5 Steps to Getting a Year End Vehicle Tax Credit

SALEM, Ore. - Jan. 28, 2015 - PRLog -- Congratulations on your vehicle purchase or lease! Section 30 of the Internal Revenue Code defines types of alternative fuel vehicles that may qualify for a tax credit and the criteria to meet certification. It explains how to obtain the certification document needed to file for credit for the vehicle tax, the amount and how it is calculated.

1. Determine If Your Vehicle Qualifies.

Only qualifying models of passenger vehicles and light trucks made by a manufacturer and purchased within a specific period are eligible. The amount of credit varies depending on several factors. Visit: http://www.fueleconomy.gov/feg/taxphevb.shtml for a comprehensive list of eligible plug-in hybrids.

2. Obtain the Right Forms to File a Claim.

8910, for personal and general business credits for the Alternative Motor Vehicle Credit for vehicles you placed in service during your tax year:

http://www.irs.gov/uac/Form-8910,-Alternative-Motor-Vehicle-Credit

8910, for the Alternative Motor Vehicle for years 2005-2014:

http://apps.irs.gov/app/picklist/list/priorFormPublication.html?value=8910&criteria=formNumber&submitSearch=Find

8834, for the Qualified Plug-in Electric and Electric Vehicle

http://www.irs.gov/uac/Form-8834,-Qualified-Plug-in-Electric-and-Electric-Vehicle-Credit

8836, for the Qualified Plug-in Electric Drive Motor Vehicles and certain qualified two- or three-wheeled plug-in electric devices acquired 2012-2014 you placed in service during your tax year:

http://www.irs.gov/uac/Form-8936,-Qualified-Plug-in-Elect...

3. Gather Necessary Documentation

Proof of original ownership

Qualifying Certification

Documentation of any previous credits claimed, if any

Sales and tax receipts

Others as listed on the Internal Revenue Service form for the specific vehicle and type of credit claimed

4. Figures Needed to Calculate the Allowable Amount of Your Vehicle Tax Credit

Credit for the Vehicle Tax for qualifying vehicles is only for a limited time and may not be for the maximum amount allowed. When it was purchased and where the claim falls within the timeline for the period in which the credit is taken in part determines how much of the maximum limit you are due. As it nears the end of its duration, the amount of the credit is also based on the capacity of the battery used to fuel the vehicle and in which Phase Out period the credit is taken.

Many states offer additional tax credits which may include extensions of expired credits.

5. Leased Vehicles, Refueling Stations

Vehicle Tax Credit can be taken only by the original owner, and certifications of an automobile's eligibility usually are issued to manufacturers. Companies voluntarily can choose to pass along the savings to customers who lease vehicles. Though not part of the income tax vehicle credit, other credits may be available for refueling stations at home or places of business.

For more information, please visit http://www.skylineforddirect.com/index.htm

Sources:

1. http://www.irs.gov/Credits-&-Deductions

2. http://www.irs.gov/Businesses/Plug-In-Electric-Vehicle-Credit-%28IRC-30-and-IRC-30D%29

3. http://www.irs.gov/Businesses/Qualified-Vehicles-Acquired-after-12-31-2009

4. http://www.fueleconomy.gov/feg/taxphevb.shtml

5. http://www.edmunds.com/fuel-economy/car-tax-credit.html

6. http://www.irs.gov/irb/2009-30_IRB/ar07.html

7. https://autos.yahoo.com/news/tax-credit-hydrogen-fuel-cell-vehicles-expires-congress-143004102.html;_ylt=A0LEVjszXaNUIn4AScUPxQt.;_ylu=X3oDMTBzajE3bzE3BHNlYwNzcgRwb3MDMTAEY29sbwNiZjEEdnRpZAM-

8. http://www.cngnow.com/vehicles/financial-incentives/Pages/information.aspx

9. http://www.pickensplan.com/

10. http://www.cngnow.com/state/Pages/information.aspx

11. http://www.irs.gov/uac/Form-8910,-Alternative-Motor-Vehicle-Credit