Posted by Bill on November 21, 2004, 5:32 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
Right, Mike. Even if one takes the standard deduction instead of itemizing,
they still benefit from the $000.00 adjustment.
Posted by Michelle Vadeboncoeur on November 21, 2004, 4:48 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?
Your dealer is misinformed.
Thanks to the newly signed "Working Families Tax Relief Act of 2004,"
the Clean Fueled Vehicle deduction has been extended. The amount of
the deduction for purchases in 2004 and 2005 are now the old amount of
$000, whereas prior to the act the amounts were $500 and $000
respectively. 2006 is still $00, with the sunset still in 2007.
http://www.irs.gov/newsroom/article/0,,id 0146,00.html
http://www.irs.gov/newsroom/article/0,,id 4549,00.html
For information on how to file:
http://www.toyota.com/vehicles/2005/prius/tax.html
and see the IRS Publication 535 "Business Expenses," chapter 12, for
the Clean Fueled Vehicle federal income tax DEDUCTION.
Note that you can only take the deduction on NEW purchases (financing
OK), but not on leased vehicles, or used vehicles.
Posted by Ken on December 3, 2004, 4:50 am
I have been told it is $500 this year, it was $000 last year.
Ken
>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 December 3, 2004, 5:26 am
> I have been told it is $500 this year, it was $000 last year.
That's been changed by legislation passed last month. It was restored
to $000 this year (and next year). In 2006, it becomes $00, and after
that it's eliminated--unless it's changed by legislation again.
--
Stop Mad Cowboy Disease: Impeach the son of a Bush.
Posted by richard schumacher on November 5, 2004, 2:09 am
Chewy2426@aol.com (Aaron) wrote:
> I just got a new job in Irvine and have a girlfriend in Pasadena. I
> moved to Anaheim so that I'm not too far from both.
>
> Since I will be doing a lot of commuting I thought a hybrid would be a
> good option. I checked both the insight and prius and the prius looks
> like the best option, especially for traffic.
>
> 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 want to minimize your direct expenses, buy a recent used Civic.
If you want get a really neat car that reduces oil imports and minimizes
pollution, and you don't mind waiting for it, get the Prius.
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>>> 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