Which Is Better For Your Business, Electric or Gas Vehicles?
Audio version available here:
Length: approx. 1 min. 20 sec.
With the Inflation Reduction Act of 2022 came new tax incentives for electric vehicles (EVs), offering potential credits of up to $7,500. While this incentive aimed at promoting cleaner energy is promising on the surface, it is important to consider all options and factors. Consider that EVs come with a substantially higher average retail price compared to traditional gasoline cars—averaging around $53,000, even after price reductions from major manufacturers like Tesla and Ford. There is also limited accessibility to charging stations while out on the road, which could pose issues when traveling to meet clients. Despite these factors holding back the widespread adoption of electric vehicles, record sales have been reported, and predictions put EV sales at over 1 million at the end of 2023. Making the right choice between an EV and a conventional vehicle for your business operations can be a daunting task. You need to weigh many factors, including your business’s geographic location and travel range, as accessibility to charging stations and gasoline prices vary throughout the entire United States. Need guidance for this decision? At XQ CPA, we are dedicated to helping you maximize business efficiency and tax deductions alike. Do not hesitate to reach out to us for the expert guidance you deserve!
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