Golf Cart Tax Credit Brings Joy to the Holiday Season

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As we recently discussed, Uncle Sam's is offering a generous Federal Tax Credit to those who purchase a qualifying electric low speed vehicle (LSV), on or before December 31, .

Although traditional golf carts are not actually covered by the credit, many of the qualifying models available look like golf carts and come equipped with lights and rear view mirrors.

The only catch is that you have to make sure that you purchase a qualifying vehicle to get the tax credit.

Qualifing vehicles include four-wheeled vehicles that draw propulsion using a rechargeable battery with at least four kilowatt hours of capacity, The actual amount of the tax credit varies depending upon the capacity of the battery.

The minimum credit is $2,500.00. The amount of the credit actually issued is equal to the sum of $2,500.00 plus $417.00 for each kilowatt-hour of traction battery capacity in excess of four kilowatt-hours.

The maximum credit can range from $ 7,500 to $ 15,000, depending on the gross vehicle weight rating of the vehicle.

The credit applies to all new , and low speed vehicles 'LSV' purchased after January 1, and before December 31st, .

For advice regarding this credit you should always consult a tax professional.

There has been a great deal of confusion regarding whether the purchase of a qualifying LSV entitles you to an additional 20% South Carolina tax credit. After our initial post, The South Carolina Department of Revenue clarified the issue stating that South Carolina has not adopted the Federal tax credit and will not be offering an additional credit.

For a current list of qualifying LSVs, please visit: http://www.irs.gov/businesses/article/0,,id=,00.html

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Today's blog is a short one. It's in answer to a question I received here at USTaxAid.com.

If you have a tax question, you can ask it at https://www.ustaxaid.com/tax-question/. I will answer tax and accounting questions in general terms, usually within the next few months via a blog.

The question was a simple one.

The writer lived in a retirement village and had an electric golf cart that he used to move around the village, going to the store, the neighbors, the rec center and the like.

He knew that many electric cars received tax credits, so he asked if an electric golf cart could get an alternative energy tax credit under his circumstances.

The IRS has singled out electric golf carts and said because they were generally used on public streets, they did not qualify for the tax credit.

So, the answer is easy. No.

Don't assume that the electric car you buy or want to buy will qualify for the alternative energy tax credit either. The IRS has a limited number per model that receive the credit. Once the manufacturer sells that number, there are no more credits available for purchasers.

If you're buying a vehicle for the credit, ask the right questions to make sure you will be able to get it.

What's deductible? It depends. If you have a business, just about anything can be deductible in the right circumstances. If you don't have a business or real estate investments, very little is deductible.

If you want more deductions, you need a business. Join the next coaching session to see what it takes to get a legitimate business, and run in accordance with IRS guidelines so you pay a whole lot less in taxes. For more information on coaching, please go to https://www.ustaxaid.com/coaching-program/.

Contact us to discuss your requirements of 8 Seater Electric Golf Cart. Our experienced sales team can help you identify the options that best suit your needs.