Hybrid Hustle; Hop to it for best tax breaks.(News)
AutoWeek, August, 2006
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Byline: DAVE CHESS Even though April 15 has come and gone, it's not too soon to consider the tax advantages that come with buying a fuel-efficient vehicle. Purchasers of new hybrids are eligible for up to $3,400 in tax credits under the Energy Policy Act of 2005. Dollar for dollar, a tax credit is much better than a tax deduction.
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A deduction reduces taxable income while a credit directly reduces your tax bill. A $3,400 deduction in the 28 percent tax bracket saves just $952, compared to a full $3,400 savings with the tax credit. But if you've ever prepared your own tax ...
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Most Popular Articles in Autos
- Service Slants
- 2007 utility vehicle buyer's guide: Side-By-Sides are popular; here's who ...
- Transmission considerations: beyond the manual gearbox
- Buell Motorcycle engineering, innovation, & dedication: in an industry ...
- 100 + 10: America's oldest automotive magazine celebrates its 110th year ...
- More »