Irs Issues Tax Credit Amounts For Gm Trucks

Irs Issues Tax Credit Amounts For Gm Trucks



IRS Issues Tax Credit Amounts For GM Trucks
As 2018 rolls along,​ the​ IRS is​ in​ the​ process of​ issuing tax credit amounts to​ particular hybrid vehicles .​
The agency has just issued the​ amounts for a​ number of​ GM vehicles .​
IRS Issues Tax Credit Amounts For GM Trucks
As part of​ the​ Energy Policy Act of​ 2018,​ the​ tax advantages of​ owning a​ hybrid vehicle have been seriously upgraded .​
Prior to​ the​ Act,​ a​ person that purchased such a​ vehicle could claim a​ tax deduction of​ up to​ $2,​000 .​
While this was nice,​ the​ new Act changed the​ deduction into a​ tax credit .​
Tax credits are far better than tax deductions because they are reduced directly from the​ tax you​ owe,​ not your gross income .​
Through 2018,​ the​ IRS is​ working its way through various hybrid models and issuing the​ amount of​ tax credit that can be claimed for each .​
Makes include Honda,​ Toyota,​ Ford,​ Lexus and just about every vehicle in​ the​ class .​
On July 11,​ 2018,​ the​ IRS issued a​ slew of​ tax credit determinations for hybrid trucks made by General Motors .​
If you​ purchase a​ new GM hybrid truck,​ you​ will now be able to​ claim a​ tax credit on​ your tax returns .​
The models and amount of​ the​ tax credit that can be claimed are as​ follows:
1 .​
$650 dollars for 2018 GMC Sierra (4WD) hybrid pickup truck.
2 .​
$650 dollars for 2018 GMC Sierra (4WD) hybrid pickup truck.
3 .​
$650 dollars for 2018 Chevrolet Silverado (4WD) hybrid pickup truck.
4 .​
$650 dollars for 2018 Chevrolet Silverado (4WD) hybrid pickup truck .​
5 .​
$250 dollars for 2018 GMC Sierra (2WD) hybrid pickup truck.
6 .​
$250 dollars for 2018 GMC Sierra (2WD) hybrid pickup truck.
7 .​
$250 dollars for 2018 Chevrolet Silverado (2WD) hybrid pickup truck.
8 .​
$250 dollars for 2018 Chevrolet Silverado (2WD) hybrid pick up truck .​
To claim the​ tax credit,​ you​ must purchase any of​ the​ above vehicles from a​ dealer after January 1,​ 2018 .​
The vehicle must also be new,​ not used .​
As an​ aside,​ the​ tax credit amount will drop after the​ 60,​000th model has been sold,​ so you​ may want to​ buy now if​ you​ are considering any of​ these vehicles .​
Tax credits for purchasing a​ hybrid are a​ tremendous benefit when it​ comes to​ filing your returns .​
Since the​ tax credit amount is​ reduced directly from the​ amount you​ owe,​ it​ can make for some very nice refunds.




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