What Is The Hybrid Car Tax Credit? – 2012, 2013
And How it Could Benefit You
People are constantly looking for ways to save money and pay less in taxes. That’s certainly understandable, especially given the state of the economy today. One method that is attractive is taking advantage of the Hybrid Car Tax Credit, which could be as high as $7,500 in some cases.
This approach appeals to lots of folks because not only are
they receiving a tax credit, but they are also doing so in a manner that is friendly and helpful to the environment. Sounds good, but there are certain things that people need to know about the Hybrid Car Tax Credit before going out and rushing to buy what they think is one of the eligible vehicles recognized by the government.
Things You Should Know First
Some vehicles qualify for a higher tax credit than others and some aren’t even eligible at all. That is why it is important to know these things before spending your hard-earned money.
Okay, with that said, let’s get into the details of the Hybrid Car Tax Credit. The first – and maybe most important – thing you need to know is that in order to qualify you must be the original owner of the hybrid car for which you are trying to receive a tax credit. So to be clear and to the point; if you buy a used hybrid or electric car you are not eligible…period.
Next up, you must have bought the qualifying vehicle with the intent of keeping and not reselling it. Certainly makes sense, after all if it were any other way the dealers who buy and then sell these cars to the general public would be the ones receiving all the credits. Also, when you put in for the credit, it must be for a vehicle that was not only purchased in the U.S., but also primarily driven there as well. Even our North American neighbors don’t count.
Another thing; not every vehicle that qualifies will get the entire $7,500 tax credit. There is a list of criteria that the car must meet, and it would be wise to take a look at the IRS website to see exactly what they are. In fact, yes…there are benefits, both financially, fuel-wise and environmentally when purchasing a hybrid car and taking advantage of the tax credit. However, it is squarely on you to make sure you know exactly how to go about it.
You can be sure to claim any tax credit available to you, when you file your taxes with http://www.easyincometaxfilingonline.com/ We can help you get a bigger tax refund.
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Copyright 2014 Daniel Chege