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Tax Credit Consulting: Car Buying Bozeman MT

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John Shellenberger
P.O Box 4758
Bozeman, MT
Company
Company: Estate Conservation Associates
Education
Franklin & Marshall College A.B.
Stanford University M.A.
Years Experience
Years Experience: 34
Service
Supplemental Medicare Insurance,College Planning,401k Rollover From Employer,Income for Life/ Preserve Principal,Medicare Planning,Annuities,Alternative Asset Class Planning,Investment Consulting & Allocation Design,Insurance & Risk Management Planning,Retirement Income Distribution Planning,Education Funding & Financial Aid Planning,Fee-Only Comprehensive Financial Planning,Long-term Care Insurance,1031 Exchanges,Wealth Engineering,Stock Market Alternative,Wealth Management,Life Insurance,Inves

Data Provided by:
H&R Block
(406) 727-3577
7353 Goddard Dr Bldg 1150
Malmstrom Afb, MT

Data Provided by:
H&R Block Inside Russell Square Shopping Center
(406) 251-6020
1132 SW Higgins Ave Ste 210
Missoula, MT

Data Provided by:
Bateson Joseph A CPA Jccs
(406) 587-1277
220 W Lamme St
Bozeman, MT
 
Bailey & Brinkman Cpa's Pllp
(406) 586-4346
612 W Beall St
Bozeman, MT
 
John Shellenberger
P.O Box 4758
Bozeman, MT
Company
Company: Estate Conservation Associates
Education
Franklin & Marshall College A.B.
Stanford University M.A.
Years Experience
Years Experience: 34
Service
Supplemental Medicare Insurance,College Planning,401k Rollover From Employer,Income for Life/ Preserve Principal,Medicare Planning,Annuities,Alternative Asset Class Planning,Investment Consulting & Allocation Design,Insurance & Risk Management Planning,Retirement Income Distribution Planning,Education Funding & Financial Aid Planning,Fee-Only Comprehensive Financial Planning,Long-term Care Insurance,1031 Exchanges,Wealth Engineering,Stock Market Alternative,Wealth Management,Life Insurance,Inves

Data Provided by:
Campbell and Associates,CPAs
(406) 728-9288
2505 S Russell
Missoula, MT
 
Stannebein Harry CPA Jccs
(406) 587-1277
220 W Lamme St
Bozeman, MT
 
Az & Company
(406) 556-6160
1007 E Main St
Bozeman, MT
 
Tax Advantage
(406) 522-9117
518 Professional Dr
Bozeman, MT
 
Data Provided by:

Tax Credit Consulting: Car Buying

Tax Credit for Car Buying

You may have heard that you can receive a tax credit for car buying. This is true, but the type of car is what is important here.

Tax credits have long been used by the United States Government to encourage activities that are deemed to be in the public interest. The concern over energy and the rising cost and political implications of oil as a fuel have led to a number of tax credits designed to encourage alternative fuels. You can receive a tax credit for buying a car if you decide to purchase one of the new Hybrid vehicles that use a combination of gasoline and alternative fuels or electrical power.

The credit for hybrid car buying was part of the Energy Policy Act of 2005. It applies to certain vehicles placed in service from 12-31-05 to 12-31-10. The Government sets the applicable credit for each vehicle type that qualifies. The credits range from $250 to over $3000 depending on the make of the vehicle. There is also a phase out provision. The credit is designed to encourage sales up to 60,000 new vehicles of each type. Apparently, after this figure has been reached, the credit on that particular vehicle type will cease.

The vehicles must be purchased new and the original purchaser must be using them for his own personal use in order to claim the credit. The program is designed to provide some encouragement to buy the hybrid vehicles to lower income taxpayers. It must be assumed that higher income tax payers can afford to purchase hybrid vehicles and benefit from their energy savings without a credit incentive. This point is made because if you are subject to the Alternative Minimum Tax (ATM), you can not claim this credit.

Some examples of the types of vehicles covered by the credit include $250 for the Chevrolet Silverado 2WD, $650 for the Saturn Vue Green Line and $3150 for the Toyota Prius. The complete list of eligible vehicles can be seen on the IRS website.

The credit is claimed on Form 8910, Alternative Motor Ve...

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