If you are environmentally conscious and purchase a 2005 Ford Escape Hybrid vehicle that combines a gasoline-powered engine with alternative power methods,
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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,
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On December 13,
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1. Take the deduction in the year the vehicle was originally purchased,and
2. Be the original owner,
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Importantly,
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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,
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Richard Chapo is CEO of - Obtaining tax refunds for small businesses by finding overlooked tax deductions and credits through a free tax return review.
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