Whoa, heavy, man. The 5,441-pound Tesla Model X will be eligible for a massive $25,000-tax deduction from the IRS, if you own your own business.
When gas prices rose in 2008, one of the few bits of good news was that the federal government was bumping up the business mileage deduction to 55 cents per mile. Now that gas prices have stabilized in 2009, the Internal Revenue Service has reportedly decided to cut back on some of its generosity. According to Wallet Pop, the new per mile rate is 50 cents, a nine percent decline from a year ago. The decrease will likely do little to the casual business traveler, but high mileage sales types and
As you're aware by now, yesterday's big news was H.R. 3435, the emergency legislation passed by the House of Representatives authorizing an additional $2B for the CARS scrappage scheme. As had been widely reported on Thursday, the clunkers program appeared to have run out of money a lot sooner than anyone had expected, sending legislators in favor of it into a panic. After a period of impassioned floor debate (the Michigan delegation appeared on the verge of a collective nervous breakdown, treat
If you're the Ned Flanders type who just loves to get your taxes done early, we've got the post for you. The IRS has prepared a document on the changes to the tax code that biodiesel and cellulosic biofuel producers need to be aware of. If you know that ASTM D 6751 biodiesel standard was revised, but don't know what the revision means for you, then you should download the paper (PDF).
Honda's two compressed natural gas vehicle, the 2005 and 2006 Civic GX, have met the Qualified Alternative Fuel Motor Vehicles (QAFMV) qualifications per the Internal Revenue Service (IRS). This acknowledges buyers are eligible to receive credit upon purchasing either alternate fuel vehicle.
As far as the Internal Revenue Service is concerned, Toyota Motor Company has hit the magic number. The company is expected to announce the sale of its 60,000th hybrid vehicle, coincidentally the same number at which tax incentives to buy such vehicles is reduced or disappears. Those tax benefits, which range from $650 for a Honda Accord hybrid to $3,150 for a Toyota Prius are often a big factor in consumer decisions to purchase these models, so it will be interesting to see if their s
One part of last year's Energy Policy Act is now a reality in the form of an exciting new IRS tax form, Form 8911. The "Alternative Fuel Vehicle Refueling Property Credit" offers the first federal income tax credit to organizations that install E85 fueling systems. The tax credit is good for a 30 percent federal income tax credit and can be worth up to $30,000 per property, according to Renewable Energy Access.
With tax day just past, it’s good to know the IRS still hearts biofuels. There are plenty of tax credits for those involved in the biofuel way of life. Everyone from individuals or businesses purchasing cars, to small agri-business biofuel producers (those who make less than 15-million gallons of biodiesel or 60-million gallons of ethanol) can benefit from these tax credits.