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Tax Credit Consulting: Car Buying Waianae HI

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Ms. Amber Maureen Puanani Doig (RFC®), CSA, EA
(808) 637-9690
66-250 Kamehameha Hwy., Suite C-209
Haleiwa, HI
Financial Management Solutions, Inc.
Education: BBA
Years of Experience: 30
Invoice, Estate Planning, Business Planning, Portfolio Management, Pension Planning, Retirement Planning, Tax Planning, Tax Returns, Mutual Funds, Mortgage Loans, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Business Coach, Education Plan, Healthcare Accounts, Compensation Plans

Data Provided by:
H & R Block
(808) 696-5571
86-078 Farrington Hwy
Waianae, HI
Tax Lady
(808) 696-6009
85-998 Farrington Hwy
Waianae, HI
Accountants Pacific Inc
(808) 682-2522
91-110 Hanua St Ste 207
Kapolei, HI
Roscoe Moss Hawaii A Div Of Beylik Drilling Inc
(808) 682-5554
91-259 Olai St Ste A
Kapolei, HI
Mr. Calen R. Matsuno (RFC®), RFP
(808) 589-3344
803 Kamehameha Hwy Ste 414
Pearl City, HI
Advantage Group, LLC
Years of Experience: 27
Invoice, Estate Planning, Business Planning, Pension Planning, Executive Compensation Planning, Retirement Planning, Medicaid Planning, Tax Planning, Seminars Work, Employee Benefits, Mutual Funds, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Auto Home Insurance, Charitable Planning, Education Plan, Healthcare Accounts, Asset Protection, BuySell, LiabCover, Compensation Plans

Data Provided by:
Waianae Coast Tax Service
(808) 696-8911
85-876 Farrington Hwy Ste 203
Waianae, HI
Hassle Free Tax
(808) 696-6106
86-120 Farrington Hwy Ste 202
Waianae, HI
Tashiro Accounting Services Inc
(808) 672-6584
92-6005 Kalemakapii St
Kapolei, HI
Lsm Accounting Solutions
(808) 674-0700
1001 Kamokila Blvd Ste 112
Kapolei, HI
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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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