Juridical 2 U
Home  |  About  |  Articles  |  Reports  |  Links  |  Site Map    
Welcome to Juridical 2 U!
Insurance Articles
•
•
•
•

Home
:: About Us
:: Contact Us
:: Article
:: Reports
:: Links
:: Site Map

Related Links

Goods In Transit Insurance

Narrowboat Insurance

Speed Boat Insurance

Dock Seals

Jet Ski Insurance
2005 Ford Escape Hybrid Certified For Clean-Fuel Deduction
By Richard Chapo


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.

For more information about this article and/or the author visit http://www.businesstaxrecovery.com

For more information, news and articles see:

Marina Insurance - Marina Insurance
...a number of different policy wordings from a variety of companies, this is a guide is to help you decide what sort of policy would suit you more and give you the exact cover you need. You have to look...
Visit Marina Insurance...

Payment Protection Insurance - Payment Protection Insurance
...l concern for many people regarding the security of their job with the threat of being made redundant ever increasing. The biggest fear for many is that they may struggle meet mortgage payments or pay...
Visit Payment Protection Insurance...

Courier Insurance - Courier Insurance
...g such document or parcels can mean huge losses for some people. Therefore,Courier Insurance has become an important consideration for any one using mailing services. It is not uncommon for people to ...
Visit Courier Insurance...

Jet Ski Insurance - Jet Ski Insurance
...any makes and models that frequent numerous Jet Ski Insurance water centres. Taking to the wet stuff on your powerful jet ski will be an exhilarating experience and you`ll Jet Ski Insurance want to b...
Visit Jet Ski Insurance...

Dock Levellers - Dock Levellers
...loading docks that you can place your vehicles near for loading and unloading your various goods. Our levellers are extremely strong and durable, and are made to handle your vehicle with ease. You are...
Visit Dock Levellers...

Loading Bay Equipment - Loading Bay Equipment
...r a variety of Loading Bay Equipment for our clients. With this equipment, you are able to load and unload all your merchandise with great ease and efficiency. We provide high quality equipment which ...
Visit Loading Bay Equipment...

Car Gap Insurance - Car Gap Insurance
...insurance until recently. I suppose unless you buy a car on finance you might not know about such policies. As I understand it the car gap insurance covers you in the event of a car being stolen and...
Visit Car Gap Insurance...

Hgv Courier Insurance - Hgv Courier Insurance
...u would normally purchase for a delivery business. So there are now insurers who specialise specifically in more complex insurance policys, they are experts in business insurance; therefore they will ...
Visit Hgv Courier Insurance...

Gap Insurance - Gap Insurance
...t all be familiar with car insurance but how many people know what gap insurance is? I know that I had never heard about this type of insurance before until it was brought to my attention recently. ...
Visit Gap Insurance...

Ppi Claims - Ppi Claims
...lt pressured into taking out payment protection insurance on your loan. The representative from the bank seemed to bamboozle you with facts and figures and to be honest; you didn`t quite understand w...
Visit Ppi Claims...
Click For More Detailed Information on:
Home  |  About Us  |  Contact Us  |  Articles  |  Special Reports  |  Links  |  Site Map
Copyright © 2003-2010. All Rights Reserved.


Valid CSS!