Posted by Michelle Steiner on November 5, 2004, 6:43 pm
Chewy2426@aol.com (Aaron) wrote:
> I was thinking about buying a Prius but someone told me to lease one
> because new battery technology/features are coming out soon... anyone
> have any opinions on that?
The current Prius just started its 2nd model year, with major changes
improvements in those areas. I doubt that there will be any major
changes before the 2006 models.
The bottom line is that if you don't need a new car now and don't have a
strong want for one now, wait until you do.
--
Stop Mad Cowboy Disease: Impeach the son of a Bush.
Posted by John J. DeGrazia on November 21, 2004, 4:11 am
I was told by a dealer recently that the $000 tax exemption is no longer
applicable. That may just be in CA. But what does "the Group" say?
~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Life is too short to post at the bottom!
John (remove .remove to reply) DeGrazia
> Chewy2426@aol.com (Aaron) wrote:
>> My question is, would it be worth getting a prius to save gas money??
>> It looks better than a insight since it doesn't run the gas engine
>> all the time. I just don't want to waste my money buying a hybrid
>> when I can just buy another car that burns less fuel (like a civic)
>> for less money.
> If you're going to buy a new car anyway, then it's worth buying. It
> will cost you more than a conventional car, but you'll get a $000 tax
> exemption (not a tax credit, so the tax break is $000 multiplied by
> your tax bracket). Eventually, you will save in gas expenditures the
> difference in prices--the better mileage the other car gets, the longer
> it will take to make up the difference, though.
> But the reason to get a Prius is not to save money; it is to cut down on
> emissions and to enjoy the high-tech features. :)
> --
> Stop Mad Cowboy Disease: Vote for John Kerry.
Posted by Michelle Steiner on November 21, 2004, 6:25 am
> I was told by a dealer recently that the $000 tax exemption is no
> longer applicable. That may just be in CA. But what does "the Group"
> say?
It's a federal tax credit (not an exemption), and is applicable
throughout the country.
In 2006, it will be reduced to $00, and in 2007, it will be
eliminated--unless the law is changed again, that is.
Your dealer is just plain wrong.
--
Stop Mad Cowboy Disease: Impeach the son of a Bush.
Posted by Michael Pardee on November 21, 2004, 12:50 pm
>> I was told by a dealer recently that the $000 tax exemption is no
>> longer applicable. That may just be in CA. But what does "the Group"
>> say?
> It's a federal tax credit (not an exemption), and is applicable
> throughout the country.
To be more accurate, it is a tax deduction - you don't get $000 back, but
you do get to deduct $000 from your taxable income. Still very worthwhile.
Mike
Posted by Michelle Steiner on November 21, 2004, 3:18 pm
> > It's a federal tax credit (not an exemption), and is applicable
> > throughout the country.
> >
> To be more accurate, it is a tax deduction - you don't get $000
> back, but you do get to deduct $000 from your taxable income. Still
> very worthwhile.
Sorry, I got the terms wrong; I knew what it was, but used the wrong
term. Actually, it's neither a credit, exemption, nor deduction; it's
an adjustment. It is entered on line 35 of the (2003; the line number
may change for the 2004) tax return.
Credits: Money reducing the tax itself.
Exemption: Money reducing income, based on the number of people in the
family (who meet age and other criteria) and certain physical conditions
of the filer or filers (e.g., age and eyesight).
Deduction: Money reducing income, based on expenditures for certain
activities (e.g., medical expenses, property tax, mortgage payments)
meeting specific criteria--or a standard amount, depending on filing
status (e.g., single, married, head of household)--whichever is greater.
Adjustment: Money reducing income based upon expenditures for certain
listed activities, in addition to any exemptions or deductions.
The advantage of tax credits is that it reduces the tax
dollar-for-dollar by the amount you can claim. All the rest reduce the
tax by the percentage of your tax bracket. (E.g., a $00 deduction or
adjustment results in a $5 tax savings for someone in the 25$ tax
bracket.)
The advantage of adjustments is that you do not have to itemize to claim
it. If your itemized deductions come to less than the standard
deduction, you have to take the standard deduction, but you can then
reduce your claimed income even further with any adjustments you may be
eligible for.
--
Stop Mad Cowboy Disease: Impeach the son of a Bush.
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> because new battery technology/features are coming out soon... anyone
> have any opinions on that?