Today’s blog is a short one. It’s in answer to a question I received here at USTaxAid.com.
If you have a tax question, you can ask it at https://www.ustaxaid.com/tax-question/. I will answer tax and accounting questions in general terms, usually within the next few months via a blog.
The question was a simple one.
The writer lived in a retirement village and had an electric golf cart that he used to move around the village, going to the store, the neighbors, the rec center and the like.
He knew that many electric cars received tax credits, so he asked if an electric golf cart could get an alternative energy tax credit under his circumstances.
The IRS has singled out electric golf carts and said because they were generally used on public streets, they did not qualify for the tax credit.
So, the answer is easy. No.
Don’t assume that the electric car you buy or want to buy will qualify for the alternative energy tax credit either. The IRS has a limited number per model that receive the credit. Once the manufacturer sells that number, there are no more credits available for purchasers.
If you’re buying a vehicle for the credit, ask the right questions to make sure you will be able to get it.
What’s deductible? It depends. If you have a business, just about anything can be deductible in the right circumstances. If you don’t have a business or real estate investments, very little is deductible.
If you want more deductions, you need a business. Join the next coaching session to see what it takes to get a legitimate business, and run in accordance with IRS guidelines so you pay a whole lot less in taxes. For more information on coaching, please go to https://www.ustaxaid.com/coaching-program/.