Best Certified Public Accountants in Houston, TX

While the credits for buying an electric vehicle and installing a home charger sound great, it is prudent to have your CPA run a tax projection before committing if the main reason is said tax credits. While a 30% credit for a charger is often touted, in reality, if you install it in the same year as you buy your vehicle, you could be in for a shock come tax time. nnThe reason? To qualify to claim it, you have to calculate what your tax would be under the alternative minimum tax system. If your adjusted AMTI is at a certain point (very likely in the year you buy the vehicle), the credit is disallowed. nnThe worst part? Under current legislation, it will not carry over meaning it is gone forever. nnContact us today, if you would like us to run the numbers before you make a decision on your next vehicle, that may not be as financially great as it sounds. nnAs a note, I have an EV myself and ran the numbers prior, but I am seeing more and more clients caught out and disappointed by the dark side of this credit that no one talks about.