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Tax Credit Consulting: Car Buying Laconia NH

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Charles W Broughton & Co
(603) 934-5241
800 Central St
Franklin, NH

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Kline & Company, CPA, P.C.
(603) 881-8185
141 Main Street
Nashua, NH
Danis & Company
(603) 656-9041
169 South River RD #14
Bedford, NH
J Walker & Co LLC
(603) 224-4829
104 N State St
Concord, NH
Mon 09:00 AM-05:00 PM;Tue 09:00 AM-05:00 PM;Wed 09:00 AM-05:00 PM;Thu 09:00 AM-05:00 PM;Fri 09:00 AM

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H&R Block Inside Lafayette Plaza
(603) 431-7888

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Mr. James E. Knee (RFC®), MBA
(603) 224-1010
6 Loudon Road, Suite 505
Concord, NH
Sterling Financial Services, LLC
Education: B.S., University of Bridgeport;MBA, Southern New Hampshire University;Advanced Certificate in International Business;Series 24 Registered Principal License;Series 7 and 63 Securities License;NH Health and Life Insurance License
Years of Experience: 26
Invoice, Estate Planning, Pension Planning, Retirement Planning, Tax Planning, Tax Returns, Seminars Work, Employee Benefits, Education Plan, Asset Protection

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Melanson Heath & Co PC - Linda Imhoff CPA
(603) 882-1111
102 Perimeter Rd
Nashua, NH

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Steele Associates
(603) 673-4660
54 Nashua St
Milford, NH

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Devereaux & Ean-Dixon Bookkeeping LLC
(603) 717-1214
PO Box 2794
Concord, NH
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H&R Block Inside Seacoast Shopping Center - Shaw's
(603) 474-3251

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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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