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Tax Credit Consulting: Car Buying Hockessin DE

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Keith Al-Chokhachy, Certified Financial Planner(tm)
2751 Centerville Road
Wilmington, DE
Company
Title: Certified Financial Planner"
Company: Morgan Stanley Smith Barney
Years Experience
Years Experience: 8
Service
Captive Insurance,Life Settlements,Pension for Highly Compensated Owners,Stock Market Alternative,Wealth Management,Health Care Insurance,Retirement Planning,Real Estate Investment Planning,Commission-Only Financial Planning (Full Disclosure),Insurance & Risk Management Planning,Retirement Income Distribution Planning,Education Funding & Financial Aid Planning,Hourly Financial Planning Engagements,Fee Only Portfolio Management,Wealth Engineering,Mortgage Refinancing,IRA, 401k, Roth IRA, QDRO Rol

Data Provided by:
Bill Curry
1521 Concord Pike
Wilmington, DE
Company
Company: Curry Poole Group, LLC
Type
Investment Advisor Rep: Yes
Registered Investor: Yes
Education
BS
MBA
JD
Years Experience
Years Experience: 42
Service
Pension for Highly Compensated Owners,Stock Market Alternative,Reverse Mortgage,Medicare Planning,Annuities,Alternative Asset Class Planning,Investment Consulting & Allocation Design,Insurance & Risk Management Planning,Retirement Income Distribution Planning,Education Funding & Financial Aid Planning,Hourly Financial Planning Engagements,Portfolio Engineering,Mortgage Refinancing,IRA, 401k, Roth IRA, QDRO Rollovers,CD Alternative,Alternative Investments,Life Insurance,Investment & Portfolio Man

Data Provided by:
Brian K. Lureen (RFC®), CHFC, CLU
(610) 889-2066
5 Great Valley Pkwy Ste 334
Malvern, PA
Company
Heritage Advisory Services, Inc.
Qualifications
Education: BS
Years of Experience: 21
Membership
IARFC, FPA
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Trustee Service, Pension Planning, Executive Compensation Planning, Retirement Planning, Tax Planning, Tax Returns, Seminars Work, Employee Benefits, Stocks and Bonds, Mutual Funds, Mortgage Loans, CommOptions, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Charitable Planning, BuySell, Compensation Plans

Data Provided by:
Globe Income Tax Service
(302) 998-2256
2116 Kirkwood Hwy
Wilmington, DE
 
H&R Block
(302) 656-7212
106 S UNION ST
WILMINGTON, DE

Data Provided by:
Joan L. Sharp (RFC®), CFP, CHFC, MSFS
(302) 324-5363
42 Reads Way
New Castle, DE
Company
Life Strategies, LLC
Qualifications
Education: BAMSFS
Years of Experience: 8
Membership
IARFC, FPA, SFSP
Services
Invoice, Estate Planning, Retirement Planning, Tax Planning, Charitable Planning, Asset Protection, Compensation Plans

Data Provided by:
Frank M. Levy (RFC®), CHFC, CLU
(302) 765-3500
205 Philadelphia Pike
Wilmington, DE
Company
Diversified Financial Consultants
Qualifications
Years of Experience: 34
Membership
IARFC, MDRT
Services
Invoice, Estate Planning, Business Planning, Pension Planning, Executive Compensation Planning, personal Coach, Retirement Planning, Tax Planning, Employee Benefits, Stocks and Bonds, Mutual Funds, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Group Insurance, Charitable Planning, Education Plan, Asset Protection, Compensation Plans

Data Provided by:
H&R Block
(302) 999-8100
2407 KIRKWOOD HWY
WILMINGTON, DE

Data Provided by:
Eller Tax Service
(302) 656-4787
2303 Lancaster Ave
Wilmington, DE
 
Eller Michael Income Tax Service
(302) 652-5916
724 N Union St
Wilmington, DE
 
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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