Tax Day 2013: Does your plugin qualify for a tax credit? —

19 Мар 2015 | Author: | No comments yet »
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Tax Day 2013: Does your qualify for a tax credit?

Tax Day 2013 is a away, and if you drive a plugin, vehicle could qualify you for a range of federal, state, and tax credits. Read on to see if you qualify, and get paperwork together in plenty of for Tax Day 2013.

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Let us repeat that: Federal income taxes your state and local too, if you live in places their own income taxes) be filed 31 days from

So consider this our friendly to start getting your in order if you plan to take of any of the Federal tax incentives for buying electric cars (or other vehicles), or installing charging during 2012.

The most such benefit is likely the income-tax credit for purchase of a electric vehicle during (Form 8936 ).

About plug-in electric cars sold last year, qualifying for at least some

The credit ranges from to $7,500, depending on the size of the battery pack. Below is a of many cars that for 2012 credits:

Toyota Plug-In Hybrid. $2,500

C-Max Energi: $3,750

Volt: $7,500

Fisker $7,500

Ford Focus $7,500

Mitsubishi i-MiEV.

Nissan Leaf: $7,500

Model S or Roadster: $7,500

RAV4 EV. $7,500

Note credits can only be claimed by the first owner. If you leased electric car, in general you claim the credit, because the company claims it and uses the to lower the lease payment.

(There are a handful of exceptions to rule, but only for certain cars in California. As always, the fine print on your and check with your tax

There are also credits for of larger, commercial plug-in that range higher $7,500.

Other Federal include several that restored or continued for 2012 as of the last-minute budget deal on New Day to avoid the so-called Fiscal

2012 Toyota Prius Hybrid — production

Among them are

A Federal tax of 10 percent of the purchase price, up to a of $2,500, for the purchase of a two- or electric vehicle (Form )

Restoration of a tax credit up to $1,000 for an electric-car changing station in a home (Form 8911 )

of the 30-percent tax credit, capped at for purchase and installation of an electric-car station by businesses

(The tax form numbers given not only the forms themselves to out, but also instructions on how to them.)

In addition to Federal tax benefits, are also numerous state, local, and corporate incentives as too many to cover here.

We that you check with the of incentives maintained by advocacy Plug-In America, which is online .

Remember, always with a tax advisor if you’re not 100 clear that you qualify for one or of these credits.

Happy tax-day countdown,

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