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Deductions & credits
If your federal tax is more than $7,500, after deducting any non-EV credits, then you will get full benefit of the EV credit of $7,500. If not, then the only thing you could do is accelerate the receipt of taxable income in 2023, for instance by selling investments at a gain or earning more money by working more. Also, you may be able to delay the deduction of expenses if you are self-employed, by choosing depreciation methods that delay depreciation on assets for instance. If you contribute money to retirement accounts, you may be able to delay that into the next year to increase your income in 2023. That would likely only be beneficial if you can catch up the retirement plan contributions in the next year. @dineshoverhere
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March 15, 2023
4:16 PM