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Tax Deduction Consulting: Hybrid Cars Washington DC

The Energy Policy Act of 2005 established a tax deduction for hybrid cars put into service on or after January 1, 2006. The tax deduction is actually a tax credit. A tax deduction, technically, is subtracted from your taxable income and reduces your tax liability by a certain percentage depending on your tax bracket.

Joseph Bonaccorsy
2011 Crystal Dr.
Arlington, VA
Company
Title: Financial Advisor
Company: Core Advisory, LLC
Type
Registered Investor: Yes
Education
Florida Tech /CFP
American Intercontinetal/BA - Maga Cum Laude
Institute of Business Finance/MSFS
Years Experience
Years Experience: 15
Service
Wealth Management,Life Insurance,Investment & Portfolio Management,Long-Term Health Care Planning,Annuity Ideas & Strategy Planning,Planning For Personal Finances & Budgeting,Retirement Income Accumulation Planning,Business Income Tax Planning,Fee-Only Comprehensive Financial Planning,Stock Market Alternative,Disability Insurance,Retirement Planning,Real Estate Investment Planning,Commission-Only Financial Planning (Full Disclosure),Insurance & Risk Management Planning,Retirement Income Distribu

Data Provided by:
Barbara J. OLeary (RFC®), CEP
(703) 370-7666
101 South Whiting Street Suite 203
Alexandria, VA
Qualifications
Years of Experience: 18
Membership
IARFC, NICEP
Services
Invoice, Estate Planning, Portfolio Management, Retirement Planning, Tax Planning, Tax Returns, Employee Benefits, Stocks and Bonds, Mutual Funds, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Healthcare Accounts, Compensation Plans

Data Provided by:
B. Frank Doe (RFC®), CFP, MBA
(703) 272-7177
10560 Main Street, Suite 316
Fairfax, VA
Company
Frank & Darby Doe
Qualifications
Education: MBA
Years of Experience: 33
Membership
IARFC, FPA
Services
Invoice, Estate Planning, Business Planning, Retirement Planning, Tax Planning, Tax Returns, Mutual Funds, Annuities

Data Provided by:
Atab Tax Service
(202) 829-2822
536 Columbia Rd Nw
Washington, DC
 
Ari Group Llc
(202) 723-5059
1731 7th St Nw
Washington, DC

Data Provided by:
Charles Stough
1940 Duke St, Suite 200
Alexandria, VA
Company
Title: LPL Wealth Planner
Company: WealthPath LLC
Type
Investment Advisor Rep: Yes
Education
University of Oklahoma/MHR
University of Florida/BA
Years Experience
Years Experience: 7
Service
Pension for Highly Compensated Owners,Income for Life/ Preserve Principal,Alternative Investments,Retirement Planning,Long-Term Health Care Planning,Business Succession & Liquidation Planning,Estate Tax Planning,Asset Protection Strategies & Planning,Hourly Financial Planning Engagements,IRA, 401k, Roth IRA, QDRO Rollovers,Wealth Management,Annuities,Alternative Asset Class Planning,Annuity Ideas & Strategy Planning,Planning For Personal Finances & Budgeting,Retirement Income Accumulation Planni

Data Provided by:
Mr. Vijay K. Khetarpal (RFC®), CFP, CHFC, CLU
(703) 356-4888
8607 Westwood Center Dr #300
Vienna, VA
Company
Integrity Financial Group, LLC
Qualifications
Education: B.A (Honors) Economics, St. Stephens College, DelhiAll India HS Humanities, Mayo College, Ajmer
Years of Experience: 27
Membership
IARFC, MDRT, FPA, SFSP, NAIFA
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, Medical Insurance, Group Insurance, Education Plan, Healthcare Accounts, Asset Protection, BuySell, Compensation Plans

Data Provided by:
Mr. Martin J. Beeson (RFC®), CEP, CSA
(866) 388-0110
2135 Defense Hwy Ste 6
Crofton, MD
Company
The Planning Companies
Qualifications
Years of Experience: 19
Membership
IARFC, NICEP
Services
Invoice, Estate Planning, Pension Planning, Executive Compensation Planning, Retirement Planning, Tax Planning, Seminars Work, Employee Benefits, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Charitable Planning, Education Plan, Healthcare Accounts, Charitable Foundations, Asset Protection, BuySell

Data Provided by:
Multistate Tax Commission
(202) 624-8699
444 N Capitol St NW Ste 425
Washington, DC

Data Provided by:
Express Tax Svc
(202) 332-0400
1541 7th St NW
Washington, DC

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Tax Deduction Consulting: Hybrid Cars

Tax Deduction for Hybrid Cars

Many people ask about the tax deduction for hybrid cars. The good news is that is actually is not technically a tax deduction at all, but rather a tax credit.

The Energy Policy Act of 2005 established a tax deduction for hybrid cars put into service on or after January 1, 2006. The tax deduction is actually a tax credit. A tax deduction, technically, is subtracted from your taxable income and reduces your tax liability by a certain percentage depending on your tax bracket. A tax credit, on the other hand directly reduces the amount of tax that you must pay and is a much better deal. This tax deduction for hybrid cars is a full credit, but is subject to certain restrictions.

The credit is only available to the original purchaser of the vehicle. If the vehicle is leased, the credit is taken by the leasing company and not the customer. Although the credit is not subject to any phase out amount with individual tax payers, there is a limit of 60,000 of each qualified vehicle before the credit itself begins to phase out. In the current list, for example, the Toyota Prius has reached the 60,000 vehicle cap and there is no credit available for this model if the purchase date is later than 10/1/2007.

The Internal Revenue Service publishes the list of qualified vehicles and sets the credit amount for each model. This credit amount varies from vehicle to vehicle. The 2008 Ford Escape has a credit of $3000 which is one of the higher amounts and each different vehicle on the list has its own set credit value. In the case of the Ford Escape, this would mean that the amount of tax owed would be lowered by the full $3000 of the credit. This amounts to a virtually rebate on the purchase price of the vehicle.

The Energy Policy Act of 2005 represents a good example of the ability of the Government to use tax credits to spur the public to perform actions that are deemed to be in the public interest. To provide a tax deduction of hybrid cars w...

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