The Automobile Tax Credit For Certain Vehicles

You might have heard of the automobile tax credit and wondered whether or not you qualify. The most common type of credit for car buyers is the hybrid vehicle tax credit. If you purchase a brand new hybrid vehicle that qualifies under the credit program you can get a tax deduction. This helps you foot the bill for your new hybrid and is a type of reward for helping the environment in this way. Hybrid vehicles do not use as much gasoline or emit the amount of pollution as traditional vehicles do.

It may also be possible to get a tax credit for a non-hybrid new car as part of the economic stimulus plan set in place by President Barack Obama. However because tax issues can be thorny it is best to consult with a professional in the tax preparation industry before you buy a car to get a tax credit. If you are already thinking of a hybrid, for example, the hybrid vehicle tax credit can be a good incentive for you to go ahead with the purchase. You may want to make sure you know about all the qualifying vehicles before deciding which one is right for you.

Hybrid vehicles are good for the environment because they're not burning fossil fuels. While they can run on gasoline they can also run on electricity. There are some vehicles that run on alternative sources of fuel. There are many car manufacturers that make hybrid vehicles these days, because they understand the consumer's want and need for a car or other auto that is easy on gas and better for the air quality. Pollution emitted from normal traffic is a big contributor to the problem of global warming. Global warming can lead to catastrophic results for our planet if the problem becomes too severe.

If you want to learn more about any automobile tax credit that may apply to you, check with the IRS or your tax professional. They can tell you which autos purchased at which times are eligible for credits of any sort. There is also a great deal of information on the Internet about tax deductions and various credits that can be claimed. You may also want to check into other credits for families and also environmentally friendly home upgrades if you've done anything around the house to go greener.

 






 

 

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Tax Credit News:

 

State Tax Credits Formally Taken to Task - StateImpact Oklahoma

State Tax Credits Formally Taken to Task
StateImpact Oklahoma
By Joe Wertz Three formal proposals and a constitutional amendment to rein in tax credits and economic incentives were unveiled Thursday at the state Capitol. House Bill 2976, would extend by two years a current moratorium on about 30 tax credits, .
Extension of Oklahoma tax credit moratorium proposedNewsOK.com
Okla. House leaders detail plan to curb tax breaksCBS News
Oklahoma Legislators Detail Plan To Crackdown On Tax Credit AbuseNews On 6
Shawnee News Star
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IRS encourages people to apply for earned income tax credit
The earned income tax credit could help low- to middle-income earners in Ventura County who qualify...


Earned Income Tax Credit could mean an extra couple thousand dollars
HUNTSVILLE, Alabama -- There's a chance you or someone you know could be due a boost of a couple of thousand dollars on this year's tax refund...


Earned income tax credit is often overlooked
NEW YORK EUR One out of five taxpayers eligible for a key tax credit dont claim it on their federal returns.More than 26 million workers received earned income tax credits averaging $2,240 last year EUR but roughly 6.5 million left potentially thousands of dollars on the table by skipping the credit.Created in 1975, the EITC offers a refundable tax credit to workers with low or moderate income ...


North Carolina Joins School Choice Fold with Major Tax Credit for Families . - Sacramento Bee

North Carolina Joins School Choice Fold with Major Tax Credit for Families .
Sacramento Bee
27, 2012 -- /PRNewswire-USNewswire/ -- The largest ever individual state income tax credit for educational expenses will be available this year to North Carolina families who send children with disabilities to the private schools of their parents' .

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Understanding tax credits vs. tax deductions - Boston.com

Understanding tax credits vs. tax deductions
Boston.com
Can you explain the difference between a tax credit and a tax deduction and how they affect a person's tax return? As most taxpayers prepare their 2011 tax returns this season, it is important to understand how tax credits and tax deductions work and .

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Tax preparers enter busy season, look for tax credits - SCNow

Center For American Progress
Tax preparers enter busy season, look for tax credits
SCNow
Tammy Lail helped a client file her taxes Friday. Lail has been a certified bookkeeper at Seaside Tax and Business service for more than 20 years. She keeps an eye out for those who qualify for the Earned Income Tax Credit. Most taxpayers have either .
The Tax Credit That's Helping Single Women-Headed Families Fight PovertyHuffington Post
Earned income tax credit claimed by 26M last year, but IRS says 1 in 5 .Greenfield Daily Reporter
Many who qualify miss out on tax creditWCAX
Center For American Progress -WISN Milwaukee
all 134 news articles »
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Obama Endorses Extending Tax Credit - Domestic Fuel

Environmental Leader
Obama Endorses Extending Tax Credit
Domestic Fuel
In the State of the Union Address and other appearances this week, President Obama is endorsing a proposal that would extend the advanced energy manufacturing tax credit. The Security in Energy and Manufacturing (SEAM) Act, authored by US Sen.
White House Fleshes Out Incentives to Promote Domestic, Clean Energy ManufacturingSustainableBusiness.com
Brown's EURSecurity In Energy And Manufacturing ActEUR Would Answer President's .PoliticalNews.me (press release)
Obama proposes $5 billion in clean-energy tax creditsSmartPlanet.com (blog)

all 6 news articles »
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Innovation Economy: Proposals emerge to fix 'dysfunctional' R&D tax credit
The R&D tax credit, a key incentive for spurring investment in U.S. innovation and manufacturing, needs a major overhaul, a tax expert says. View the full article HERE ...


 

 

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