Irs Approves Saturn Vue Green Line For Tax Credit

Irs Approves Saturn Vue Green Line For Tax Credit

IRS Approves Saturn Vue Green Line for Tax Credit
The IRS is​ working its way through various automobiles that qualify their owners for tax credits .​
The Saturn model of​ cars has just been reviewed with one particular model being approved .​
IRS Approves Saturn Vue Green Line for Tax Credit
Owning a​ hybrid car was pretty much a​ financial windfall from the​ outset .​
The cars provided tremendous savings on​ fuel costs .​
With gas costing a​ vicious $3.90 a​ gallon in​ San Diego,​ the​ savings are not to​ be understated .​
On top of​ this,​ the​ purchase of​ these vehicles also provided the​ owners with a​ $2,​000 tax deduction,​ a​ very nice perk indeed .​
In 2018,​ things got even better .​
The passage of​ the​ Energy Policy Act of​ 2018 was something of​ a​ godsend to​ hybrid vehicle manufacturers .​
Frankly,​ the​ CEOs of​ these companies must have dropped to​ their knees and openly wept .​
This moment of​ humanity had everything to​ do with the​ change of​ one word in​ how hybrids were viewed for tax purposes .​
Individuals who purchase new hybrids approved by the​ IRS no longer where eligible for a​ tax deduction .​
Nope .​
The word deduction had been changed to​ credit,​ a​ massive difference in​ the​ world of​ tax returns .​
A tax credit is​ so much more valuable than a​ tax deduction it​ isn’t even funny .​
a​ tax deduction is​ an​ amount that reduce your adjusted gross income .​
Once all deductions are taken out,​ you​ then head to​ the​ tax tables and figure out what you​ owe .​
a​ tax credit,​ on​ the​ other hand,​ isn’t taken out of​ your gross income .​
Instead,​ you​ claim all you​ deductions,​ go to​ the​ tax tables to​ figure out what you​ owe and then apply the​ tax credit to​ that amount .​
For instance,​ if​ you​ determine from the​ tax tables that you​ owe $10,​000 in​ taxes for the​ previous year,​ you​ can then reduce this amount by the​ tax credit .​
In this case,​ we are talking about the​ tax credit amount issued by the​ IRS for the​ Saturn Vue Green Line .​
For the​ 2018 model year,​ you​ can claim a​ tax credit of​ $650 .​
You must purchase the​ car new from the​ manufacture [thus the​ weeping CEO] .​
Moreover,​ the​ amount of​ the​ credit starts falling after the​ 60,​000th vehicle is​ sold,​ so you​ need to​ go buy one now [more weeping and hysterical laughter from the​ CEO].
Most people complain about a​ lack of​ tax deductions when it​ comes time to​ file tax returns .​
Tax deductions are nice,​ but tax credits are where the​ real savings occur.

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