CPA ADVISED ME PRIUS GETS NO TAX CREDIT

Time to dump your CPA and upgrade to TurboTax.

For 2005, it is a $2000 deduction, not credit. Deduction will net you approx $500 +/- depending on your tax bracket.

 

apparently your CPA didn't look at the HYBRID information, just at the ELECTRIC VEHICLE info.

we had one person here trying to fill out the electric vehicle credit form recently, i tried to steer her in the right direction but i still don't know if she found what i was talking about...

 

If getting a new CPA isn't an option, then tell him to look at the "Clean Fuel" deduction for 05 returns. That's where you'd record the 2K deduction (indeed, not a credit), for the Prius. Has nothing to do with Electric.

http://www.irs.gov/newsroom/article/0,,id=107766,00.html

http://www.fueleconomy.gov/feg/tax_hybrid.shtml

http://www.fueleconomy.gov/feg/tax_hybrid_old.shtml

 

what sucks rocks is that you can't take the credit for a [even
slightly] used car purchase. Even if the former owner never took
it. fux0rz.
.
_H*

 

It sounds like your doing this years taxes.. you only hope for this season is if you bought in 05 as already mentioned, you qualify for a deduction.

If you make alot of money and normal score a high AMT, you may actually get back more than if you had bought in 06 and try for a credit next year.

If your AMT is normally 0 dollars, then the credit would have been sweeter.

There is tons of discussion on this if you want to dig deeper.

 

Is there anything else you want to blame on the President?

What about that gallon of milk you left in the trunk of the car that went bad? W could have done something to remind you to bring it in the house.

Did you gain a couple pounds over the Christmas season? That's W's fault too. He could have given everyone in America a free life-cycle in the name of a health initiative, but he DIDN'T.. so this really is his fault.

There are so many things, don't just blame your ignorance of the tax laws on him, let it all go... blame all of your ignorance on him!!

Real bright... you go for it...

 

This CPA says your CPA's kungfu is weak.

 

I would blame anyone's ignorance of the tax laws on the fact that
they have been ALLOWED to become so complex and take up so many
feet of bookshelf, to the point that the ordinary taxpayer has quite
a job understanding just barely enough of it to wade through all
the right numbers for himself and not have bully-boys with big
guns showing up on his doorstep. Therein lies the problem, and
W and co support this sort of increasing complexity, as do all the
CPAs and lawyers who, as always, profit from the commoner's loss.
.
_H*

 

Well, add me to the list of profiting SOB's. Really though, I hate even doing my own taxes, such a pain.

 

The tax laws are complicated but doing a little searching isn't. Just Goggle "Prius tax credit" and you will get quite a few hits and some will even bring you back here. Ditto "blame Bush".

 

:angry: I'm with some other respondents - Get another CPA. My CPA for many years has been TurboTax which permits me to play "what if" when there could be several ways to structure your Tax Return.

The ridiculously complex tax code was in effect long before "W" took office. Our legislators seem unable to get serious about really simplifying it - as in the flat tax approach. They will not until we (voters) give them the message in no uncertain terms.

I do credit "W" with helping get realistic tax credits or deductions for "clean" and more fuel efficient vehicles.

 

You pay your CPA to know his stuff. He should have just lost you as a client.