taxes and my HCH
#1
taxes and my HCH
i had my taxes done today, and my tax person said i was the first person she personally has had come in with a hybrid, though it was not the first in her office.
with my 2005 civic, it amounted to $2000 taken off the front end, is how she described it. what it did was almost double my refund from both the feds and the state. i am sure it will depend on your total income, but it had a rather nice effect for us.
with my 2005 civic, it amounted to $2000 taken off the front end, is how she described it. what it did was almost double my refund from both the feds and the state. i am sure it will depend on your total income, but it had a rather nice effect for us.
#4
Re: taxes and my HCH
Originally Posted by aha
We did our taxes through H&R last week and my 05 HCH did not help much. Please let me know how you doubled the amount.
As for the term "front end", I don't know what it means. It's not a tax term. I suppose it's a way of describing a deduction vs. a credit.
#5
Re: taxes and my HCH
Originally Posted by ElanC
If someone is in the 25% federal tax bracket then a $2000 deduction produces a reduction of $500 in their tax bill. If they were going to get a $500 refund without the hybrid, then the hybrid doubled their refund. If they were going to get a $50 refund without the hybrid, then the hybrid multiplied their refund times 10 (11 actually).
As for the term "front end", I don't know what it means. It's not a tax term. I suppose it's a way of describing a deduction vs. a credit.
As for the term "front end", I don't know what it means. It's not a tax term. I suppose it's a way of describing a deduction vs. a credit.
#6
Re: taxes and my HCH
Originally Posted by ElanC
As for the term "front end", I don't know what it means. It's not a tax term. I suppose it's a way of describing a deduction vs. a credit.
#8
Re: taxes and my HCH
If you bought it NEW in 2005, it should be a deduction on 2005 taxes (this year).
If you bought it NEW in 2006, it should be a credit (better) on 2006 taxes (next year).
Buying used doesn't count for any tax deduction/credit, period.
If you bought it NEW in 2006, it should be a credit (better) on 2006 taxes (next year).
Buying used doesn't count for any tax deduction/credit, period.
#9
Re: taxes and my HCH
Originally Posted by BrotherKnight
If I bought a 2006 HCH, I don't do anything until it's time for taxes next year - am I correct?
#10
Re: taxes and my HCH
Originally Posted by BrotherKnight
If I bought a 2006 HCH, I don't do anything until it's time for taxes next year - am I correct?
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exbauer
Honda Civic Hybrid
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08-17-2006 11:41 AM