Tax Creditable Vehicles

Tax season comes to an end this weekend. Did you enjoy the tax credit for owning a hybrid or electric vehicle? Wait, you didn’t know about that? Might want to fire up TurboTax and give it another go, because if you bought a vehicle (all electric vehicles and some PHEVs) that qualifies for a federal tax credit, you can subtract that amount from the money you owe the federal government.

Tax Creditable Vehicles

Yes, you read that right. If you bought a hybrid or electric vehicle in 2016, you are eligible for a tax credit. We mentioned back in March the tax credit for hybrid, PHEV, and electric vehicles (EV), and in February we covered a tax deduction for a Ram truck . There are many other vehicles that can save you some money, and Miami Lakes Automall has a few of them available. Take a look at this list:

Chrysler Pacifica Hybrid – $7,500

Kia Optima PHEV – $4,919

Mitsubishi i-Miev – $7,500

Chevrolet Volt – $7,500

Chevrolet Spark -EV $7,500

It’s a safe bet that the fully electric vehicle by Mitsubishi Fuso will also be eligible for the federal tax credit when it’s released next year. So if you’re a commercial vehicle business owner, keep an eye out for the eCanter — it’ll be able to travel over 100 miles on electricity alone.

Wait, What is a Tax Credit?

Glad you asked. Contrary to popular belief, a tax credit is NOT like a mail-in rebate. Pretty much everyone on the internet says, “Vehicle A costs X after the $7,500 federal tax credit” and that’s a little misleading. If a vehicle qualifies for a federal tax credit, the cost of the vehicle stays the same, and the buyer only benefits from the money it qualifies for if they owe federal taxes. But if the owner of the vehicle doesn’t owe any money, the tax credit is useless. Or if the owner only owes $2,000, only $2,000 of the tax credit will be used. But in the case an owner owes the government $10,000 in taxes and their vehicle qualified for the $7,500 tax credit, they will only owe $2,500 in taxes. Now that’s a huge bonus, wouldn’t you say?

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Here’s some even better news. Many of the above vehicles and more can be found in our inventory at Miami Lakes Automall . *

* Photo Source/Copyright: Shutterstock; Rawpixel.com; Edited by Jordan Rodriguez *

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