Tax Credit on 09's
#1
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I just finished talking to my accountant and he can not find anything specific on the tax credits for FEH 09 AWD. Does anyone know where I can find this information. Did you guys get one on your 09 purchased in 08?
#2
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The 2009 Ford Escape still qualifies for the federal tax credit, right up until yesterday, when it was cut in half. If you bought it last year, you should be able to to collect the full amount. Buy it today and you can only get half.
http://www.irs.gov/newsroom/article/...185050,00.html
Ford Escape Hybrid 2WD $3,000
Ford Escape Hybrid 4WD $1,950
http://www.irs.gov/newsroom/article/...185050,00.html
Ford Escape Hybrid 2WD $3,000
Ford Escape Hybrid 4WD $1,950
#4
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Your accountant may be confused if you are calling your vehicle AWD. Ford designates the 2009 hybrids as 2WD or 4WD - not AWD. The irs web site has lots of information and charts outlining the credit amounts.
Two dates determine the credit amount and time to claim the credit. When you purchased (ordered) the vehicle determines the % of the credit you may claim. The date you put the vehicle in service determines the tax year for which the credit may be claimed.
We can give you more guidance if you can provide those dates for your vehicle.
Two dates determine the credit amount and time to claim the credit. When you purchased (ordered) the vehicle determines the % of the credit you may claim. The date you put the vehicle in service determines the tax year for which the credit may be claimed.
We can give you more guidance if you can provide those dates for your vehicle.
#5
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I hope this doesn't come across the wrong way, but if you're paying an accountant and he can't find the details, you need to take your business to a different accountant.
So you can act on this before the tax year runs out, you want him to be telling you things like "it's only a credit against taxes due, it won't work to increase a refund due you", and how to handle it if you pay quarterly estimated taxes, etc.
I'm just saying.
So you can act on this before the tax year runs out, you want him to be telling you things like "it's only a credit against taxes due, it won't work to increase a refund due you", and how to handle it if you pay quarterly estimated taxes, etc.
I'm just saying.
#6
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I hope this doesn't come across the wrong way, but if you're paying an accountant and he can't find the details, you need to take your business to a different accountant.
So you can act on this before the tax year runs out, you want him to be telling you things like "it's only a credit against taxes due, it won't work to increase a refund due you", and how to handle it if you pay quarterly estimated taxes, etc.
I'm just saying.
So you can act on this before the tax year runs out, you want him to be telling you things like "it's only a credit against taxes due, it won't work to increase a refund due you", and how to handle it if you pay quarterly estimated taxes, etc.
I'm just saying.
#7
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Also keep in mind that if you are over the alternative minimum tax limits, you won't be able to use the credit. It is possible that the credit may push you into an alt min situation, though any unused credit can be carried over until a time when you don't have an alt min issue.
#8
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As I reread through this, I'd wonder if the accountant couldn't look up the info on this relatively simple tax credit, what else might he not know about?
#9
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I think MLT was telling his accountant that he had an AWD Escape Hybrid, and you can't find that in the IRS information. Many accountants would not automatically know that they meant 4WD, and claim accordingly.
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