Another "free electric cart" website

[jerp]

I know there's already been a thread or two on the "Cash for Country Clubbers" program, but a couple of guys I work with just took advantage of the tax credit and bought from here:

http://www.freeelectriccar.com/

Pretty good deal! (as long as you are willing to put aside your principles and take advantage of a wasteful government boondoggle)

[Raleigh]

Jerp,

Can you ask your buddies if they like what they bought and would they refer these carts to others??

[jerp]

According to the guy who did the research, this company met more of the Fed requirements for the tax credit (regenerative brakes, LED lights, etc) than most of the other outfits. He also said the price was compepitive and they are one of the few that offer a 6 seater. They have not owned them long enough to have a good opinion on reliability but so far so good.

[cosmiccowboy]

OK, I'm about to pull the trigger. I'm buying a 6 seater and a 4 seater. With freight allowed they will cost $995 total (for both) after the tax credit. I don't see any way to go wrong unless they steal my money and don't ship the carts.

[Sparkles]

I think I may want 1.

[bearintex]

By tax credit, I assume it's just a deduction from your 2009 taxes? Or is it a check from the feds for that amount?

[strangmusic18]

I guess I am dumb but you get the money back on the tax return next year?

[bearintex]

I guess I am dumb but you get the money back on the tax return next year?

There's a difference between getting the credit back on your taxes, and getting the price basically refunded to you. Remember the difference in your refund is only going to be what the taxes you would have paid on that money.

[strangmusic18]

So in the long run the taxes don't pay for 1/6th of that?

[Ellis]

The way it looks to me is that it reduces your tax liability the amount of the vehicle. So your fed income tax liability must be more than the amount of one of the vehicles to actually get the full amount back. If you only owe Uncle Sam(Obama) $4000 bucks, you will only get a refund of $4000. Be careful you don't get yourself in a hole jumping on this deal. Talk to whoever does your taxes before pulling the trigger.

[strangmusic18]

The way it looks to me is that it reduces your tax liability the amount of the vehicle. So your fed income tax liability must be more than the amount of one of the vehicles to actually get the full amount back. If you only owe Uncle Sam(Obama) $4000 bucks, you will only get a refund of $4000. Be careful you don't get yourself in a hole jumping on this deal. Talk to whoever does your taxes before pulling the trigger.

I can't talk to my WIFE about this???

[Bill]

There's a difference between getting the credit back on your taxes, and getting the price basically refunded to you. Remember the difference in your refund is only going to be what the taxes you would have paid on that money.

Here's how I understand it.

A deduction is subtracted from your income, so it's 'only' worth what your marginal tax rate multiplied by the amount comes to. If you get a $5k deduction and your marginal tax rate (% tax gets higher with more income) were 30% it would be worth $1,500 to you.

A tax credit is applied to the amount of taxes you owe and is subtracted dollar for dollar.

I'm not a CPA and not qualified to offer tax advise or services.

I wonder what happens if you say you'll go to AZ and pick it up yourself?

Somebody in the Archery Trade Association needs to get them to include new bows in a program like this- it makes about as much sense as the car program in my opinion.

[Atfulldraw]

What struck me as interesting is that these may not be delivered before the end of the year.

That could cause a problem.....

[Ellis]

Basically you need to make sure you owe Uncle Sam at least 6500 bucks.

I can't talk to my WIFE about this???

I would never recommend seeking approval from a wife for something that might bring joy to her husband.

[cosmiccowboy]

I ran this by my accountant before I did anything.

First the deal just has to be DONE before the 31'st. I don't have to take delivery.

It is a tax CREDIT. It is not a deduction.

I'm buying two carts...a 6 seater and a 4 seater.

total with freight $13,988.06. Pay with a credit card now.

I get $12,993.06 BACK on my '09 taxes. File in January, get a check in March.

Total out of pocket for two brand new nice carts $995.