Millions of car buyers in the U.S. could soon get some tax relief thanks to a provision in the so-called "big, beautiful bill" that was signed into law on July 4 by President Trump. The idea of giving ...
Beginning on 2025 tax returns, new car buyers might qualify for an above-the-line deduction of up to $10,000 in car loan interest in a year. Taxpayers will not be able to deduct interest on loans ...
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The new tax deduction for car loans isn’t as great as it sounds. Here’s how it works.
The new tax deduction on car loan interest is only available for tax year 2025 through tax year 2028. So, you can only use it ...
President Donald Trump’s mega tax-and-spending cuts bill, signed into law last week, contains plenty of new tax provisions, the contours of which Americans are still digesting. One of them is the new ...
It is the end of the line for US electric vehicle tax credits. Sweeping tax and budget legislation approved by Congress on Thursday means $7,500 tax credits for buying or leasing new electric vehicles ...
Most drivers of electric, fuel and hybrid cars are now likely to have to pay Vehicle Excise Duty (VED) since new rules were introduced in April 2025, while owners of more expensive vehicles face the ...
Taxpayers who buy a new car assembled in the U.S. may be able to deduct up to $10,000 from their taxable income beginning in 2025. To help sort out the details, the IRS is rolling out additional ...
The federal clean vehicle tax credit was set to expire at the end of 2032, but the mega-tax bill signed into law in July pushed that expiration deadline up to Sept. 30 Not everyone will qualify for ...
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