IRS Announces Tax Credit for Toyota Prius

The Toyota Prius is a vehicle that has started the crazy insanity of the whole hybrid vehicle. It continues to dominate the market and the IRS has announced tax credits this year.

To promote energy conservation, the federal government has set up an energy-saving program that provides financial benefits for energy-efficient products. The government understands that it will hide us in words, it will not work. As such, it has decided to issue a tax credit to adjust our activity to the desired goal. In this case, reducing oil dependence is key.

The Toyota Prius was the first mass-production hybrid vehicle. It was a guess that Toyota could not get close to filling the first few years. This is still to a certain extent, reflecting growing environmental awareness and high gas prices. The tax credit received through the purchase gives you another reason to buy this tiny little vehicle.

IRS imposes a tax credit for hybrid cars that meet the requirements. Various manufacturers have been approved, including Ford, Lexus, Honda, Mercury and of course Toyota. In this case, the tax credit is $ 3.150. You have to buy a new car from the dealer to qualify for the loan, and the sooner the better. The tax credit is over, which means it will decrease as more cars are sold during the year. The entire loan is only available in the financial calendar quarter of the year after which Toyota sells a 60,000 car. If you buy in the next two financial quarters, you can only use half of the tax credit. In the next two quarters, the tax reduction will decrease to 25%. Thereafter you can not file a claim.

It is important to understand the difference between the tax credit and the tax deduction. The tax deduction comes from the modified gross income, which helps a little. A tax credit is a dollar to reduce the dollar to the amount of the tax. In this case, the tax credit could be used to reduce the 10,000 tax number from $ 3.150 to $ 6.850. That's a tremendous save as you cut it off.

It is obvious that hybrid vehicles are hot sellers, and in many ways it makes sense because there are excessive gas prices. Tax credits with a single purchase will certainly increase their popularity.

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