Re: Anyone know the 2006 HCH Tax Credit?
Originally Posted by kbb
Now for the part that wasn't particularly clear to me. The number of people getting this credit is limited to 60,000 - HOWEVER, she clarified that it wasn't the first 60,000 to file, but rather the first 60,000 people purchasing that particular make/model. This differs from what my dealer told me, which was "file early so you're sure to get your credit." In all things I'd trust anyone more than him. So I'm not sure how the IRS knows when to draw the line or how you prove that you got civic #45,678. So how will the IRS know when to draw the line? At some date in the near future, let's say on April 15th (oh the irony;)), Toyota reports to the IRS that they have sold 60,000 hybrids since January 1st. When people file their taxes next year the form will tell them that if they bought a Prius between January 1 and April 15, 2006 they are eligible for a $3,100 credit. If they bought their Prius after April 15 they get only a $1,550 credit. |
Re: Anyone know the 2006 HCH Tax Credit?
The full credits will remain available for the next calendar quarter following the quarter in which the 60,000th vehicle is sold. For the subsequent two quarters, the incentive will be 50% of the full amount. For the two quarters after that, the incentive will be 25% of the full amount. After four quarters (one year) of reduced credits, the incentives will no longer be available for vehicles sold by that manufacturer.
Source: www.energytaxincentives.org |
Re: Anyone know the 2006 HCH Tax Credit?
Originally Posted by moosh
The full credits will remain available for the next calendar quarter following the quarter in which the 60,000th vehicle is sold. For the subsequent two quarters, the incentive will be 50% of the full amount. For the two quarters after that, the incentive will be 25% of the full amount. After four quarters (one year) of reduced credits, the incentives will no longer be available for vehicles sold by that manufacturer.
Source: www.energytaxincentives.org Thanks for the tip on the tax credit. I used to live near Pontiac, MI. I'm wondering how you're doing for mileage in your HCH? I'm near Buffalo, NY now - we get similar temps. Are you in the HCH Database on the GH site? I've noticed that the "mileage aces" tend to be from CA, FL, NM, & TX. Regards, |
Re: Anyone know the 2006 HCH Tax Credit?
Warmer temps I have to think.kevin
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Re: Anyone know the 2006 HCH Tax Credit?
Originally Posted by Donald
Moosh,
Thanks for the tip on the tax credit. I used to live near Pontiac, MI. I'm wondering how you're doing for mileage in your HCH? I'm near Buffalo, NY now - we get similar temps. Are you in the HCH Database on the GH site? I've noticed that the "mileage aces" tend to be from CA, FL, NM, & TX. Regards, Outside temp makes a big difference. On the warmest day last week it got 53 MPG in the morning, it was getting 43 MPG every other day. |
Re: Anyone know the 2006 HCH Tax Credit?
OK not to sound like a total dimwit :confused: ,but , is there any paperwork or forms I should be downloading or calling for to implement the 06 tax credit? or do I just bring my proof of purchase/ownership to my accountant next year?do i need to get in touch with my Honda dealer? don't want to wind up having a big "DOH"<---homer simpson moment by not having proper paperwork.
cheers Gary |
Re: Anyone know the 2006 HCH Tax Credit?
Let me make sure I get this straight. Before applying the hybrid tax credit to my 2006 taxes early next year, I should owe the government approximately at least $2000 (or whatever the credit is for my car). That way I can get the full benefit for the tax credit. Is this correct? If so, I need to change my withholdings.
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Re: Anyone know the 2006 HCH Tax Credit?
Originally Posted by Sledge
Let me make sure I get this straight. Before applying the hybrid tax credit to my 2006 taxes early next year, I should owe the government approximately at least $2000 (or whatever the credit is for my car). That way I can get the full benefit for the tax credit. Is this correct? If so, I need to change my withholdings.
You will owe about $2100 less in Federal tax. BTW you don't HAVE to change your withholdings. If you don't your refund will just be about $2100 larger for tax year 2006. Personally I do what you do. I like to write a small check every April 15th. That way I get the use of my own money all year. Uncle Sam doesn not pay me interest to borrow my money. :angry: |
Re: Anyone know the 2006 HCH Tax Credit?
Originally Posted by kenny
Yes that it true.
You will owe about $2100 less in Federal tax. BTW you don't HAVE to change your withholdings. If you don't your refund will just be about $2100 larger for tax year 2006. Meh. I think we need a FAQ for this :) |
Re: Anyone know the 2006 HCH Tax Credit?
Originally Posted by Gary K
OK not to sound like a total dimwit :confused: ,but , is there any paperwork or forms I should be downloading or calling for to implement the 06 tax credit? or do I just bring my proof of purchase/ownership to my accountant next year?do i need to get in touch with my Honda dealer? don't want to wind up having a big "DOH"<---homer simpson moment by not having proper paperwork. cheers Gary
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