The Inflation Reduction Act provides a tax credit of up to $7,500 for electric vehicles, which buyers can now opt to receive as an upfront discount. About 90% of eligible buyers have chosen this option, making it popular. Advance payments allow consumers to get the full credit regardless of their tax liability, which helps with affordability and reduces overall costs. However, not all car dealers offer this option, and not all EVs or buyers qualify for the tax break.
Married couples where one spouse doesn't work can take advantage of spousal IRAs. These accounts allow the non-working spouse to contribute to an IRA based on their spouse's earned income. The contributions can reduce taxes for that year and help grow retirement savings. The deadline to contribute for 2023 is April 15th. Consider consulting a financial advisor to determine if a spousal IRA makes sense for you.
