There's a tax credit of up to $7,500 for qualified EVs for eligible buyers, which may be applied toward the purchase price of a Tesla Model 3, Model X or Model Y under certain circumstances.

If you run a business, you may be interested in the commercial tax credit for EVs, which provides up to $7,500 for a light vehicle and up to $40,000 for a larger vehicle, like a delivery truck.

The Dual Motor good for as much as 327 miles of range and qualifies for the $7,500 federal EV tax credit, too, though its price is slightly higher than last year's equivalent Long Range Dual Motor Y.

If the vehicle qualifies for a $7,500 credit but you only owe $4,000 in federal taxes for the year, you’ll “lose” the excess $3,500 you didn’t need. How much do you need to make to owe $7,500?