![]() | |
![]() | |
![]() |
Taxes Information |
|
![]() |
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.
MORE RESOURCES: Kansas House advances 'nice guy' flat tax proposal to change income, property tax rates Kansas Reflector North Dakota to exempt military pay from income taxes Military Times North Dakota to exempt military pay from income taxes CBS Minnesota
Tax Loopholes For 2023 Yahoo Finance Alternative minimum tax changes will make it harder for high-income earners to avoid paying taxes Financial Post How to avoid paying capital gains taxes on investments Yahoo Finance Could Direct Indexing Lower Your Taxes? Morningstar Controversial Capital Gains Tax Upheld in Washington Kiplinger's Personal Finance Bill eliminating tampon, diaper sales taxes OK'd by Texas House The Texas Tribune FACT SHEET: Extreme MAGA Congressional Republicans Propose ... The White House Here's how undocumented Minnesotans can file their taxes Sahan Journal Pappas: Cook County property taxes due April 3 PR Newswire Mayor: 6 UPMC properties not paying 'fair share' in taxes Becker's Hospital Review Taxes 2023: How To Prepare For a Disappointing Refund GOBankingRates State income taxes: Everything you need to know Fox Business Tax season 2023: These are the places where state taxes are not ... Washington Examiner How to Use IRS Free File for Your Taxes: a Step-by-Step Guide NBC 6 South Florida Taxes could toss sand in gears of Georgia governor's drive to ... Georgia Recorder California bid to block local sugary beverage taxes loses fizz on ... Courthouse News Service Ilitch, Ross move forward with tax breaks for $1.5B District Detroit plan Detroit Free Press How a 529 plan affects your taxes Yahoo Finance Are Taxes Really Lower in California than in Texas? Cato Institute Austin warns utility legislation would cause taxes to go up Austin Monitor Tax season 2023: IRS warns of questionable tax preparers ahead of ... Washington Examiner Kansas City voters to decide on adding local taxes for weed, short term rentals like Airbnbs Kansas City Star How burdensome are New Mexico’s taxes? KRQE News 13 Opinion | Now's the time to repeal the grocery tax in Alabama Alabama Political Reporter Senate recreational cannabis bill differs from House bill over taxes WBAL TV Baltimore Higher taxes for Giants? Court says ballpark has to be reassessed ... San Francisco Chronicle School choice, property taxes, election changes all added to fray at ... KLAS - 8 News Now How student loans impact your taxes Yahoo Finance Taxes are due April 18 and these volunteers help RI residents file for ... The Providence Journal CT property owners could see higher taxes even with a cut in the ... Hartford Courant Owner of Covina Employment Staffing Company Sentenced to 2 ... Department of Justice Election 2023: How should Woodstock handle property taxes ... Shaw Local News Network The Legislature's non-sensical approach to taxes Las Cruces Sun-News Yes, to qualify for Georgia's surplus payments, you have to have paid taxes in 2021 11Alive.com WXIA Tax Collector Announces Fourth Quarter Taxes Due: April 1, 2023 ... Westport, CT (.gov) How this year's tax season will affect Arizonans ASU News Now Lots on taxes after transmittal The Havre Daily News Texas Senate approves $16.5 billion for property tax cuts The Texas Tribune Still Haven't Filed Your Taxes? Here Are Some Important Tips NBC 10 Philadelphia More Time to File State Taxes for Californians Impacted by ... Office of Governor Gavin Newsom Minnesota's tax code should be based on ability to pay, not year of ... Minnesota Reformer Where Do Property Taxes Bite (and Where Do They Nibble)? The New York Times How to File Taxes for Free Without TurboTax ProPublica Where Is My Tax Refund? ProPublica How to claim your Montana tax rebates Montana Free Press Long-Term Care Planning vs. Taxes: Finding a Healthy Balance Kiplinger's Personal Finance Life's Certainties: Death, Taxes and Bailouts - WSJ The Wall Street Journal Biden's $6.8 Trillion Budget Proposes New Social Programs and ... The New York Times IRS and State Move Spring Tax Deadline to Oct. 16 for Most ... CPAPracticeAdvisor.com Climate Change Prompts Proposed Property Tax HIkes Kiplinger's Personal Finance Tax Relief for Californians Impacted by Storms | California Governor Office of Governor Gavin Newsom Motor fuel and highway diesel motor fuel tax suspension ending Department of Taxation and Finance Young Child Tax Credit | FTB.ca.gov Franchise Tax Board Cut Taxes, Invest in Our Kids | Office of Governor Jim Pillen Governor Pete Ricketts When Are Taxes Due in 2023? — ProPublica ProPublica 2022 Personal Income Tax Booklet | California Forms & Instructions ... Franchise Tax Board |
![]() |
![]() |
![]() |
RELATED ARTICLES
Military Reservists, Enlistees May Get Deferral of Back Taxes Reservists called to active duty and enlistees in the armed forces may qualify for a deferral of taxes owed if they can show that their ability to pay taxes was affected by their military service.The deferral covers active duty members of the military services - Army, Navy, Air Force, Marine Corps and Coast Guard - and commissioned officers of the uniformed services - Public Health Service and the National Oceanic and Atmospheric Administration. Tax Secrets - How Drew Miles Helped Me How about a Tax Tip?As we all know Taxes are a necessary evil. While none of us like paying taxes there are many strategists out there that can make your life a lot easier when that dreaded day arrives. Furnishing Evidence in E-Tax Compliance Self-assessment relies on taxpayers voluntarily meeting their tax obligations. This concept is recognised in all tax statutes, which sets out taxpayers' primary obligations, and clearly spells out that taxpayers are required to determine the amount of tax payable correctly and to pay it on time. What to Do If You Can't Pay Your Taxes The end of tax filing extensions is quickly approaching. What do you do if you can't pay the amounts you owe? You should still file your return by the due date and pay as much as you can. The Implications of Income Tax Charge on Estate Planning OverviewIn the Pre-Budget Report of December 2003 the Chancellor Gordon Brown announced proposals to levy an Income Tax charge from 6th April 2005 in those circumstances where the transferor of an asset retains and interest or continues to benefit from that asset. In the instance of real property, the 'benefit' envisaged is the transferor continuing to reside in the property he/she has allegedly given away. Where to Find Tax Breaks for Your Home Based Business April 15th looms in front of most people every year like a big, full moon full influencing a tax based frenzy, but knowing where to find tax breaks for your home based business can make that frenzy a little less frantic and more beneficial to you and your home based business. Finding tax breaks for your home based business is not overly difficult, but make sure you discuss tax breaks for your home based business with the person doing your taxes. What You Need To Know About Taxes If You're Getting Married It may not be high on the list of wedding planning activities, but there are a few simple steps that can help keep tax issues from interrupting your newly wedded bliss. If you recently married, check out your new tax situation. 10 Thoughts on Tax Offer in Compromise Beware of advertisements that claim to settle tax debts for "pennies on the dollar". Check the Offer In Compromise requirements to see if it is right for you. Understanding Marketing Tax Deductions Marketing is a necessary expense in running practically any business and the IRS acknowledges as much. You may run advertisements on or in the Internet, radio, television, magazines, newspapers and other media to sell your products or services. Are You An Innocent Victim of These Popular Myths? Misconceptions, misinterpretations and just plain "untruths" are floating about income taxes. Believing them could be costing thousands of tax dollars!Myth: A Professional Tax Preparer knows all there is to know about taxes so you don't have to know anything them. Need an Offshore Sales Office in a Tax Free Environment? The 100 year old investment-banking firm of Warburg, Dillon Read (on Park Ave. N. Small Businesses: Company Car Vs. Personal Mileage Reimbursement In Hurricane Katrinas Wake With gas prices at an all time high before Hurricane Katrina left her mark on our nation, most Americans were hoping that gas prices would settle down once summer passed. But gas prices have jumped as much as 80 cents a gallon across the country once Hurricane Katrina destroyed the Gulf Coast and impacted all of our lives. History Of The Federal Income Tax The powers of Congress, and the limitations set upon those powers, are set forth in Article I of the United States Constitution. Section 8 specifies both the power to collect, "Taxes, Duties, Imposts and Excises," and the requirement that, "Duties, Imposts and Excises shall be uniform throughout the United States. Tax Time Tune Up Excerpted from the new book, "How to Do Space Age Work with a Stone Age Brain" TMThe complete article with pictures and sample Auto Log is available at www.organize. Amending Procedural Laws for Collection of E-taxation The electronic transaction ordinance defines the certificated copies in which are to be presented for adjudication. Where any law requires or permits the production of certified copies of any records, such requirement or permission shall extend to print outs or other forms of display of electronic documents where, in addition to fulfillment of the requirements as may be specified in such law relating to certification, it is verified in the manner laid down by the appropriate authority. Estate Taxes - It Pays to Plan Ahead Estate taxes. It's not enough to simply know they exist, and to know strategies to minimize them. Six Urban Myths About Taxation Six Urban Myths - Taxation"I am proud to be paying taxes? I could be just as proud for half the money." - Arthur Godfrey Temporary Taxation in Canada In 1917, the Income War Tax Act (7-8 George V, Chap. Tax Trap #1 -- Waiting to Incorporate: What A Difference A Date Can Make NOTE: This is the first in a series of 5 articles:"Small Business Tax Traps and How To Avoid Them"If you're a sole proprietor, perhaps you've consideredincorporating your small business or self-employmentactivity.And so maybe you've been wondering,"When is the best time to incorporate?"From a legal standpoint, any time is the best time. Know A Tax Cheat? Get Paid To Tell The IRS According to the IRS, taxpayers underpay their taxes by some $300 billion. If you know someone that is contributing to that deficit, the IRS may be willing to pay you up to $10 million for the information you provide. Fiscal Deity: Tax Consultant Strategic planning throughout the year results in a minimal tax balance. The objective of planning your tax payables is not to prevent paying taxes, it is to pay no more than your fair share of taxes, and keep your money where it earns you the most. ![]() |
home | site map |
© 2006 |