For the first time in 2024, people who qualify for the Clean Vehicle Credit (CVC) may transfer the credit to a registered dealership as a down payment or in exchange for a discounted vehicle price. Vehicles eligible for the credit include many fully electric, plug-in hybrid, and fuel cell vehicles assembled in North America. To qualify, a new vehicle must have a manufacturer’s suggested retail price (MSRP) not exceeding $80,000 for vans, pickups, and SUVs, or $55,000 for all other passenger cars. This restriction is based solely on MSRP, not on the actual purchase price. The IRS recently reclassified some cars as SUVs, making them eligible for the CVC due to the higher MSRP limit. If you recently purchased an electric or plug-in hybrid vehicle but could not claim the CVC due to MSRP restrictions, check the updated list of eligible vehicles. If your vehicle now qualifies, you may be able to claim the credit on your 2024 tax return by obtaining a vehicle eligibility report from the dealer. Updated Qualifying Vehicles List: FuelEconomy.gov.

Natural disasters like Hurricanes Helene and Milton bring out generosity, but also scammers attempting to steal donations and personal information. The IRS warns taxpayers to verify charities before donating. If contacted via phone, text, or email by someone claiming to represent a relief charity, verify the organization’s legitimacy. Request the official name, mailing address, and website, as scammers often use names similar to real charities. The IRS Tax Exempt Organization Search tool (TEOS) can verify if a charity is authorized to receive tax-deductible donations. If the organization is not in the database or refuses to answer questions, do not donate. Additionally, legitimate charities accept multiple payment forms, while scammers often request wire transfers or gift cards. TEOS tool: Search for Tax-Exempt Organizations.

November 12: Social security, Medicare, and withheld income tax – File Form 941 for the third quarter of 2024 if tax deposits were made timely. Employees who received $20+ in tips in October must report them to employers using Form 4070. November 15: Nonpayroll withholding and payroll tax deposits are due for payments made in October. December deadlines include estimated tax deposits and employer payroll tax reporting.