x minus the credit. If you've been getting refunds from the IRS for years, YOU WILL NOT BENEFIT FROM THIS. You must prepare if you want the credit, maybe even a year in advance. You have to adjust your withholding on your paycheck so that you end up having to *OWE* the IRS next tax season, rather than get a refund, then what your *OWE* will be reduced by the amount of the credit.
All that being said, I'm not a tax expert. But that was certainly *my* experience.
Mop
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