This link on irs.gov offers information on improved tax credits for the purchase of new clean vehicles and the purchase of used clean vehicles in 2023 or after. It also provides links for information on qualified vehicles purchased prior to 2023.
fueleconomy.gov provides a list of which vehicles qualify for the credit starting in 2023.
Check out these sites for requirements if you think you may qualify for the credits.
Energystar.gov provides the latest information on tax credits for Energy Efficient Upgrades to Residential Property. Be sure to check to see if you qualify for any of these credits. The credits have been expanded under the Inflation Reduction Act of 2022.
The Inflation Reduction Act of 2022 brought changes to the Energy Efficient Home Improvement Credit for expenditures made on or after January 1, 2023. Expenditures made in 2022 fall under rules previously in place for residential energy credits.
In addition to the enhanced Energy Efficient Home Improvement Credit for 2023, the Act also expanded the Residential Clean Energy Property Credit. The credit is generally limited to qualified expenditures made for property placed in service beginning in 2022 through 2032.
This Fact Sheet offers more information and detail on each credit including eligibility requirements.
The Inflation Reduction Act of 2022 expanded tax credits for the purchase of electric vehicles. Vehicles purchased prior to August 17, 2022, must follow the rules in place before the enactment of the new law. Vehicles purchased in 2022 after August 16 must undergo final assembly in North America. For detailed information, read Credits for New Electric Vehicles purchased in 2022 or before.
Under the Act, the rules for Credits for New Clean Vehicles Purchased in 2023 or After have been changed. The act also added a credit for the purchase of Used Clean Vehicles.
The above links provide detailed information on eligibility for the credit. This link from the US Department of Energy offers additional information on required documentation for the credits.
The IRS has announced a delay in reporting thresholds for third-party settlement organizations (TPSOs) set to take effect for the upcoming tax filing season.
More information can be found on irs.gov through this link: 2022 1099K reporting requirements.
For Frequently Asked Questions about Form 1099K, view this Fact Sheet from the Internal Revenue Service.
Note that all income is reportable whether or not you receive a 1099K. This Fact Sheet addresses circumstances in which an amount may be reported on a 1099K, but the amount may not be accurately classified as income. The Fact Sheet explains how to report these transactions appropriately on a tax return.