Give Each Retirement Dollar a Job: Income, Risk and Taxes

All right, we have a few tax law changes I want to talk about, but I don't want to talk about them too much here at the beginning of the show.

I think we'll just ease on into them.

But I have a sheet here, and we can give this out to anyone who wants a copy of this, but it's all 10 of the tax law changes At a glance, the ones that are very important, the ones that are permanent, the ones that are temporary, the ones that ended.

So consumer EV and home energy credits were repealed.

In other words, the electric vehicle tax repealed.

break the tax credit is gone yes they are and so don't go buy a battery car thinking you're going to get a tax write-off oh thomas

got that at the very end of the opportunity he got it a good time right i did yes sir

now here's another one that's a lot of people haven't when i've been mentioning this to people and this is a temporary one until 2028 so we still have some time but this is one a lot of people don't understand do you realize you can have a tax write-off for a new car loan interest Oh, really? Up to $10,000 of interest you can write off.

I didn't know that.

Now, there's some caveats.

It has to be a brand new car.

It can't be a used car.

But $10,000 is pretty good you can write off.

Now, there's also some income requirements.

If you start making more money than an average citizen, you can't write it off either.

Oh, truly.

There's always a giveth and a taketh, isn't there, when it comes to tax laws.

I was going to say, if you can't award the vehicle that allows you to have, then you can write it off on your tax.

Yeah.

So who it helps.

It helps buyers financing a qualifying new vehicle before 2028 under the income limits, including retirees replacing an aging car.

So the fine print.

It's new U.S. assembled.

Has to be U.S. assembled, too, by the way.

Personal use vehicles with qualifying loan only.