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TaxBuzz Top 5 - Federal Tax Filing Due Date Confirmation, Full List of EVs Eligible For Tax Credits, & More

TaxBuzz Top 5 - Federal Tax Filing Due Date Confirmation, Full List of EVs Eligible For Tax Credits, & More

Each Friday, TaxBuzz brings you the top five tax and accounting headlines you need to know from the workweek. We know life can get busy and you don't always have time to scroll through your news feed to stay informed.

We weed through all of the week's stories to showcase the most important updates in the tax and accounting world.

1. When Are Federal Taxes Due to the IRS In 2024?

Credit: Zach Gibson/Getty Images

With tax season looming, the IRS has confirmed when American taxpayers' 2023 tax returns are due. NBC Chicago noted that, for the first time in five years, the federal income tax filing due date will fall on its traditional day -- April 15. 

The outlet went on to point out that the 2020 filing due date was pushed back to July 15 as a result of the COVID-19 pandemic, and the 2021 due date fell on May 17 as the pandemic continued. In 2022 and 2023, the IRS set their due date on April 18 due to the observance of Emancipation Day in Washington, D.C.

Although the IRS has not yet confirmed when they will begin accepting this year's returns, the filing window generally begins in late January. Last year, taxpayers could start filing on January 23.

2. Full List of EVs Eligible For Federal Tax Credits

In order to qualify for the federal government's electric vehicle (EV) tax credits, manufacturers must abide by a number of regulations. Some GM models, for example, will be ineligible for the credit until the automaker corrects a supply chain issue -- a move that is expected early this year.

To clear up confusion, Yahoo! Finance has rounded up a complete list of vehicles that currently qualify for the EV tax credit. We've provided details in the table below:

Make Credit Amount Model Years
Chevrolet Bolt EV $7,500 2022-2023
Chevrolet Bolt EUV $7,500 2022-2023
Chrysler Pacifica $7,500 2022-2024
Ford Escape $3,750 2022-2024
F-150 Lightning (EXT, Standard) $7,500 2022-2024
Jeep Grand Cherokee 4xe $3,750 2022-2024
Jeep Wrangler 4xe $3,750 2022-2024
Lincoln Corsair GT $3,750 2022-2024
Rivian R1S (Dual, Quad) $3,750 2023-2024
Rivian R1T (Large, Max, Quad Max) $3,750 2023-2024
Tesla Model 3 $7,500 2023-2024
Tesla Model X $7,500 2023-2024
Tesla Model Y (AWD, Performance, RWD*) $7,500 2023-2024

If you have questions about purchasing any of these automobiles, talk to your tax professional. They will be able to help you understand the full impact of the federal EV tax credit on your personal financial situation.

3. Tourism Taxes Continue to Expand In 2024

Credit: Alexander Spatari/Getty Images

From Venice to Bali, tourist taxes emerged as a solution for overtourism in 2023. According to Euro News, destinations like Barcelona and Valencia, Spain increased fees, while Olhão, Portugal, implemented a €2 nightly charge for cleanliness and security.

Bali plans to launch a tax for environmental preservation in February 2024. Amsterdam is also set to begin charging the highest tourist tax in Europe this year.

Uncertainty looms for Thailand's proposed tax, and Venice aims to trial a €5 entry fee during peak hours. As 2024 dawns, these measures reflect a global commitment to responsible tourism.

Additionally, various countries, including Austria, Bhutan, and the Caribbean islands, already enforce tourist taxes for reasons ranging from overtourism prevention to sustainability.

Explore responsibly, as these measures continue shape the future of global travel this year and beyond.

4. VA Gov. Youngkin's Proposed Tax Plan Faces Scrutiny

Governor Glenn Youngkin's proposed tax plan in Virginia is under scrutiny as it potentially burdens lower-income residents. According to the Commonwealth Institute for Fiscal Analysis, Virginians earning $58,000 or less annually could face increased taxes.

The analysis predicts an average tax hike of $44 for those making $30,000 or less and an additional $5 for those earning up to $58,000. In contrast, the wealthiest, with an average $763,000 income, stand to gain a substantial reduction of $9,640 per year.

Despite the governor's claim of savings, the analysis estimates a $3.5 billion revenue decrease by 2026, primarily benefiting the top 20% of Virginians. The proposed plan, which includes raising the state sales tax, cutting personal income taxes, and doing away with the unpopular car tax, awaits legislative approval during the upcoming session.

However, per, skepticism persists, particularly regarding the impact on local government funding and promises made to replace lost revenues from a previous tax cut. 

5. Kentucky Lawmakers Propose Repeal of "Pink Tax"

Credit: Liudmila Chernetska/Getty Images

Joining both red and blue states like California -- which banned gender-based pricing in October 2022 -- and, most recently, Texas, some Kentucky lawmakers have proposed a repeal of the so-called "pink tax," which primarily impacts feminine hygiene products like pads and tampons.

Two bills introduced in the 2024 General Assembly aim to eliminate tax. Advocates argue that taxing essential items creates an undue financial burden. Per, a 2021 study conducted by U by Kotex found that 38% of “low-income women report missing work, school or similar events due to lack of access to period supplies.”

Representative Lisa Willner proposed a bill to remove the sales tax on these products and obligate public schools to provide free menstrual supplies for students. Representative Kim Banta also introduces House Bill 64, focused on tax exemption for period products. As discussions unfold, the focus is on achieving basic equity in menstrual care.

Which headline this week is most interesting to you?

Feature Image Credit: Jon Challicom/Getty Images

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Rebekah Barton

Rebekah Barton

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