Single Income
1 Kid

About 60% of the credit.

 

Ford now puts a disclaimer, in their fine print, that the actual credit can be affected by income and other credits being taken.

 

Centrider is wrong on at least one point. The credit you are allowed DOES function as a "credit" (to taxes paid) so while you can never get back more than you actually paid, the credit can "potentially" give you the amount of credit back in the form of a refund. Single income over $100K/year, 2 kids, 1 wife and an average mortgage yielded only about a $600 credit of the $2,600 for our '06 HiHy.

 

Well, I'll agree - a tax credit is a tax credit.

 

Just finished some last minute adjustments to my return related to 2006 expenses incurred for a suspended business and as it turns out, the "value" of my HiHy just went up to $1,400 of the credit. As it turns out, I would have been better to have simply kept the business vehicle rather than liquidating it and moving ot the HiHy to the tune of about $3K (without the 179 re-capture and the removal of the $1,400 credit I would have gotten $3K MORE than I did with the HiHy). I guess in hindsight, I should have done more complete research before moving from the Lexus GX to the HiHy. Ended up with less of a vehicle and more cost (up front). Well, at least the HiHy is now getting the "acceptable" ~27/28 MPG fuel economy (vs. the 19MPG of the Lex) so based on these projections the cost HiHy will have "broken even" after only another 6 years based on a $3/gallon cost (Note: working form home this vehicle is only driven about 12K miles/year). argh!

 

Woud it help to have a second job, say delivering pizza's for a couple of hours in the evening?

Bob Wilson

 

WTF?

 

I was making a joke and apparently failed to set it up.

I was thinking of having a second job that allows you to partially write off the hybrid using some sort of delivery job or weekend cab work. I was just thinking of someway to provide a credible justification for the vehicle in a business application and crank up some miles. But if've already written off the vehicle as a business expense, there is no gain.

I did read some reports of hybrid taxi cabs in NYC and San Francisco but haven't heard much follow-up. The initial impressions were great and the stop-and-go profile would be great for a hybrid.

Bob Wilson

 

OK, WTF withdrawn. At first I thought you might have been a kid trying to justify his $700 in income earned (or something). In truth, I did not review the entire thread to determine what you were going for. I don't think that additional income (even through an S-Corp as I have) really provides much benefit. A final review of my situation shows only $1,174 allowed of the $2,600 eligible. Bottom line is that if you make more than $88K , your going to be hit with the AMT.

 

we have sent in all the paperwork on our corporation (is an 's' corp ) so the pass thru value may or may not exceed the 75k limit for AMT .

we are crossing our fingers on what our CPA says...........