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There has been a lot of confusion about 2023’s new federal EV tax credit law.  First of all, when it comes to the tax code, many of us find it beyond confusing.  That is why a lot of people rely on tax professionals to help them prepare their annual tax returns.  Well the new EV tax credit won’t disappoint you, it is extremely confusing. more So What Exactly Is The Electric Vehicle Tax Credit? The electric vehicle tax credit is a nonrefundable tax credit. It is offered to taxpayers who purchase a qualifying new electric vehicle or plug-in hybrid vehicle. It can also be used on qualifying used electric vehicles.  A nonrefundable tax credit will lower your tax liability by the credit amount. However, it can only be used to offset taxes owed. If you do not owe taxes and are receiving a refund, you can not use the tax credit.  Taxpayers can only claim one credit per vehicle. The new vehicle EV tax credit is worth up to a total of $7,500. It consists of a $3,750 tax credit for the battery requirement and a $3,750 tax credit for the critical minerals requirement. The new electric vehicle must meet several other qualifications in order to qualify the full EV tax credit. You may also qualify for up to $4,000 tax credit on qualifying used electric vehicles. There is a maximum limit of 30% of the sales price of a used EV. How Will I Know If I Qualify For The Tax Credit? First, the vehicle you are purchasing must qualify for the tax credit.  The vehicle must meet several criteria such as MSRP, final assembly requirements, and battery & critical minerals requirements.  The IRS urges taxpayers to use its tool for the most up to date information on the tax credit and vehicle requirements.  You can now consult the FuelEconomy.gov website for the latest information. The purchaser of the electric vehicle must also qualify for the tax credit.  The new law sets limits on the modified adjusted gross income for taxpayers in order to qualify for the tax credit.  If both the vehicle and the taxpayer meet the requirements for the tax credit, you must file IRS Form 8936 with your tax return to claim the EV tax credit. Wallace Chrysler, Jeep, Dodge, RAM Is Here To Help Let the sales professionals at Wallace CJDR of Stuart help answer any questions you may have on new or used electric vehicles and plug-in hybrids.  You can also find answers to many of your questions at the Wallace Chrysler, Jeep, Dodge, RAM EV Education Center.  Ready to explore a new or used electric vehicle, contact Wallace Chrysler, Jeep, Dodge, RAM today.

Most of us hate the idea of shopping for a used car, truck of SUV. We don't want to deal with a pushy salesperson or buy a used car that is out of our budget. Equally important, many of us are not sure what we are looking for when shopping for a used car. Fortunately, you can do a lot of research online. After that, you can visit the dealership for a test drive. more As a part of the Wallace Auto Group, Wallace Chrysler, Jeep, Dodge, RAM has access to over 400 used cars, trucks & SUVs at our dealerships in Stuart and Fort Pierce. Get the benefit of a factory warranty when you buy a Certified Pre-Owned car from Wallace. We are sure to have the used car, truck or SUV of your dreams! Check out the best used Chrysler, Jeep, Dodge & RAM vehicles available at Wallace. Used Chrysler Pacifica Looking for the utility and cargo space of a used minivan? Then check out the used Chrysler Pacifica for sale now at Wallace Chrysler, Jeep, Dodge, RAM. You will love the power and quickness of the 3.6L V6 engine. The Chrysler Pacifica can comfortably seat seven passengers for a fun weekend outing with family or friends. Additionally, the Pacifica also has great cargo utility with 140.5 cubic feet of cargo space when the second and third rows are down. Towing a trailer with up to 3,600 lbs is also possible with the Chrysler Pacifica. Test drive a used Chrysler Pacifica at Wallace today! Used Jeep Wrangler There is no better way to enjoy the Florida weather than driving around town or going off road in a 4WD Jeep Wrangler. The Jeep Wrangler comes in both a two door and four door models and is available with a soft or hard top. What better way to enjoy your drive to the beach than with the top down and the doors off of your Jeep Wrangler! Wallace Chrysler, Jeep, Dodge, RAM in Stuart is your used Jeep dealership on the Treasure Coast. View our inventory of used Jeep Wranglers then contact us for a test drive. Used Dodge Charger Nothing compares to an all American muscle car like the Dodge Charger! The rear wheel drive Dodge Charger will push you back into your seat when you hit the gas. The Dodge Charger is available in a 292 horsepower V6 engine up to the 797 horsepower V8 engine in the Dodge Charger Hellcat. The 8-speed automatic transmission will smoothly accelerate you down the road in no time. Check out the used Dodge Charger inventory at Wallace Chrysler, Jeep, Dodge, RAM in Stuart. Contact us today for an appointment! Used Ram 1500 The RAM 1500 truck has been named the best truck brand two years in a row by US News & World Report. It is also an IIHS Top Safety Pick. The Ram 1500 has available engine options from the 3.0L V6 Ecodiesel engine to the 5.7L Hemi V8. It also has a top towing capacity of 12,750 lbs so getting your boat in and out of the water will be a breeze. Safety features like Hill Start Assist, Trailer Sway Control, and Electronic Stability Control will help you stay in control on the road. Stop by Wallace Chrysler, Jeep, Dodge, RAM today and test drive one of our used RAM trucks. Used Chrysler, Jeep, Dodge, RAM For Sale In Stuart Wallace Chrysler, Jeep, Dodge, RAM near Port Saint Lucie is your used car dealership. We have the largest inventory of used cars, truck and SUVs including Certified Pre-Owned vehicles. Let the sales professionals at Wallace help you find the perfect used car, truck or SUV. Our Finance Team will work with the banks to get you the best interest rate available. Next they will present you with several finance options to help you make the best decision. Experience the Wallace Difference today!