Had my taxes worked up yesterday and found hybrid deduction fairly simple to apply. There is a block on the federal return for the deduction which is $2,000 right off the top and reduces adjusted gross by two thousand. The dollar savings depending on your tax bracket. In my case I saved $280.00 on my Federal return. The State of Massachusetts allows the same deduction from the gross and the line on the return requests an explanation of the type and year of car model. I saved $106.00 on this one. I think Connecticut just might have the most liberal that I've heard about with the wavering of total sales tax. I could have saved over a thousand here. I brought in all the paperwork MRV suggested but none of it was necessary to be attached to return, however tax consultant used all the info in preparing return as it was the first their office had encountered. Big office, very few hybrids sold here. SUV's seem to work out a little better.
Taxes
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As we do not have any sales taxes, the Oregon Department of Energy allows for a (not so well published) state tax credit of $1,500 on our state income taxes (Link Here). Unfortunately, before claiming this credit on my tax return, I had to snail mail a completed copy of the application and wait for an approval (which came within a few weeks).
According to the DOE representative that I spoke with, my dealership should have completed this paperwork when I purchased my Prius, however, last time I was getting my oil changed, no one at the dealer was aware of either the federal tax deduction or the Oregon income tax credit.
According to the DOE representative that I spoke with, my dealership should have completed this paperwork when I purchased my Prius, however, last time I was getting my oil changed, no one at the dealer was aware of either the federal tax deduction or the Oregon income tax credit.
Oregon is great.
Yeah, I just did the Oregon one as well.
And for those who didn't notice, it's a tax CREDIT. Not a deduction. It counts as taxes paid. In my case, I went from owing $37, to getting a $1463 refund. The only change was the Hybrid credit. That's just too cool.
And the federal deduction was nice enough to lower me a tax bracket, so it made me some extra money, too. (Although not $1500.)
Yeah, I just did the Oregon one as well.
And for those who didn't notice, it's a tax CREDIT. Not a deduction. It counts as taxes paid. In my case, I went from owing $37, to getting a $1463 refund. The only change was the Hybrid credit. That's just too cool.
And the federal deduction was nice enough to lower me a tax bracket, so it made me some extra money, too. (Although not $1500.)
taken from the Links (Bookmarks) section of http://autos.groups.yahoo.com/group/MA-hybrids/ :Rich D. said:
MA state income tax information
Instructions for filing for the Clean Fueled Vehicle deduction on your
MA state income taxes. (amount is the same as the federal deduction).
http://www.dor.state.ma.us/help/guides/ ... scyded.htm
Unfortunately, the deduction was only good for purchases through Dec. 31, 2004. So, anyone buying a hybrid in MA in calendar/tax year 2005 will not get this carryover deduction.
I can understand a dealer not knowing some of the local/state tax breaks, as those aren't as well publicized. But there is no excuse for not knowing about the federal tax break.
My salesman told me that there was a $1500 federal tax credit per year as an incentive to buy the car. I took him to task to bring up any article, even a speculative one off a website, that indicated this, as I knew it was a one time tax deduction of the then reduced $1500. All he could produce was an outdated article.
If there are any salesmen reading this, get your facts straight before using them on a potential buyer. You already inherit a bad rap as it is.
My salesman told me that there was a $1500 federal tax credit per year as an incentive to buy the car. I took him to task to bring up any article, even a speculative one off a website, that indicated this, as I knew it was a one time tax deduction of the then reduced $1500. All he could produce was an outdated article.
If there are any salesmen reading this, get your facts straight before using them on a potential buyer. You already inherit a bad rap as it is.
Why expect a salesman to know any more about the car than a service manager. Toyota USA has been very deficient about informing their dealers about the car. Maybe this will change as more commercials for the Prius are aired. It shouldn't take too much longer for the people in sales to realize they have a hybrid product. When my car was delivered and parked out front it took my salesman and I about five minutes with the manual to figure out how to get it started.
In New York State, they have an income tax credit of $2000! Very sweet. And, on top of that, you can get a rebate on the sales tax on $3000 of the vehicle cost.
Since N.Y. State is always late with its budget, these credits and rebates had expired by the time I bought the car last June. But, fortunately, they were retro-actively renewed when the budget was eventually passed.
Since N.Y. State is always late with its budget, these credits and rebates had expired by the time I bought the car last June. But, fortunately, they were retro-actively renewed when the budget was eventually passed.
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Knowleadge, Educate Prius Salesman !
Why expect a salesman to know any more about the car than a service manager. Toyota USA has been very deficient about informing their dealers about the car. Maybe this will change as more commercials for the Prius are aired. It shouldn't take too much longer for the people in sales to realize they have a hybrid product. When my car was delivered and parked out front it took my salesman and I about five minutes with the manual to figure out how to get it started.
If that car Salesman went to " University of Toyota" and studied the HSD
and its feature/operation as recommended then shouldn't have taken 5
minutes. !
Yes Sir ! I know of the $2K Tax deduction for 05 year and will reduce in 06. Also the saying goes: Do not trust the Lawyer nor car salesman !DanMan32 said:
Why expect a salesman to know any more about the car than a service manager. Toyota USA has been very deficient about informing their dealers about the car. Maybe this will change as more commercials for the Prius are aired. It shouldn't take too much longer for the people in sales to realize they have a hybrid product. When my car was delivered and parked out front it took my salesman and I about five minutes with the manual to figure out how to get it started.
If that car Salesman went to " University of Toyota" and studied the HSD
and its feature/operation as recommended then shouldn't have taken 5
minutes. !
Knowing about the federal tax deduction has nothing to do with being told anything by Toyota HQ. It has to do with keeping up with current events. I don't listen to much news, but I knew about the deduction way before I considered a hybrid.
Again, it is no excuse. If a salesman wants to sell, he needs to make a point to find the advantages, such as tax breaks, and not lie about it. It make him look like an idiot. They sure know about the SUV tax credit, well mostly. You have to have a business to take advantage of that, and some salesmen don't know that.
Again, it is no excuse. If a salesman wants to sell, he needs to make a point to find the advantages, such as tax breaks, and not lie about it. It make him look like an idiot. They sure know about the SUV tax credit, well mostly. You have to have a business to take advantage of that, and some salesmen don't know that.
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