four low
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Exactly how do " Federal Tax Credits " work ? Thanks in advance
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buy a car for 50,000, pay 50000 (plus tax.) Come tax time, they knock 7,500 off what you owe. If you only owe 3,000, then you get a check for 4,500.Exactly how do " Federal Tax Credits " work ? Thanks in advance
Basically, you and I pay him for buying a new rig that may or may not be better for the environment. The irony doesn't stop there - what state is in the news more for power grid issues than 3rd world countries? California. When the grid isn't busy burning the state down and killing people, it's handing out unannounced "rolling blackouts".Exactly how do " Federal Tax Credits " work ? Thanks in advance
This is a federal tax credit, California no longer has a vehicle credit. Having more and more electric and alternative fuel cars on our roads is a GREAT benefit for everyone and our environment.Basically, you and I pay him for buying a new rig that may or may not be better for the environment. The irony doesn't stop there - what state is in the news more for power grid issues than 3rd world countries? California. When the grid isn't busy burning the state down and killing people, it's handing out unannounced "rolling blackouts".
Got this from a Nerd Wallet article and it explains it pretty well.
And because the amount is a credit against taxes owed and not a flat rebate, your total federal income tax bill determines the final value.
For example, if you purchase a plug-in electric vehicle with a maximum federal tax credit of $7,500 and your total income tax bill that year is $8,000, youâll get the full benefit of the $7,500 credit (and owe $500). But if your tax bill is $6,200, youâll be able to claim only a $6,200 credit. The government wonât send you a check for the remaining $1,300 and you canât carry it over to the next year.
https://www.nerdwallet.com/blog/loans/plug-vehicle-tax-credits-rebates-made-easy/
No worries- it always confuses me so I had to double check myself. I hadn't thought about your strategy about buying in January and short paying your taxes- it makes perfect sense.Thank you for correcting me on that, yes I see that is true, you must have a tax liability... so if you don't have it this year don't buy the car in December. Buy it in January and short pay your federal taxes..
No worries- it always confuses me so I had to double check myself. I hadn't thought about your strategy about buying in January and short paying your taxes- it makes perfect sense.
All of the frenzy about electric cars with a 100 year old power grid! Instead of California spending money addressing the blackout issues they are wasting money on a bullet train that no one cares about.Basically, you and I pay him for buying a new rig that may or may not be better for the environment. The irony doesn't stop there - what state is in the news more for power grid issues than 3rd world countries? California. When the grid isn't busy burning the state down and killing people, it's handing out unannounced "rolling blackouts".
Got this from a Nerd Wallet article and it explains it pretty well.
And because the amount is a credit against taxes owed and not a flat rebate, your total federal income tax bill determines the final value.
For example, if you purchase a plug-in electric vehicle with a maximum federal tax credit of $7,500 and your total income tax bill that year is $8,000, youâll get the full benefit of the $7,500 credit (and owe $500). But if your tax bill is $6,200, youâll be able to claim only a $6,200 credit. The government wonât send you a check for the remaining $1,300 and you canât carry it over to the next year.
https://www.nerdwallet.com/blog/loans/plug-vehicle-tax-credits-rebates-made-easy/
You and me both. I was hoping they'd have an order date and pricing info. All the ads still say it will available in December. Hopefully, that doesn't change.Now I have to get back to doing work and all I can think about is when we can actually order this thing.