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IRS Tax Credits for Hybrid Cars - List of Rebate amounts for Federal Taxes

IRS Tax Credits for Hybrid Cars - List of Rebate amount for Federal Taxes

Toyota Prius $3,150 credit

The Internal Revenue Service (IRS) released the amounts and which Honda cars will qualify for the tax credit which range from $650 up to $2,100 for the Honda’s Insight, Civic Hybrid and the Accord Hybrid.  Other manufacturers such as Ford, Toyota, and Lexus have been added as well.

The Honda Insight continuously variable transmission (CVT) is the only model that will qualify for the credit in this series due to the requirement of air emissions set by the IRS.

Low-emission versions of the Accord Hybrid and the 2005 Civic Hybrid have restrictions for the tax credit; however the 2006 Civic Hybrid does not have any restrictions.  IRS Tax Credits for Hybrid Cars - List of Rebate amounts for Federal Taxes


Amount of Tax Credits For Hybrid Cars Announced - Toyota and Ford Hybrids Eligible for Up To $3150 - Limited Time and Number Available

Amount of Tax Credits For Hybrid Cars Announced - Toyota and Ford Hybrids Eligible for Up To $3150 - Limited Time and Number Available

Mercury Mariner Hybrid

There are many reasons to buy a hybrid car, including saving money and the environment.  Last year the Federal Government offered a tax deduction which made buying a hybrid appealing.  This year, the Feds have gone a step further by offering a tax credit.  The tax credit is deducted directly from the taxes you owe, not just your total income like a deduction.  These credits will likely save the hybrid buyer much more than a deduction would.

Earlier this year most hybrid buyers knew they would get a tax credit, but the exact number was not known.  On April 7th the Internal Revenue Service (IRS) has come up with some figures for Toyota / Lexus and Ford / Mercury hybrid vehicles.  Remember, not all hybrids may qualify for the tax credit, but according to the IRS, these models will.  Amount of Tax Credits For Hybrid Cars Announced - Toyota and Ford Hybrids Eligible for Up To $3150 - Limited Time and Number Available


 
 

Last Day to File is Not April 15th This Year - Patriots Day and Weekend Moved Date Later - File Online Programs and e-File Users Up

Last Day to File is Not April 15th This Year - Patriots Day and Weekend Moved Date Later - File Online Programs and e-File Users Up

IRS 1040 Form

This year late filers are luck because the IRS has added two additional days to the calendar for filing.  The dreaded April 15th deadline is April 17th this year because April 15th falls on a Saturday.  According to the IRS rules, filing and payment deadlines that fall on a Saturday, Sunday or legal holiday are moved to the following business day.  This year the District of Columbia, Maine, Maryland, Massachusetts, New Hampshire, New York and Vermont have until April 18th to file because of Patriot’s Day.

There are a couple things you can do if you don’t have your paperwork in order yet.  First, you can file a form 4868 before April 17th.  This form will extend the filing period 6 months, until October 15th, 2006.  According to the IRS, taxpayers do not need to sign the extension request or provide an explanation for requesting an extension.  It does not extend the payment due date.  You are still responsible for paying your taxes by April 17th.  So estimate what you owe and send it in along with form 4868.  Always read the instructions carefully on these forms first. Last Day to File is Not April 15th This Year - Patriots Day and Weekend Moved Date Later - File Online Programs and e-File Users Up


How Hybrid Cars Work - Limited Number of Tax Credits - What to Look For When Buying a Hybrid-Electric Vehicle - Honda Insight and Toyota Prius

How Hybrid Cars Work - Limited Number of Tax Credits - What to Look For When Buying a Hybrid-Electric Vehicle

Honda Insight

Why are hybrid cars better than traditional all-gasoline powered cars?  Unlike the all-gasoline powered cars, hybrids use both electric batteries and gasoline.  Unlike electric cars, hybrids do not need to be plugged-in at night, and you fill up with gasoline at the filling station just as you do now.

Hybrids have both a small gas motor and an electric motor.  The electric motor is powered by a set of batteries that are charged when the car is decelerating and sometimes while stopped.  Essentially, the hybrid is an electric car with a built-in recharger for longer range.

The big advantage is gas mileage.  If gas prices continue to rise, hybrid owners will save substantially more money at the pump than all-gasoline powered vehicles. How Hybrid Cars Work - Limited Number of Tax Credits - What to Look For When Buying a Hybrid-Electric Vehicle - Honda Insight and Toyota Prius


Creative Financing Can Help Homeowners and Home Buyers – Equity Lines of Credit May Help Homeowners to Pay-Off Credit Card Debt

Creative Financing Can Help Homeowners and Home Buyers – Equity Lines of Credit May Help Homeowners to Pay-Off Credit Card Debt

Home Equity Line of Credit

New nontraditional methods of financing have enabled many homebuyers to enter the market that would have had trouble otherwise.  This brings up the chicken or the egg question. Which came first: higher home prices or creative nontraditional financing?  Did the home sellers adjust their prices upward because of more available credit, or did the lenders adjust their tactics to help buyer qualify for homes that have increased in price?

Either way, it appears creative financing is here to stay.  Adjustable rate mortgages (ARMs) with low initial payments have helped lower income buyers qualify for home loans.  Newer Interest Only Loans have allowed even more homebuyers to qualify.  These loans typically have a period of payments consisting of interest only, followed by either a balloon payment (possibly after 10 years) where the entire principal becomes due, or a more traditional loan where principal and interest are paid in monthly installments for the rest of the loan period.  Creative Financing Can Help Homeowners and Home Buyers – Equity Lines of Credit May Help Homeowners to Pay-Off Credit Card Debt


Hybrid Cars Save More Than the Environment – Hybrids Will Save You Money on Gas and Taxes

Hybrid Cars Save More Than the Environment – Hybrids Will Save You Money on Gas and Taxes

Lexus Hybrid

This may be the best year to buy a hybrid car.  There are tax credits and more models available than in years past.  Last year the Federal Government offered a tax deduction which could save the buyer money, but not nearly as much as a credit.  Unlike tax deductions, tax credits are deducted directly from your taxes, not your income.  Typically, tax credits will save more money. 

Recently Consumer Reports sent their Auto Issue which included a claim that none of the new hybrids cars could save the buyer money over a five year period.  After the issues were sent to their subscribers, Consumer Reports admitted they were wrong.  They now say that the Toyota Prius and Honda Civic Hybrids can save purchasers money over five years.  Evidently their calculations were erroneous. Hybrid Cars Save More Than the Environment – Hybrids Will Save You Money on Gas and Taxes


Stock and Mutual Fund Investing Strategies for Beginners

Stock and Mutual Fund Investing Strategies for Beginners

Follow the numbers

I remember my uncle once told me he relied on some “pros” to handle his investments.  At that time I thought it was a mistake but I was too young to understand why.  Almost all of he experts I listen to today say this is mistake. 

This is the primary reason why most investors fail.  This includes nearly all full-service brokers who charge commissions.  Even the ones that handle actively managed mutual funds should be avoided.  There could be a conflict of interest between the managers who run the funds and the shareholders who own them.

The primary purpose of “financial services” is to pull your money from your wallet.  There is heavy emphasis on marketing and the cost structure benefits the managers, not you.  Stock and Mutual Fund Investing Strategies for Beginners


Start a Roth IRA Savings Account for Retirement

Start a Roth IRA savings account for Retirement

Interest Savings add up

A Roth IRA is a retirement savings account that you pay taxes on the money before you put it in the savings account.  When you are ready to take out the money at retirement (starting at age 59 ˝) all the money is tax free, including the interest earned money. 

A teenager would benefit from starting a Roth IRA when they start working because they can invest up to $4,000 each year in an Individual Retirement Account (IRA).  If you pay taxes first it means that all the interest acquired during all the years are tax free.  This could save the teenager a large sum of money in taxes when they retire.  If you child was able to put away $4,000 each year for the next 4 years it could, at an 8 percent interest rate, equal $750,000 at age 65.  Turning just $16,000 into $750,000 is a great way resolve a retirement plan early on.  Many people wait until later in life to start and would not ever see this kind of return on investment.  Start a Roth IRA Savings Account for Retirement


Financial Considerations when Refinancing and Consolidating Home Loans and Credit Card Debt

Financial Considerations when Refinancing and Consolidating Home Loans and Credit Card Debt

Credit Considerations

There are some things you should consider before making a decision about refinancing your house. Interest rates may be on the rise so now may be a good time to think about your financial situation and plan a course of action.  If interest rates do go up, they will likely go up on credit cards as well.

Since the new bankruptcy laws have taken effect, it is harder to avoid defaulting on unsecured debt like credit card loans.  It becomes more appealing for some to place the credit card debt into a refinanced home loan package.

In 1981 the Prime Interest Rate was over 18%.  Right now the prime interest rate is a little less than 8%, but that is almost double what it was in 2004.  Interest rates go up and down.  If you have an adjustable rate home loan and interest rates go up you could be paying more each month. Credit card rate are always well above the Prime interest rate.  Financial Considerations when Refinancing and Consolidating Home Loans and Credit Card Debt

 

 

 
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