Paying taxes is painful… but reading about them shouldn’t be.
Posts tagged as:
You can pray for McCain’s gas tax holiday. You can walk more. You can carpool. Or you can consider not driving a car that takes $100 in gas to fill up…
After my post about going green, a reader – and fellow attorney – sent me a link to a memo that he prepared on hybrids. You can download it here as a pdf.
Thanks Brad!
{ 6 comments }
Sigh.
It’s the day after tax season. Folks are tired and cranky (trust me, I get the emails). Nobody likes to pay taxes. And every year, you swear to do better, plan more, save more. Why not actually do it this year?
There are a couple of things that you can do throughout the year to lower your tax bill. And many of them can help you give back to the government, too.
Consider:
Buy a green car! Buying a hybrid car has environmental benefits – and tax benefits, too. Depending on the make of the vehicle, you could qualify for a tax credit of up to $3000. For a list of what qualifies in 2008, check out the IRS list of applicable credits.
Buy a green house! Oh wait. That doesn’t apply anymore… As of December 31, 2007, most of the residential tax credits (windows, doors, roofs, insulation, HVAC, and non-solar water heaters) expired. You can still take advantage of solar water heaters and solar panels remains in effect through December 31, 2008. A bill to extend the credits passed the House on February 27, 2008, but not has not passed in the Senate – the hold up is the offset in revenue by removing tax breaks for oil companies.
Buy green products! Sales tax can be deductible if you itemize – especially if you live in a state that has no state income tax. So, you can choose the products that you’ve been putting off – and save money, too.
So you can definitely save money (and the planet) by utilizing these tax credits and deductions. But let’s face it – creating tax policy that benefits the environment has not been a priority for this administration. Don’t let that stop you… State and local officials have recently been more receptive to offering tax incentives to taxpayers for green behavior – or tax disincentives to taxpayers with bad behavior (like in Chicago). Find out what the rules are in your state and locality – and if you don’t like them, fix them. It’s often easier to institute real change at a local level – give it a try.
Even if you aren’t yet energized to call your local council person, I still want to know what you’d change. So tell me, if you could add a tax incentive for going green, what would you do?
{ 2 comments }
The UK is pushing ahead with its plans for a greener country. Recommendations for a greener policy include an increase for drivers who opt for larger cars of up to £1,000 under a plan to force people to switch to greener vehicles. The Times is reporting that drivers who choose high-emission vehicles will face much higher excise duties and a purchase tax. But people who choose cars powered by alternative fuels and fitted with devices that reduce fuel consumption may be eligible for grants.
The Government has already raised vehicle excise duty to £300 for cars in Band G which produce more than 225g/km of CO2. The Band G rate is due to increase by an additional £100 next year. The government believes that the differential between classes of cars much be at least £300 to make a difference. It is currently as low as £40 between classes of cars.
Manufacturers will likely be given incentives to accelerate the introduction of hybrid cars — which have a petrol engine and an electric motor — and those that run entirely on electricity. UK policy is expected to focus on electric cars rather than alternative fuels.
{ 0 comments }
