Deprecated: mysql_connect(): The mysql extension is deprecated and will be removed in the future: use mysqli or PDO instead in /home/a26f9f83/public_html/articles/includes/config.php on line 159
2005 Ford Escape Hybrid Certified For Clean-Fuel Deduction > NetSparsh - Viral Content you Love & Share

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:

This RSS feed URL is deprecated, please update. New URLs can be found in the footers at https://news.google.com/news

USA TODAY

Here's why your Social Security taxes might go up in 2019: A Foolish Take
USA TODAY
The money for those benefits has to come from somewhere, and most of it gets taken out of paychecks in the form of Social Security payroll taxes. Most workers pay 6.2 percent of their pay in taxes to Social Security, and their employers pay a matching ...

and more »

CNBC

Happy 100th birthday! Here's why you could end up with surprise taxes
CNBC
Uncle Sam has a birthday gift for certain people who make it to 100: A tax bill. This applies to those who purchased so-called permanent life insurance to address complex financial planning needs, including estate planning. These contracts come with a ...


Money Magazine

Here's What You'll Pay in Taxes When You Win the $1.6 Billion Mega Millions Jackpot
Money Magazine
Whoever wins the record-breaking $1.6 billion Mega Millions jackpot is in for a huge payday. And so is the tax man. The Mega Millions drawing, which breaks the previous 2016 record as the highest lottery jackpot in U.S. history, will take place Tuesday.
$1.6 Billion Lottery Winner Will Face Huge Taxes, Possible LawsuitsForbes
Mega Taxes for a Mega Millions Jackpot WinWFUV News
Mega Millions players would spend $1.6B on bills, charityAssociated Press

all 839 news articles »

New York Times

Trump Is Not Going to Cut Middle-Class Taxes This Year, Despite What He Says
New York Times
As part of his closing argument ahead of the Nov. 6 midterm elections, President Trump has been promising that Congress is about to cut taxes for the middle class. It isn't. Here he was in a rally Monday night in Texas, detailing a cut that no one on ...
Here's an estimate of how much Trump's 10% tax cut would costMarketWatch
Trump promises to unveil 'resolution' for middle-class tax cut in midterm messaging moveWashington Post
Trump wants new middle-class tax cut 'of about 10 percent'Politico
Washington Examiner -CNN -AOL
all 693 news articles »

Bloomberg

US Corporate Taxes Went From Low to Lower
Bloomberg
In that spirit, U.S. companies have long paid less than their advertised tax rate, which could impact how they react to America's new tax law. A Federal Reserve Bank of New York analysis of past and future corporate tax rates is the lead item in this ...


Post Register

Economic study finds that poor Idahoans pay more state and local taxes than rich ones
Post Register
A new study on tax inequity found that the poorest Idahoans paid more in state and local taxes than the state's richest residents. The 20 percent of families in Idaho who made the least money paid around 9.2 percent in taxes, while the highest-earning ...


Forbes

The Gift Tax Return Trap And How To Avoid It
Forbes
For 2018, each individual can exempt up to $11,180,000 of property from estate and gift taxes. Married couples potentially can exclude twice that amount. There's also the annual gift tax exclusion amount, which is $15,000 for 2018. You can make gifts ...

and more »

ActionNewsJax.com

Mega Millions: How much money will you actually get if you win the jackpot?
ActionNewsJax.com
State tax rates vary. If you live in North Dakota, your state tax rate for lottery winnings is 2.9 percent. That means if you take the lump sum and the federal and state government both get their shares, you are left with $661,481,900. If you live in ...
Mega Millions $1.6 Billion Jackpot Also Comes With a Mega Millions Tax BillFortune
Here's the tax bite on $1.6 billion Mega Millions and $620 million Powerball jackpotsCNBC
Mega Millions Payout: Calculate How Much You Will Win Now & After Tax [October 23]Heavy.com
New York Daily News -INFORUM -Associated Press -Associated Press
all 3,611 news articles »

ABC27

Push to end school property taxes
ABC27
HARRISBURG, Pa. (WHTM) - "No tax should ever have the power to leave anyone homeless." But that's exactly what Ron Boltz, President of the Pennsylvania Liberty Alliance says Pennsylvania's school property tax does. "Many of our seniors had to give up ...
Give up property taxes and be taxed more individually?YourErie
30000 call for killing school property taxes in Pa. once and for allPennLive.com
New plan to kill school property taxes emerging at CapitolSunbury Daily Item
WTAJ - www.wearecentralpa.com -WKBN.com
all 6 news articles »

MyAJC

GOP ad hits Abrams on health care and taxes, but doesn't back it up
MyAJC
State Republicans are sharpening their attacks on Democratic gubernatorial nominee Stacey Abrams in a new television ad accusing her of plotting a government takeover of health care, planning an across-the-board tax increase, and advocating welfare and ...

and more »
Google News

Tax Strategy - Let Washington Pay for Your Corvette, Porsche, or Air Plane

Deducting Your Auto ExpensesAuto deductions are a very complex topic.... Read More

1031 Exchange Rules and Requirements

Following is a reproduction of the IRS's rules and requirements... Read More

How To Get An Extension To File Your Business Tax Returns

Yes, the tax season is upon with the first filing... Read More

Send Your Kids To Summer Camp and Write It Off

If you paid someone to care for a child so... Read More

Tax Audits: What Signs Make You More Likely to be Audited by the IRS?

It's a major fear for most Americans: A notice from... Read More

To Tax or Not to Tax - This is the Question

To tax or not to tax - this question could... Read More

Employment Taxes ? What Are They?

If you have employees, you are responsible for paying a... Read More

IRS Offer-in-Compromise, Hype or Hope?

"Settle for Pennies on the Dollar! IRS debts settled for... Read More

Six Urban Myths About Taxation

Six Urban Myths ? Taxation"I am proud to be paying... Read More

Taxation of Isle of Man Companies from April 2006

At the present time a company incorporated in the Isle... Read More

How Likely Are You To Be Audited?

Statistics for IndividualsUnfortunately, the IRS increased its rate of auditing... Read More

Electronic Commerce Taxation and Pakistan

Assume a buyer in Pakistan downloads software from the Internet... Read More

Business Tax Deductions

As we enter mid-March, taxpayers begin to become very interested... Read More

Some Folks Pay A Lot Less Tax Than Others On Very Same Income?Did You Pay Too Much Tax In 2004?

Someone once remarked, "Next to being shot at and missed,... Read More

Back To School ? Educators Deduct School Expenses

As teachers and students head back to school following a... Read More

Are You Overpaying Taxes If You Use Tax Preparation Software?

For many business owners the answer to this quandary is... Read More

IRS Certifies 2006 Toyota Hybrid for Clean Fuel Deduction

The Internal Revenue Service has certified the 2006 Toyota Highlander... Read More

Another Tax Loophole

Just image, you are a small manufacturing company, business has... Read More

Tax Investigation - What You Need To Do

The knock on the door from a Tax Inspector is... Read More

About Income Taxes; Tidbits

1812The first attempt to impose an income tax on America... Read More

Fraudulent Tax Shelters ? KMPG Goes Down Hard

In the largest criminal tax case ever filed, KMPG has... Read More

Getting A Second Extension to File 2004 Taxes

Millions of people file tax return extensions every year. The... Read More

Rental Property Tax Deductions

Own residential rental properties? This article discusses how income from... Read More

The Internet Tax Man Cometh

Q: I was contacted by the city tax collector to... Read More

Correspondence From The IRS ? Yikes!

It's a moment every person dreads. You pick up the... Read More