From Lenny's Desk
The Sturbridge Taxman's Blog

Clues to help solve your financial and tax puzzles!

Cormier & Rea announce additional office at 483 Summer St, Ste 2000, Arlington, MA

Act now to take advantage of Federal tax credits

Categories Tax Tips (Fed)

* * Purchase Siding Before June 26, 2006, to Qualify for the Energy Credit * *

Taxpayers who purchase siding on or before June 26, 2006, may rely on a manufacturer’s certification that the siding is an eligible building envelope component for purposes of the nonbusiness energy property tax credit under code section 25C. A manufacturer won’t be subject to penalties due to certification unless it continues to provide the certification to purchasers of the siding after June 26, 2006.

* * Buy Qualified Ford or Toyota Vehicles Now for the Motor Vehicle Credit * *

The IRS announced that purchasers of qualified vehicles from Ford Motor Company and Toyota Motor Sales USA may continue to claim the alternative motor vehicle credit. The announcement comes after the IRS concluded its quarterly review of the number of hybrid vehicles sold.

The quarter ending March 31, 2006, shows that Ford (which owns Mercury) sold 6,192 and that Toyota (which owns Lexus) sold 41,779 qualifying vehicles to retail dealers. The full credit is only available until the end of the first calendar quarter after the quarter in which the manufacturer records the sale of its 60,000th vehicle. The credit is only available for a limited time, so buy now.

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