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Tax Credit Consulting: Car Buying Central Falls RI

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Mr. Michael W. Aragao (RFC®), MBA
(401) 475-7570
2374 Diamond Hill Rd #3B
Cumberland, RI
Company
M.W. Aragao Investment Advisors
Qualifications
Education: BSBA, MBA
Years of Experience: 10
Membership
IARFC
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Pension Planning, personal Coach, Retirement Planning, Tax Planning, Tax Returns, Seminars Work, Stocks and Bonds, Mutual Funds, Mortgage Loans, CommOptions, CD Banking, Annuities, Life Insurance, Business Coach, Charitable Planning, Education Plan, Asset Protection, Compensation Plans

Data Provided by:
Gayle M. Jendzejec (RFC®), CEP, CLU
401 821 0080 x12
875 Centerville Rd Bldg 1-B
Warwick, RI
Company
College Advisors Group, LLC
Qualifications
Years of Experience: 25
Membership
IARFC
Services
Invoice, Estate Planning, Business Planning, Executive Compensation Planning, personal Coach, Retirement Planning, Medicaid Planning, Tax Planning, Seminars Work, Employee Benefits, Family Offices, Mortgage Loans, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Charitable Planning, BuySell, Compensation Plans

Data Provided by:
Mr. John J. Barry (RFC®)
(508) 660-9166
1510 Washington St
Walpole, MA
Company
Barry Financial Advisors
Qualifications
Education: Suffolk UniversityBoston, MassachusettsBachelor of Science - Government
Years of Experience: 8
Membership
IARFC
Services
Invoice, Estate Planning, Portfolio Management, Pension Planning, Retirement Planning, Tax Planning, Stocks and Bonds, Mutual Funds, CD Banking, Annuities, Life Insurance, Charitable Planning, Education Plan, Asset Protection, Compensation Plans

Data Provided by:
TCS-FI TAX SERVICES
(401) 725-2820
74 COMSTOCK ST
PAWTUCKET, RI
 
Liberty Tax Service
(866) 871-1040
3 Park St
Attleboro, MA

Data Provided by:
Lawrence M. Thomas (RFC®), CSA
(508) 699-3080
1 George Leven Dr., #100
North Attleboro, MA
Company
Total Asset Design
Qualifications
Years of Experience: 29
Membership
IARFC
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Pension Planning, Executive Compensation Planning, Retirement Planning, Tax Planning, Tax Returns, Employee Benefits, Mutual Funds, Mortgage Loans, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Auto Home Insurance, Asset Protection, BuySell, Compensation Plans

Data Provided by:
Mr. Joseph C. Connolly (RFC®), CHFC, CLU, CSA
(508) 698-3344
Pine Brook Office Park
Foxborough, MA
Company
Connolly & Associates, Inc
Qualifications
Years of Experience: 34
Membership
IARFC, SFSP
Services
Invoice, Estate Planning, Portfolio Management, Pension Planning, Retirement Planning, Tax Planning, Seminars Work, Stocks and Bonds, Mutual Funds, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Auto Home Insurance, Charitable Planning, Education Plan, Asset Protection, BuySell, LiabCover, Compensation Plans

Data Provided by:
H&R Block
(401) 721-0810
661 DEXTER ST
CENTRAL FALLS, RI

Data Provided by:
Refunds Now Inc
(401) 521-4111
381 Wickenden St
Providence, RI

Data Provided by:
H&R Block Inside Lakeside Square
(401) 437-1251
220 WILLETT AVE
RIVERSIDE, RI

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...

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