Ford hybrid tax credit ends soon

March 26, 2010

Despite some still crisp nights, summer vacation season is fast approaching.

I know this not from weather reports, but because gasoline prices here in Texas have gone up for four straight weeks. That trend also is apparent nationwide.

My little old Cavalier still gets decent mileage, so I'm not in the market for new car. Heck, even the new vehicle tax deduction couldn't persuade me to buy one last year.

But some folks who perhaps didn't take part in Cash for Clunkers or, like me, put off a new car purchase in 2009 might now be finding they need new wheels.

Personally, I'm a Bowtie gal, but as a tax geek I feel compelled to offer this heads-up to Ford fans. If you're shopping for a car and fuel efficiency is at the top of your list, then you need to get to a dealership soon.

The hybrid tax credit, which is coming to an end (unless Congress acts) for all makes and models on Dec. 31, is phasing out sooner for Fords. The last day you can buy one of the company's hybrids and still get any credit to claim on your 2010 taxes is March 31.

The tax credit on eligible Ford hybrids is now less than $1,000. But if you're a committed Blue Oval fan, that's a nice little bonus.

If you want another make or model hybrid, there are some that still have decent tax credits.

But if your heart's set on a Ford and a hybrid credit, time is running out.

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TAX-SAVVY WAYS
TO WRAP UP 2026

It’s over! With October’s extended filing deadline behind us, it is now time to focus on year-end moves to reduce your 2026 tax bill.

You’ll find ways to do just that on the Tax Tips page (see the More Tax Posts drop-down menu at the top of the blog), as well as the separate tax tip pages for each month, notably October through December. If you’re on the Tax Tips page, you’ll find a monthly list at the end of this column. If you’re on another blog page, you can head straight to the October tips; at the bottom of that tips page you’ll find links to all the other 11 months’ collections of tax advice.

Not to spoil what you’ll find in that tax advice, but it does cover such things as tax deductions for charitable donations, investment moves that could reduce tax due, and ways to max out your tax-favored retirement savings.

Finally, as the year winds down, things get hectic. There are lots of other things to occupy our time, like the much more fun upcoming holidays. But don’t lose sight of taxes, since timing is key. To be of use, most tax moves must be made by the end of the tax year. That’s Thursday, Dec. 31, which also is the last business day of the year.

So that you don’t miss that final tax year deadline, also keep an eye on the countdown clock below. It will keep you on top of just how much time is left to make important, tax-saving moves. (Note: I’m in the Central Time Zone, so adjust accordingly for where you live.)

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Filing and Paying Taxes

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Comments

Barb

17 years ago Reply

Kay, I LOVED THIS POST. I am in the same predicament thatc you are!! My 2007 isuzu suv only has 100K miles on it, and my husbands 2003 honda crv only has 53K, so my our standards we definitely have a few good years remaining on our cars. I see all of these tax credits to buy new cars and THEY ARE VERY TEMPTING. But Iknow I am still better off sticking with our old cars than buying new, even with the credits! NOW IF ONLY, they would offer the credits in 2013 and beyond, I might be getting close to needed a new car!!!
Thanks for a great site.

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Ford hybrid tax credit ends soon

Barb