Hot Wheels, Big Savings!

If you find you’re in the market for a new car, tax savings might not be the first thing on your mind.  But did you know, the IRS offers credits between $2,500 and $7,500 when you purchase a plug-in electric drive vehicle?  Both 4-wheel and 2 or 3-wheel vehicles are eligible, with some stipulations, all of which can be found on the IRS website.  

One such stipulation states that, after 200,000 of a particular hybrid make and model are sold to consumers in the USA, the credit for that vehicle begins to phase out.  The U.S. Department of Energy  has a helpful chart of eligible cars and credit amounts, in addition to further information on the Phase Out plan by sales number.

By helping to save the environment with a fuel efficient vehicle, you may find you can also help save yourself some tax dollars!