CHICAGO, April 4, 2011 /PRNewswire/ -- With tax day
quickly approaching, drivers of alternate-fuel vehicles, including
hybrids, may be missing out on valuable money-saving credits and
deductions – most of which expire after this tax season.
Cars.com, a leading online resource for buying, selling or
owning a car, has compiled a comprehensive guide on finding and
claiming the tax credits and deductions drivers might be owed.
These credits launched with the Energy Policy Act of 2005 and
ended on December 31, 2010. To
be eligible for the credits, vehicles had to have been purchased in
2010, and must fall into one of five categories: fuel cell, advance
lean-burn technology, hybrid, electric or alternative fuel.
Only the original owner of the vehicle is eligible for any
credits or deductions.
"Filing for these tax credits can be confusing and cumbersome,
it's not as easy as checking a box," says Patrick Olsen, Cars.com Editor in Chief.
"Credits differ by make, model and even sometimes by trim
level, so it's important that a consumer takes the time to research
what they qualify for and have all the information needed to file
on hand. For those who have more complicated filing issues,
like amending a return that they already filed, we recommend
consulting with an accountant."
The Act also specifies that after the manufacturer sells 60,000
units, the credits begin to phase out. The only manufacturers
who hit that mark during the program were Ford, Honda, Toyota and
Volkswagen.
"Even though Ford, Honda and Volkswagen did hit the 60,000 sales
mark, those who purchased one of their hybrids this year should
still check our guide," says Olsen. "There are some models
from these manufacturers that qualified for the credit in 2010,
based on the date they were purchased. Those interested in an
electric vehicle still have a year to qualify for a tax credit of
up to $7,500."
A complete list of 2010 tax credits for hybrid and
alternative-fuel cars and answers to frequently asked questions
about these credits can be found at Cars.com.
ABOUT CARS.COM
Cars.com was recently named the "Best Overall Customer
Experience" by Keynote Systems, the world's leading Internet usage
research company. Cars.com is an online destination for car
shoppers that offers information from consumers and experts to help
buyers formulate opinions on what to buy, where to buy and how much
to pay for a car. With price listings, side-by-side
comparison tools, photo galleries, videos, unbiased editorial
content and a large selection of new- and used-car inventory,
Cars.com puts millions of car buyers in control of their shopping
process with the information they need to make confident buying
decisions.
Launched in June 1998, Cars.com is
a division of Classified Ventures, LLC, which is owned by leading
media companies, including Belo (NYSE: BLC), Gannett Co., Inc.
(NYSE: GCI), The McClatchy Company (NYSE: MNI), Tribune Company and
The Washington Post Company (NYSE: WPO).
SOURCE Cars.com