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Toyota tax credit reminder

March 31, 2007

First off, I have no vested financial interest in Toyota’s bottom line. Neither I nor any relative works for the company in any capacity.

Neither do I personally care. I don’t own one; have always driven Chevys.

Finally, I question the effectiveness, not to mention the fairness, of the hybrid vehicle tax credit. But it’s on the books and I’m a firm believer in taking advantage of tax laws that can save a few bucks. (And speaking of tax savings, in case you missed the 12 tax credits list posted yesterday, of which the hybrid write-off is one, here’s the link.)

So I must point out that today, Saturday, March 31, is the last day to buy a Toyota hybrid before the credits on its vehicles are slashed again tomorrow, Sunday, April 1.

Toyota_logo
If you buy one of the IRS-approved Toyota or Lexus models listed below today, you can claim the tax credit shown by each model’s name on your 2007 tax return.

2007 Toyota Prius: $1,575
2007 Toyota Camry Hybrid: $1,300
2007 Toyota Highlander 4WD Hybrid: $1,300
2007 Toyota Highlander 2WD Hybrid: $1,300 
2007 Lexus RX400h 2WD: $1,100
2007 Lexus RX400h 4WD: $1,100
2007 Lexus GS 450h: $775
2006 Toyota Prius: $1,575
2006 Toyota Highlander 4WD Hybrid: $1,300
2006 Toyota Highlander 2WD Hybrid: $1,300
2006 Lexus RX400h 2WD: $1,100
2006 Lexus RX400h 4WD: $1,100
2005 Toyota Prius: $1,575

But if you wait until tomorrow, Sunday, April 1, the available credits drop to:

2007 Toyota Prius: $787.50
2007 Toyota Camry Hybrid: $650
2007 Toyota Highlander 4WD Hybrid: $650
2007 Toyota Highlander 2WD Hybrid: $650 
2007 Lexus RX400h 2WD: $550
2007 Lexus RX400h 4WD: $550
2007 Lexus GS 450h: $387.50
2006 Toyota Prius: $787.50
2006 Toyota Highlander 4WD Hybrid: $650
2006 Toyota Highlander 2WD Hybrid: $650
2006 Lexus RX400h 2WD: $550
2006 Lexus RX400h 4WD: $550
2005 Toyota Prius: $787.50

The Toyota credit amounts effective April Fools’ Day are available on the automaker’s hybrid vehicles purchased by Sept. 30, 2007.

On Oct. 1, 2007, you won’t get any tax credit for buying a Toyota hybrid.

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The More Tax Posts tab at the top of this page will take you to, well, more tax posts. You also can search below for a tax topic. 

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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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