Your 2024 financial lookout: scams, lawsuits and vehicle tax credit

Reporter: Andryanna Sheppard
Published: Updated:
photo of person using treadmill
Photo by Andrea Piacquadio on Pexels.com

The New Year brings new financial changes. Here are some to look out for.

HEALTH SCAMS

Health and fitness improvements are common New Year’s resolutions. Fraudsters know that.

The Federal Trade Commission said schemers often post ads online for things like weight loss pills, patches or creams claiming their new product will help you lose weight without diet or exercise. Those ads are even complete with glowing reviews, but the con artists wrote them themselves.

Save your money and scroll past any ads that make false promises, like you’ll lose a lot of weight in a short amount of time or all you have to do is that a pill and that stubborn fat will fall off.

GOOGLE LAWSUIT

Google will have to shell out $5 billion as part of a settlement in a 2020 privacy lawsuit.

It claims Google misled users into believing it wouldn’t track their internet activities while using incognito mode.

The settlement must still be approved by a federal judge.

TAX CREDIT ON ELECTRIC VEHICLES

You won’t get that $7,500 tax credit for some electric vehicles.

That’s because of the new rules on battery sourcing that kicked into gear 2024, meant to curb the country’s reliance on China.

Tesla’s new cybertruck and the Volkswagen ID4 are two of the cars not eligible.

Multiple carmakers said they’re working on regaining eligibility.

But now you don’t have to wait to file your taxes to get credit on eligible cars.

The new rules allow you to claim that tax credit when you buy your EV, lowering your monthly payments.

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