2005 Ford Escape Hybrid Certified For Clean-Fuel Deduction > NetSparsh

Home
>
Tax
>
2005 Ford Escape Hybrid Certified For Clean-Fuel Deduction

2005 Ford Escape Hybrid Certified For Clean-Fuel Deduction

If you are environmentally conscious and purchase a 2005 Ford Escape Hybrid vehicle that combines a gasoline-powered engine with alternative power methods, you are in line for a nice tax deduction.

Ostensibly, the government uses clean power tax deductions as a method to promote the use of vehicles that are less harmful to the environment. The clean-fuel tax deduction is based on the incremental cost of using a vehicle model that combines traditional gasoline-powered engines with electric motors. The deduction is only available if the manufacturer has submitted vehicle specifications that the IRS has agreed to qualify the vehicle as a "Clean-Fuel Vehicle". Once this has occurred, the IRS then certifies the vehicle as one that qualifies an owner for a tax deduction.

On December 13, 2004, the IRS certified the 2005 Ford Escape Hybrid as a "Clean-Fuel Vehicle" for the first time. If you purchased the Ford Escape in 2004 or 2005, you may claim a tax deduction of $2,000. You must comply with two requirements before claiming the deduction. Under current law, you must:

1. Take the deduction in the year the vehicle was originally purchased,and

2. Be the original owner, of the vehicle.

Importantly, you do not have to itemize your deductions to take advantage of the Clean-Fuel deduction. If you are using the basic 1040 form for filing your taxes, simply write "clean fuel" on line 33 and take the deduction. Make sure you review the instructions for form 1040 to correctly claim the deduction. The process is exceedingly simple.

It should be noted that the Clean-Fuel Vehicle deduction is a one-time deduction. Further, the deduction is only available on your federal tax return, not your state filing. Since the deduction will affect your adjusted gross income, however, you should see an additional saving on your state tax return since your adjusted gross income will be reduced. If you have already filed taxes for the year in which you purchased a clean-fuel vehicle, you should consider amending your tax returns to claim the deduction.

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.

In The News:

China’s rich rush to shelter $1 trillion from new taxes Economic TimesWealthy Chinese are rushing to shelter assets and income in overseas trusts before new tax rules go into effect next month.

After President Trump Signed the 'Last Minute Tax Law,' Married Couples Are Rushing to Get Divorced By December 31. (Why Didn't Anyone Predict This?) Inc.You might remember that a year ago, on the Friday before Christmas (Christmas was on a Monday last year), President Trump signed a last-minute tax law--in ...

Tax on your gold and real estate investments LivemintHere is a look at the taxes that apply to short-term and long-term gains from these two asset classes.

Confused about tax return changes? Here's how to find your new bracket CNBCThe IRS has updated its individual income tax brackets for the new year. The agency has also tweaked its standard deduction and done away with a $695 ...

The case for raising the alcohol tax Vox.comA higher alcohol tax would save lives, prevent crime, and mostly affect excessive drinkers.

Your 2019 Guide to the Alternative Minimum Tax The Motley FoolThe alternative minimum tax, or AMT, was implemented in 1969 to ensure that all Americans pay their fair share of taxes -- particularly high-income individuals ...

Investing solely to avoid taxes is a bad, wasteful strategy: View Economic TimesWhile many opt for creative accounting of expenses and tax deductibles, these practices also needlessly complicate matters for inheritors.

Best ELSS fund to save taxes this financial year Economic TimesIf you have any mutual fund queries, message on ET Mutual Funds on Facebook. We will get it answered by our panel of experts.

Make tax moves in time to cut bill Albany Times UnionSaving for retirement is a good idea, of course, but if you time things right and do your homework, some of your nest egg could also do double duty as a tax ...

EDMC proposes two new taxes, education cess in 2019-20 budget Times of IndiaNew Delhi, Dec 10 () Cash-strapped East Delhi Municipal Corporation (EDMC) on Monday proposed two new taxes and an education cess in its budget for ...

India's tryst with taxes Forbes IndiaWhile the rich pay a bulk of the income tax paid by individuals in India, many wealthy people do not pay their share of taxes.

Hospitals get tax notices for implants Economic TimesIf GST is applied on medicines and implants used on patients instead of a composite tax rate, then this may result in a huge impact and hospitals will have to ...

Bitcoin Will Be Worthless Until You Can Pay Your Taxes With It BloombergWhen faced with the charge that cryptocurrencies have no inherent value, believers often counter that paper money doesn't either. Such a defense is intuitive, ...

GST Council may look to rationalise 28% slab; taxes on cement may be cut Moneycontrol.comThe council, chaired by Finance Minister Arun Jaitley and comprising his state counterparts, has pruned the 28 per cent slab by cutting tax rates on 191 goods ...

California’s New Tax on Texting Wall Street JournalCalifornia brings to mind the Beatles' famous song “Taxman.” The state already has the highest income-tax rate in the country on top of punishing sales and gas ...

Airtel Niger faces shutdown over non-payment of taxes Business TodayThe General Tax Directorate of Niger ordered the closure of the offices of Airtel Niger, seeking tax amounts that have been disputed by Airtel.

Income Tax Return (ITR) filing: This State Bank of India scheme helps you save on taxes; gives 7.35 pct int... Zee BusinessIncome Tax Return (ITR) filing: The State Bank of India also offers an investment tool that allows you to claim an exemption in tax. The investment attracts an ...

EDMC proposes 2 new taxes and an education cess in its 2019-20 budget Business TodayEDMC Commissioner Puneet Kumar Goel made the announcement of new taxes while presenting the budget at the civic agency's Patparganj headquarters.

Divorcees can save on taxes — if they take this one step CNBCIf you're planning on shedding weight in 2019 — in the form of your soon-to-be ex — be sure you understand this tax-planning benefit. Why the "head of ...

Net direct taxes collections up 14.7 percent in April-November BusinessLineRefunds worth Rs 1.23 lakh crore have been issued in the eight months of the current fiscal.

This falling market offers an opportunity to cut your taxes in retirement CNBCThere might be a silver lining in this fall's recent market tumult: Now could be a good time to convert some of your retirement savings to a Roth IRA. We explain ...

Naya Pakistan grapples with an old problem: How to get people to pay taxes - Culture of tax evasion Economic TimesMuhammad Hammad Azhar (in pic), one of the youngest ministers in Pakistan's new government, is the latest in a long line of officials to face a problem that ...

Shakira charged with tax evasion in Spain The GuardianSpanish prosecutors have charged the Colombian singer and philanthropist Shakira with tax evasion, alleging she avoided €14.5m (£13m) in taxes by claiming ...

6 last-minute tips that will trim your 2018 tax bill CNBCBefore you break out the Champagne, take a look at these six strategies that could help you trim your 2018 tax bill — as long as you act before Dec. 31.

The Tax Cuts And Jobs Act: 3 Changes You Should Know ForbesTax season is coming more quickly than you might think — has the Tax Cuts and Jobs Act affected you? Read here to discover more!

Withdrawals Under National Pension Scheme To Be Tax-Free BloombergQuintWithdrawals made by subscribers of the National Pension Scheme at the time of retirement will be made tax free.

Illegal Tax Moves to Avoid U.S News & World Report MoneyIt may seem like a harmless fib, but lying on your taxes can result in fees, interest and penalties.

7 year-end tax tips to boost your refund CNBCThe new tax law has put a whole new spin on year-end tax planning, though it hasn't eliminated the need to do it altogether. "The tricks we had in our back ...

What the Amazon tax breaks really mean Vox.comI think the easiest way to understand Amazon's HQ2 and the specific question of cities handing out tax subsidies is to abstract away from the particular details of ...

Pay Your Taxes In Bitcoin, Trigger Tax Losses On Price Drop Too ForbesWith Bitcoin and other crypto prices down again, many holders don't want to sell. But if you owe taxes, how about paying them in Bitcoin? Selling now may ...

Six tax deductions you'll lose on your 2018 return CNBCIf you were hoarding receipts in a shoebox with the hope of claiming a big break on your 2018 taxes, prepare to be disappointed. That's because the Tax Cuts ...

Taxmen catch buffalo meat, slap Rs 25 lakh in taxes, penalty Economic TimesThe Commercial Taxes department officials in Belagavi have collected Rs 25 lakh in GST levies as well as penalty after intercepting four trucks mounted with ...

Beware! These tax-saving investment mistakes can sink your finances The Financial ExpressIt's said, if you fail to plan, it means you plan to fail. So, it's better to plan before you make your tax-saving investments, so that you may reach your financial goal ...

No tax on up to Rs 50,000 interest for senior citizens Times of IndiaIndia Business News: In a notification issued on December 6, it has clarified that no TDS has to be deducted under section 194-A of the Income Tax (I-T) Act in ...

Here are your new income tax brackets for 2019 CNBCPrepare your calculators. The Internal Revenue *Service* has updated its tax brackets for 2019. This year marks the first under the new Tax Cuts and Jobs Act, ...

French lesson for Modi: Don't raise fuel tax Economic TimesRIOTERS IN PARIS Last weekend, demonstrators turned Paris's wealthiest neighbourhoods into a battle zone to make themselves heard. Until Saturday ...

How Anger Over Emmanuel Macron's Green Taxes Fuelled France Protests NDTV NewsWhen Emmanuel Macron rose to power, he put the environment at the heart of his agenda. Eighteen months later, anger over those policies has stoked protests ...

Shakira charged with $16 million tax evasion in Spain The IndependentShakira has been charged with tax evasion in Spain, where prosecutors allege the international pop star failed to pay more than $16m (£12.7m) between 2012 ...

PENNCREST board approves tax index, Pride projects | News Meadville TribuneSAEGERTOWN — PENNCREST School Board recently approved a resolution to establish its maximum potential tax rate increase for the 2019-20 school year.

‘Historic’ Tax Refunds Will Extend Retail Boom Into 2019 BloombergPolling shows that many Americans don't like the landmark tax overhaul passed a year ago, but maybe that's because they haven't received a bulk of the ...

Income Tax Return Filing: Missed deadline or furnished wrong information? You may face fine, jail term Zee BusinessIncome Tax Return: Filing Income Tax Return may be a cumbersome process and it is quite possible that many of you may have paid late fine after missing the ...

Cell Phone Taxes and Fees in 2018 Tax FoundationA typical American household with four wireless phones paying $100 per month for taxable wireless *service* can expect to pay about $229 per year in wireless ...

10 things you probably didn't know you could deduct on your taxes Business InsiderWhat deductions are you missing when filing your tax return? Here are 10 that are often overlooked ahead of tax day 2019.

Travel and taxes are a bad combo - One Man's Meat The Star OnlineWhen holidaymakers have to pay more charges than they think they should, the aviation and tourism sectors may encounter turbulence.

Delhi govt unearths Rs 262 crore cyber-tax fraud: Manish Sisodia Moneycontrol.comSisodia said that the Trade and Taxes Department has registered a complaint with the Delhi Police's Economic Office Wing (EOW) for registration of FIRs into the ...

Tax on free services: PMO set to wade into ₹40,000 cr spat between banks, revenue dept BusinessLineThe RBI has extended the timeline to meet this last leg of CCB requirement—another 0.625 per cent by March 2019. - REUTERS ...

Who can deduct property taxes for this house? NJ.comYou can only take the deduction for property taxes under certain circumstances.

Lebanon underpaid school districts $3.1 million in tax money Dayton Daily NewsThe City of Lebanon underpaid two local school districts $3.1 million in property taxes collected through taxing districts established to help pay for roads and ...

"Positive Impact Of Notesban": High Growth Rate Highlight Of Tax Report NDTVThe Income Tax Department has mopped up over half the kitty of the targeted direct tax revenue for this fiscal -- at more than Rs 6.63 lakh crore -- riding at a ...

Climate change: Protecting the poor from green taxes BBC NewsAs President Macron caved into the yellow vest fuel tax protests, President Trump was triumphant. The French humiliation showed people rejected the sort of ...

California considering text message tax – but iMessages would be exempt 9to5MacCalifornia is considering introducing a tax on text messages. The reason? Because nobody makes phone calls any more. While you might not be aware ...

FCC panel wants to tax Internet-using businesses and give the money to ISPs Ars TechnicaAt AT&T's urging, committee proposes tax on websites to pay for rural broadband.

US State of Ohio Accepts Bitcoin for 23 Types of Taxes Bitcoin NewsThe U.S. state of Ohio has set up a cryptocurrency payment portal and reportedly starts accepting payments in bitcoin for 23 types of taxes this week. “Ohio has ...

Inslee’s big tax plan: Even Democratic lawmakers aren’t all on board The Seattle TimesWhile many say they support his ambitious budget proposal, Washington's Democratic lawmakers Friday gave mixed reviews of Gov. Jay Inslee's $3.7 billion tax ...

Feds Collect Record Taxes Through November; Still Run $305.4B Deficit CNSNews.com(CNSNews.com) - The federal government collected record total tax revenues of $458,653,000,000 in October and November, the first two months of fiscal 2019, ...

Roanoke's treasurer taking a tougher approach to delinquent meals taxes Roanoke TimesTwo Roanoke restaurateurs are facing embezzlement charges for failing to pay more than $30000 in meals taxes to the city.

Water rates rise but no property tax increase in Linesville borough Meadville TribuneLINESVILLE — Property owners in Linesville will not see an increase in property taxes in 2019, but residents in the borough and in Pine Township will see an ...

Ten companies pay 45% of all corporate tax in Australia The GuardianCorporate tax increased by 20% between 2015-16 and 2016-17, rising $7.5bn to $45.7bn, driven by surging commodity prices.

Panel to overhaul, simplify Direct Tax laws to submit report by Feb 28 Economic TimesThe finance ministry Monday said the task force to draft a new direct tax law to replace the existing Income Tax Act will submit its report by February 28.

'Tax Liens' Mean Towns Win, Homeowners Lose NPRWhen homeowners can't, or won't, pay their property taxes, local governments auction off the right to pay those taxes to private companies. Housing advocates ...

'No tax benefit on house sale if new flat is in wife's name' Times of IndiaIndia Business News: The Income-Tax Appellate Tribunal (ITAT)'s Mumbai bench recently denied a taxpayer I-T benefits available when long-term capital gains ...

How to save tax on capital gains arising from selling a house Economic TimesMy 71-year-old father had purchased a house in 1972 for Rs 1,000. Now he is planning to sell it for Rs 28 lakh. What will be his capital gains tax liability?

Leaving an IRA to a loved one? How to avoid a tax bomb CNBCYou wouldn't trust your toddler with a pile of cash, right? Well, this estate-planning technique may allow you to safely pass your IRA on to future generations — if ...

Trump family tax schemes artificially inflated New York rents: NYT Vox.comTenants in Brooklyn and Queens are still paying the costs of a 1990s scheme to inflate building improvement costs, the New York Times found.

India-China amends double taxation avoidance treaty Economic TimesBesides minimum standards, the Protocol brings in changes as per BEPS Action reports as agreed upon by the two sides, the ministry added.

Why only 2% of Chinese pay any income tax The EconomistOF COURSE NOT, I'm not an idiot,” says Liu Yongli, a chauffeur in Beijing, when asked whether he has ever paid personal income tax. Despite earning well ...

Central govt staff can now save tax via NPS with only 3-year lock-in Economic TimesSubstantially reducing the lock in for availing section 80C tax benefit on NPS investment the government has brought it on par with one of the most popular tax ...

More Property Tax, Health Plans Part Of Proposed Delhi Civic Body Budget NDTV NewsHike in property tax, levying of professional and betterment taxes, and plans for a health scheme on the lines of Ayushman Bharat for Class IV employees were ...

Tax office suggests Labor bills were essential to BHP's $500m settlement The GuardianChris Jordan confirms dispute between BHP and ATO successfully prosecuted with bills introduced by Wayne Swan.

Scotland freezes threshold for higher-rate income tax The GuardianScottish finance secretary to freeze threshold for higher-rate income tax at £43431 to help finance cuts for least well-off.

France’s protesters are part of a global backlash against climate-change taxes Washington PostThe single most effective weapon in the fight against climate change is the tax code — imposing costs on those who emit greenhouse gases, economists say.

How senior citizens can avail tax break on interest income under Sec 80TTB Economic TimesBudget 2018 introduced a new section, 80TTB, under the Income Tax Act which allows senior citizens to claim tax break on specified interest income up to Rs ...

Good jump! Corporate tax collection up 18 per cent in April-November, fastest in five years The Financial ExpressCorporate tax collection grew an impressive 18.3% in April-November of FY19, the fastest pace in at least the last five years.

Taxman starts questioning & issuing notices to BPOs Economic TimesIndustry trackers fear that more and more companies may now be issued notices and questioned.

What Are the 2019 Tax Brackets? Motley FoolHere's a look at the tax brackets for 2019 and what they could mean to you.

Thousands in France protesting gas taxes and President Macron Vox.comThousands of protesters in Paris and elsewhere in France demonstrate against rising fuel prices and Macron's economic policies.

Income Tax Return (ITR) filing: No need to generate slip! From bank ATM to Aadhaar, 5 steps to tax redempti... Zee BusinessIncome tax return (ITR) filing: Taxes form a major part of the outgo for any salaried employee. However, not everyone has to pay taxes and file for Income Tax ...

House Democrats to seek Trump tax returns: Pelosi ReutersDemocratic leader Nancy Pelosi said on Thursday that members of congress from her party will seek to obtain President Donald Trump's tax returns when they ...

3rd instalment of advance tax due on 15 December LivemintThe third instalment of advance tax for the financial year is due on 15 December; 75% of advance tax liability has to be paid by this date. Evaluate your advance ...

Gov. Inslee proposes $54.4B state budget with new tax on capital gains The Seattle TimesGov. Jay Inslee's $54.4 billion proposed state operating budget represents a roughly 20 percent increase from the existing budget.

California proposes a plan to tax text messages CNNSan Francisco (CNN Business) California regulators want to tax text messages to increase funds for programs that bring connectivity to underserved residents.

On The Clipped Wings Of Angel Tax Inc42 MediaInsights into recent rulings of the Income Tax Appellate Tribunal and the potential impact on the dreaded angel tax for Indian Startups.

The Golden Age of Rich People Not Paying Their Taxes The AtlanticAn eight-year campaign to slash the IRS's budget has left the agency understaffed, hamstrung, and operating with archaic equipment. The result: a ...

Paris Is Burning Over Climate Change Taxes -- Is America Next? ForbesThe bottom line is this: economic freedom—the kind you get with a large middle class—leads to prosperity, economic growth, and technological innovation.

Partial win for Dartmouth developer in bid to reduce property taxes CBC.caThe owner of the King's Wharf redevelopment in Dartmouth, N.S., will save some money on property taxes after a ruling by the Nova Scotia Utility and Review ...

Which states have the lowest sales tax, ranked Business InsiderDepending on where you live, state and local sales taxes will increase how much money you're paying at the register.

Tax savers start hunting for best ELSS ahead of tax-saving season Economic TimesTraditionally, January to March is known as the tax-saving season. However, the season has already started in December ahead of the tax season next year.

APNewsBreak: Champion Red Sox owe nearly $12M in luxury tax ABC 4NEW YORK (AP) - Boston should be happy to pay this tax bill. The World Series champion Red Sox owe $11951091 in luxury tax for having baseball's top ...

Taxpayers Alert! Have you filed your income tax? Remember these deadline nears; know from TDS, TCS to chall... Zee BusinessAlthough one would not like to share their income and income from other sources with authorities, however, it comes as a helping hand for government in ...

Five ways to e-verify your ITR Economic TimesFind out the various easy, secure and quick ways to verify your income tax returns (ITR).

How single folks should handle estate-tax planning under the new tax law MarketWatchThe hugely increased estate and gift tax exemption is indeed a tax cut for the rich.

FBI Raids Trump's Former Chicago Tax Attorney Who Saved the President $14 Million in Property Taxes FortuneThe FBI raided the offices of Trump's former Chicago tax attorney, who obtained millions in assessment relief for the Trump Organization.

Oregon lawmakers get a taste of possible tax hikes in 2019 OregonLive.comBusiness begins for the day on the floor of the Oregon House of Representatives on May 14, 2015 at the Capitol in Salem. Randy L. Rasmussen/Staff LC- The ...

Income Tax made easy: PAN card in 4 hours, pre-filled I-T forms on the anvil Business TodayThe tax department is looking to introduce technology and automation based reforms to make tax return filing easier. Taxpayers could soon get PAN cards in just ...

Top five tax-saving bank FD rates Economic TimesTax-saving fixed deposits (FD) are one of the most popular investment avenues in the section 80C basket of financial instruments. To save tax, many people use ...

UBS report: Many Americans should expect bigger tax refunds in 2019 Business InsiderThe new GOP tax law went into effect at the start of 2018, and a UBS analysis suggests it could have a big impact on federal tax refund checks.

How Trump's (Private) Tax Returns Could Become Public: QuickTake BloombergThough candidates for the U.S. presidency aren't required by law to show voters their tax returns, they almost always do so as a gesture of personal disclosure.

Avoidance of double taxation treaty between India, HKSAR comes into effect Economic TimesThe agreement between India and the Hong Kong Special Administrative Region (HKSAR) of People's Republic of China for the Avoidance of Double Taxation ...

How long do you have to keep your income tax related documents? Economic TimesDocuments such as rent receipts, section 80C tax saving documents etc. which prove the claims made by you in your tax-return are advised to be kept safely.

Five tax questions to consider about investment property Independent OnlinePeople frequently make decisions regarding property investments without a full understanding of the tax implications involved.

2005 Ford Escape Hybrid Certified For Clean-Fuel Deduction

Tax Tax