Business Tax Recovery Logo


Tax Credit Consulting: Car Buying Buckeye AZ

Here are some important questions to ask when choosing a summer day camp for your children

Thompson's Taxes
(623) 393-0735
506 E Monroe Ave
Buckeye, AZ

Data Provided by:
H&R Block Inside The Shoppes Of Buckeye Marketplace
(623) 327-3817
1480 S WATSON RD
BUCKEYE, AZ

Data Provided by:
Campos Enterprises
(623) 882-8241
310 E Western Ave
Avondale, AZ

Data Provided by:
Associated Tax & Accounting Co
(623) 935-5127
114 N Old Litchfield Rd
Litchfield Park, AZ

Data Provided by:
Montoya Tax & Accounting
(623) 936-5100
9371 W Van Buren St
Tolleson, AZ

Data Provided by:
H&R Block
(623) 386-3213
105 N FOURTH ST
BUCKEYE, AZ

Data Provided by:
Donald D Herman EA, PC
(623) 935-7483
15655 W. Roosevelt St.
Goodyear, AZ
Prices and/or Promotions
1040 for $199

Corliss Tax & Financial Svc
(623) 882-0400
1327 N Dysart Rd Ste E
Avondale, AZ

Data Provided by:
H&R Block
(623) 979-3821
7071 N 138TH AVE BLDG 1540
GLENDALE, AZ

Data Provided by:
H&R Block
(623) 584-6377
15411 W WADDELL rd
SURPRISE, AZ

Data Provided by:
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...

Click here to read the rest of this article from BusinessTaxRecovery.com