David Stiefel, MBA, CPA/PFS
Shareholder and Director, Family and Closely Held Business Services
If you buy a hybrid for business or personal use this year―or a passenger car, truck, minivan, SUV, or heavy SUV for business use―you may get a break on your federal income taxes.
Hybrids are eligible for tax credits as a result of the Energy Policy Act of 2005, although the credits are reduced or eliminated this year for a few of the most popular models. In addition, as a result of the Economic Stimulus Act of 2008, there are also expanded expensing provisions and first-year depreciation deductions available for new business-use automobiles purchased in 2008.
Click Full Article for more information on these federal tax breaks, available to you this year.
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