No tax credit for Tracy

A spellcheck wouldn't make any difference, you spelled it correctly. I admire a young girl like you, sounds like you have some guts etc. Keep up the good work!!

 

That's really unkind, unfair and untrue. Plenty of people including poor people work hard, no need to dump your frustrastion on others. Sounds like you need some tachyon tonic to see you through this.

bluejay

 

I second the idea to sound out another accountant.

Between the business and creative accounting, I'd think at least a partial solution might present itself.

 

Actually it isn't -

you'll find if you do the very best you can the $$ will follow, but don't count your winnings while you're still in the game.

 

Who is John Galt?

You might enjoy the book "Atlas Shrugged" by Ayn Rand.

 

Tracy, I admire you for getting off welfare and being successful without a government handout. You have the right attitude and it is no wonder you have found success on your own.

Politically, I do have a problem with the tax credit, but I'll take it. I just don't think the government should be giving tax credits for a specific behavior. I lean Libertarian in my politics.

Andy

 

You may need to check again. I don't believe the tax credit phases out with increasing income. I looked into that, and there was no mention of income limit.

 

I say get a new accountant.

Find one who can come up with some creative rounding and a way to at least take part of your credit. I did some research and found that the AMT would more than likley screw me as well which is why I opted to purchase mine in 2005.

OR...

Since your accountant told you it was good to go try to get her to meet you half way on it or something. For christ sake they should know best. If my mechanic bought the wrong engine and put it in my car he better damn well make up for it.

 

Everyone.......take a deep breath.

The tax credit as it is being discussed has not officially been "defined" by the IRS yet. As we all know that law was terribly written. One of these days we will have the "official" IRS reading about it. Until then we are all spinning our wheels. (ahem...no pun intended) Even accountants can not agree yet.

The only useful link on this subject would be one to the IRS where it details which vehicles get what credit.

As for the Alternative Minimum Tax (AMT)......

No comment. It's our government yet again showing how well it executes things.

Tracy, consider the source of comments here. They are all from people you neither really know nor usually care about you. Evaluate the comments based on simply how well thought out they are. Otherwise, you will just be hurt by them.

I am fascinated how many pages of comments this thread has generated.

Cheers

 

Do I understand from this discussion that you have to itemize to claim the tax credit?


This is the first I heard of the credit not being for everyone (except for the AMT catch).

(As a retiree I have no deductions, and was counting on that $3K to make the deal work.)

I expect a lot of us would appreciate an informed answer.

Thanks! C

 

No

The thread surrounds AMT

 

A short & sweet reply, Eric; thanks!

I think Tracy paid a supposed expert to help her and was mislead: her accountant owes her a free year of service or $3000, whichever is - lets be generous - less. I'd be pi$$ed too. "Don't know" would have been better advice. Tracy, you did not deserve some of the earlier flames.

Three60Guy has it right. It's crazy that we have to make financial decsions in 2005 for taxes which will be paid in 2006, when the IRS interpretations/regulations have not been written yet!

C

 

I couldn't agree with both of your points any more!

 

The actual amounts of the credit for each vehicle are about the only things left for the IRS to finalize.
The law is pretty clear on the rest.
Please read the Government_Incentives section of our FAQ and read the links contained therein.
The subject is pretty much wrapped up there and additional relevant information will be added as it is acquired.
A savvy person can plan ahead for the tax credit in 2006.

 

You keep implying that you are being punished when, in fact, you are not being incented or rewarded.
There is a very real difference.