Single Income
1 Kid

About 60% of the credit.

Best single LD trip: 35.3mpg

Ford now puts a disclaimer, in their fine print, that the actual credit can be affected by income and other credits being taken.

Best single LD trip: 35.3mpg

Centrider is wrong on at least one point. The credit you are allowed DOES function as a "credit" (to taxes paid) so while you can never get back more than you actually paid, the credit can "potentially" give you the amount of credit back in the form of a refund. Single income over $100K/year, 2 kids, 1 wife and an average mortgage yielded only about a $600 credit of the $2,600 for our '06 HiHy.

Well, I'll agree - a tax credit is a tax credit.

Just finished some last minute adjustments to my return related to 2006 expenses incurred for a suspended business and as it turns out, the "value" of my HiHy just went up to $1,400 of the credit. As it turns out, I would have been better to have simply kept the business vehicle rather than liquidating it and moving ot the HiHy to the tune of about $3K (without the 179 re-capture and the removal of the $1,400 credit I would have gotten $3K MORE than I did with the HiHy). I guess in hindsight, I should have done more complete research before moving from the Lexus GX to the HiHy. Ended up with less of a vehicle and more cost (up front). Well, at least the HiHy is now getting the "acceptable" ~27/28 MPG fuel economy (vs. the 19MPG of the Lex) so based on these projections the cost HiHy will have "broken even" after only another 6 years based on a $3/gallon cost (Note: working form home this vehicle is only driven about 12K miles/year). argh!

Woud it help to have a second job, say delivering pizza's for a couple of hours in the evening?

Bob Wilson

Operation Iraqi Oil Freedom:

Automatic, stock, project car.

My other 1500 cc car:

Automatic, stock, backup car.
Free speech, dialog and knowledge thrives without the poison of SPAM.

WTF?

I was making a joke and apparently failed to set it up.

I was thinking of having a second job that allows you to partially write off the hybrid using some sort of delivery job or weekend cab work. I was just thinking of someway to provide a credible justification for the vehicle in a business application and crank up some miles. But if've already written off the vehicle as a business expense, there is no gain.

I did read some reports of hybrid taxi cabs in NYC and San Francisco but haven't heard much follow-up. The initial impressions were great and the stop-and-go profile would be great for a hybrid.

Bob Wilson

Operation Iraqi Oil Freedom:

Automatic, stock, project car.

My other 1500 cc car:

Automatic, stock, backup car.
Free speech, dialog and knowledge thrives without the poison of SPAM.

OK, WTF withdrawn. At first I thought you might have been a kid trying to justify his $700 in income earned (or something). In truth, I did not review the entire thread to determine what you were going for. I don't think that additional income (even through an S-Corp as I have) really provides much benefit. A final review of my situation shows only $1,174 allowed of the $2,600 eligible. Bottom line is that if you make more than $88K , your going to be hit with the AMT.

we have sent in all the paperwork on our corporation (is an 's' corp ) so the pass thru value may or may not exceed the 75k limit for AMT .

we are crossing our fingers on what our CPA says...........