Is There a Miles-Per-Gallon Criterion for Hybrid Vehicles?
No. There is no miles-per-gallon criterion for hybrid vehicles to be entitled to a tax deduction in 2005 and the low fuel economy of some vehicles has been making critics question if hybrid SUVs and fast-accelerating models should qualify for the tax break. While no economy requirements are imposed on hybrids for 2005, the newly-minted Energy Tax Incentive Act of 2005 changes the equation starting in 2006. more… 2. Independent contractors can help limit your liability One of the easiest ways for a business to limit liability is to use independent contractors instead of employees. Of course, merely calling employees “independent contractors” will not make those individuals independent contractors. more… 3. How Do I? Compute the new sales tax itemized deduction All individual taxpayers who itemize their tax deductions for 2004 and 2005 have a choice between deducting state and local income taxes (as has always been the case for itemized deductions) or deducting state and local sales
