Business Tax Recovery Logo


Tax Deduction Consulting: New Car Deduction Manchester NH

The credit for a new Hybrid car purchase is based on the type of car purchased and when it was purchased. One of the largest credits is given for the Toyota Prius and the amounts vary from the $3000 credit given there to a low of around $600 for certain other models. Since this is actually a credit and comes directly off the taxes owed, it has much more value than a deduction which only reduces taxable income.

Mr. James E. Knee (RFC®), MBA
(603) 224-1010
6 Loudon Road, Suite 505
Concord, NH
Company
Sterling Financial Services, LLC
Qualifications
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
Membership
IARFC, FPA
Services
Invoice, Estate Planning, Pension Planning, Retirement Planning, Tax Planning, Tax Returns, Seminars Work, Employee Benefits, Education Plan, Asset Protection

Data Provided by:
H&R Block Inside Northside Plaza
(603) 628-1976
67 HAMEL DR UNIT B4A
MANCHESTER, NH

Data Provided by:
H&R Block
(603) 647-6974
1328 Hooksett Rd
Hooksett, NH

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

Data Provided by:
Devereaux & Ean-Dixon Bookkeeping LLC
(603) 717-1214
PO Box 2794
Concord, NH
Prices and/or Promotions
10% off of individual tax return prep

Fishers Income Tax Svc
(603) 622-2057
616 Mast Rd
Manchester, NH

Data Provided by:
Danis & Company
(603) 656-9041
169 South River RD #14
Bedford, NH
 
Steele Associates
(603) 673-4660
54 Nashua St
Milford, NH

Data Provided by:
Kline & Company, CPA, P.C.
(603) 881-8185
141 Main Street
Nashua, NH
 
J Walker & Co LLC
(603) 224-4829
104 N State St
Concord, NH
Hours
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

Data Provided by:
Data Provided by:

Tax Deduction Consulting: New Car Deduction

New Car Tax Deduction

While you do not receive a new car tax deduction, per se, you can receive a major deduction for the sales tax paid and a credit for purchasing certain new cars.

A new car will usually have a high sales price and part of that price will usually be a sales tax. When you are itemizing deductions, you can claim this sales tax as a tax deduction. The claiming of sales tax usually requires a certain amount of record keeping, but it is going to be more than likely that a new car would represent the largest single purchase in any given tax year. Some people have confused the credit given for certain hybrid automobiles as a new car tax deduction, but this needs a bit of clarification.

The credit for a new Hybrid car purchase is based on the type of car purchased and when it was purchased. One of the largest credits is given for the Toyota Prius and the amounts vary from the $3000 credit given there to a low of around $600 for certain other models. Since this is actually a credit and comes directly off the taxes owed, it has much more value than a deduction which only reduces taxable income.

The Federal Government often uses tax credits as a means to encourage certain policies or practices that it considers to be in the public interest. This is the justification for a tax credit on Hybrid cars. The Government is recognizing the environmental concerns as well as the political implications of our dependence on fossil fuels as the major source of power for our automobiles. By encouraging the sale of Hybrids by offering this tax credit, the Government is encouraging the development of other alternative sources of fuel.

One factor that has led some people to question the commitment of the Government to this issue, despite the Hybrid new car tax credit, is the existence of the Alternative Minimum Tax (AMT) which is levied against an increasing number of middle income tax payers. Since a large portion of the people who are buying hybrid cars are ...

Click here to read the rest of this article from BusinessTaxRecovery.com