Do you know what the best tax credits of the year are? If not, then you should talk to a Reno accountant. Many people are turning to tax-filing programs to take care of their taxes. The problem is that these programs don’t tell you what the biggest tax breaks of the year are. Working with a CPA is a great way to learn about things you can do throughout the year that will provide you with more write-offs.
Now back to the top two tax credits of the year. The first is the adoption of a foreign child and the second is a buying an electric golf cart.
Let’s start by looking at adopting a foreign child. There is a dollar for dollar credit for the expenses of adopting a child. Although this is a great credit, not many people are going to do this, but it is still an optional credit. Now, let’s turn to the electric golf cart. You may think I am joking, which I do from time to time, but I am not.
The second best tax credit for this year is buying an electric golf cart. Furthermore, if you have/add headlights and taillights on your electric golf cart, it fits the national criteria for an electric car. Because it is classified as a car, you get a 50% tax credit for the purchase price, presuming that it’s a new golf cart.
One of the local reporters had a news segment on the electric golf cart and figured that between the special sales tax deductions for a new vehicle, the 50% tax credit for buying a golf cart that is road ready, and all the other discounts and benefits, the cart is free. He figures that the $9500 electric golf cart that he bought was free.
For a simplified description of the credit, you can check out eHow’s guide: How to Get a Golf Cart Tax Rebate.
You probably hear about all the other energy savings stuff, like solar and wind power, but how about the electric golf cart. This one item is a great example of why you should work with a Reno accountant. We will help you understand all the credits available to you, and make sure you are getting the most money back.
Reno’s Best CPA,
Tim Nelson