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Taxes Information |
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IRS Certifies 2006 Toyota Hybrid for Clean Fuel Deduction
The Internal Revenue Service has certified the 2006 Toyota Highlander Hybrid as being eligible for the clean-burning fuel deduction. This certification means that taxpayers who purchase one of these hybrid vehicles new during calendar year 2005 may claim a tax deduction of up to $2000 on Form 1040. Under Working Families Relief Act of 2004, which was signed into law in October of 2004, the clean-burning fuel deduction is limited to up to $2,000 for certified vehicles first put into service in 2005 and $500 for vehicles placed in service in 2006. No deduction will be allowed after 2006. Federal Law allows individuals to claim a deduction for the incremental cost of buying a motor vehicle that is propelled by a clean-burning fuel. By combining an electric motor with a gasoline-powered engine, these hybrid vehicles obtain greater fuel efficiency and produce fewer emissions than similar vehicles powered solely by conventional gasoline-powered engines. This one-time deduction must be taken in the year the vehicle is originally used. The taxpayer must be the original owner. Individuals do not have to itemize deductions on their tax return to claim this deduction. This benefit can be taken as an adjustment to income on the Form 1040. The amount of the deduction for the Toyota Highlander Hybrid was set after the manufacturer, Toyota Motor Sales, U.S.A., Inc. documented for the IRS the incremental cost related to the vehicle's electric motor and related equipment. A $2,000 tax deduction? I'm off to my local Toyota dealer! Richard Chapo is CEO of http://www.businesstaxrecovery.com - Obtaining tax refunds for small businesses by finding overlooked tax deductions and credits through a free tax return review.
MORE RESOURCES: Benefits paid to suffering unemployed workers will have to be cut and taxes on struggling businesses will have to go up to pay for a staggering number of claims due to the recession, Wisconsin lawmakers were told Wednesday. The debate over school taxes in Hastings-on-Hudson has revealed the cultural and economic fault lines in the Westchester County river town. MANILA, Philippines - The country's next president will have to turn his back on populist promises made during the campaign and raise taxes sooner rather than later to prevent a financial crisis soon after the May elections. Waukee residents will pay slightly higher property taxes to the city under a budget that will take effect on July 1, though the city’s levy rate will not change from recent years. MANILA (Reuters) - The Philippines' next president will have to turn his back on populist promises made during the campaign and raise taxes sooner rather than later to prevent a financial crisis soon after the May elections. Moore County has advertised tax liens against Little River Golf Club and other properties of the resort for failing to pay about $220,000 in property taxes. A small jump in the tax levy, combined with a larger drop in property valuations, should result in a drop in taxes for most Bayport property owners. If President Obama's proposal to apply a Medicare levy to investment income had been in place in 2008, the Obamas would have paid roughly $75,000 more in taxes that year. Faced with failing to make annual $1 million payments promised to the owners of Reno's Triple-A baseball team, city officials propose to use sales taxes generated by a planned retail development near the stadium to cover the debt. With April 15 right around the corner, accountancy department chair Keith Smith has words of wisdom for students filing taxes. |
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