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Irs Certifies 2006 Toyota Hybrid For Clean Fuel Deduction
by: Richard A. Chapo, Tue Dec 6th
The Internal Revenue Service has certified the 2006 ToyotaHighlander Hybrid as being eligible for the clean-burning fueldeduction. This certification means that taxpayers who purchaseone of these hybrid vehicles new during calendar year 2005 mayclaim a tax deduction of up to $2000 on Form 1040. Under Working Families Relief Act of 2004, which was signed intolaw in October of 2004, the clean-burning fuel deduction islimited to up to $2,000 for certified vehicles first put intoservice 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 theincremental cost of buying a motor vehicle that is propelled bya clean-burning fuel. By combining an electric motor with agasoline-powered engine, these hybrid vehicles obtain greaterfuel efficiency and produce fewer emissions than similarvehicles powered solely by conventional gasoline-powered engines.
This one-time deduction must be taken in the year the vehicle isoriginally used. The taxpayer must be the original owner.Individuals do not have to itemize deductions on their taxreturn to claim this deduction. This benefit can be taken as anadjustment to income on the Form 1040. The amount of the deduction for the Toyota Highlander Hybrid wasset after the manufacturer, Toyota Motor Sales, U.S.A., Inc.documented for the IRS the incremental cost related to thevehicle’s electric motor and related equipment. A $2,000 tax deduction? I’m off to my local Toyota dealer! About the author:Richard Chapo is CEO of Business TaxRecovery - Obtaining tax refunds for smallbusinesses for overpaid taxes. Discovery tax strategies anddeductions in our tax articlessection.
SumoBrain: Big, Powerful, Smart Patent Searching for Power Users -- A Free Service Targeting Inventors, Attorneys & Corporate Types
SumoBrain (http://www.sumobrain.com), launched summer of 2008, offers an alternative to patent search pay services. As a complement to the hugely popular FreePatentsOnline (http://www.freepatentsonline.com), SumoBrain provides higher account limits and bulk PDF capabilities. Its architecture is designed for future deployment of high-end features targeting intellectual property professionals, attorneys, and corporate users. (PRWeb Oct 10, 2008)
Read the full story at http://www.prweb.com/releases/patents_online/power_users/prweb1458004.htm ]]>
Drivers Warned to Watch out for 'Podestrians' by Swinton Insurance
Podestrians (that's pedestrians with iPods) trigger rise in road accidents by failing to hear cars (PRWeb Oct 9, 2008)
Read the full story at http://www.prweb.com/releases/car_insurance/ipod/prweb1446234.htm ]]>
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