|
|
|
|
|
|
|
|
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.
Reducing Taxes Through Dividend-Salary Mix Calculations
Should I take wages or dividends from my privately owned... Read More
Tax Trap #4 -- The Quagmire of Depreciation
If you are a Small Business Owner or Self-Employed Person,... Read More
Your IRS Tax Appeal Rights
Are you in the middle of a disagreement with the... Read More
The Internet Tax Man Cometh
Q: I was contacted by the city tax collector to... Read More
Identity Theft ? Impacting Your Taxes?
If your identity is stolen, your finances can quickly become... Read More
Insider Guides to IRS Audits!
Ever wish that, as a business owner, you knew exactly... Read More
Keeping Your Own Money ? NOT Handing It Over To The Taxman
Most people trying to make a crust online (or offline... Read More
Back To School ? Educators Deduct School Expenses
As teachers and students head back to school following a... Read More
How To Get An Instant Pay Raise
As a gentleman was leaving my class recently, he wanted... Read More
How To Claim CHILD TAX CREDIT The Right Way And Add An Extra $2,000 To Your Refund
The U.S. Department of Agriculture estimates that it costs nearly... Read More
Tax Jokes and Quotes
Do you realize that some tax forms ask you to... Read More
Tax Tips for Home-Based Business Owners
As tax time approaches, many home-based business owners begin completing... Read More
Hurricane Katrina ? How To Use Your Business Loss To Get A Refund on 2004 Taxes
With the massive losses caused by Katrina, the economy of... Read More
Income Tax Returns Your Accountant Should Not File
You've been feeling uneasy (perhaps even guilty) because you've failed... Read More
Tax Time Tune Up
Excerpted from the new book, "How to Do Space Age... Read More
IRS Reports Tax Gap of $300 Billion
The Internal Revenue Service is reporting that the difference between... Read More
Uncle Sam is Ready...Are You? Organizing Tips for Tax Time
Anyone who is closely related to an accountant knows that... Read More
Taxing Overseas Firms for SOX Compliance
The Sarbanes-Oxley Act, also called the Public Company Accounting Reform... Read More
The Implications of Income Tax Charge on Estate Planning
OverviewIn the Pre-Budget Report of December 2003 the Chancellor Gordon... Read More
Get Uncle Sam To Pay $36,000 For Your Childs Education!
Let's assume that you would like to begin saving for... Read More
How Likely Are You To Be Audited?
Statistics for IndividualsUnfortunately, the IRS increased its rate of auditing... Read More
Tax Trap #2 -- Double Taxation: Isnt Once Enough?
Have you been thinking about incorporating your small business or... Read More
Where to Find Tax Breaks for Your Home Based Business
April 15th looms in front of most people every year... Read More
IRS Obtains More Than 100 Injunctions Against Tax Scheme Promoters
The IRS has obtained civil injunctions against more than 100... Read More
Small Businesses: Company Car Vs. Personal Mileage Reimbursement In Hurricane Katrinas Wake
With gas prices at an all time high before Hurricane... Read More
The Annual Gift Tax Exclusion: Getting The Edge
Whether helping the kids with a down payment on their... Read More
Tax Jokes and Quotes
Do you realize that some tax forms ask you to... Read More
IRS Lock-In Letters ? What?s An Employer To Do?
Employers often ask employees to designate the amount of tax... Read More
Tax Records - What You Should Keep And For How Long
Many taxpayers are confused about how long they should keep... Read More
Need a Copy of Your Tax Return Information?
Taxpayers have two easy and convenient options for getting copies... Read More
Taxing Overseas Firms for SOX Compliance
The Sarbanes-Oxley Act, also called the Public Company Accounting Reform... Read More
Euro Tax Haven Threat
Media reporting of a new EU savings tax directive has... Read More
Seven Key Tax Deductions for the Self Employed
As a sole proprietor, it's wise to familiarize yourself with... Read More
Small Businesses Filing Amended Federal Tax Returns to Recover Money
Small Businesses Filing Amended Federal Tax Returns to... Read More
Complaince of Tax Return in Electronic Commerce Taxation
Emerging Legal issues of Tax compliance of e-business Self-assessment system... Read More
Employment Taxes ? What Are They?
If you have employees, you are responsible for paying a... Read More
Small Business Tax Credit - Americans with Disabilities Act
Many small businesses complain when confronted with the expense of... 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
10 Tax Tips to Reduce Costs and Increase Income
No one likes paying tax. Everyone understands that tax is... Read More
Tax Secrets - How Drew Miles Helped Me
How about a Tax Tip?As we all know Taxes are... Read More
Insider Guides to IRS Audits!
Ever wish that, as a business owner, you knew exactly... Read More
What to Do If You Can?t Pay Your Taxes
The end of tax filing extensions is quickly approaching. What... Read More
What Is Tax Law?
The federal tax code is complex. This complexity generally arises... Read More
Employment Taxes ? Depositing With The IRS
If your business has employees, you must pay employment taxes.... Read More
History Of The Federal Income Tax
The powers of Congress, and the limitations set upon those... Read More
Marriage or Divorce ? Check Your Social Security Number
Newlyweds and the recently divorced should make sure that names... Read More
How Likely Are You To Be Audited?
Statistics for IndividualsUnfortunately, the IRS increased its rate of auditing... Read More
Are You Overpaying Taxes If You Use Tax Preparation Software?
For many business owners the answer to this quandary is... Read More
Send Your Kids To Summer Camp and Write It Off
If you paid someone to care for a child so... Read More
Requirements To Produce Tax Information (Whats Up With That?)
"What we've got here is a failure to communicate." ... Read More
Tax Tax |