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The Prius is currently the top selling hybrid vehicle today, especially in North America where concerns about the rising gasoline prices and the effect of vehicle emissions to the climate are now decisive factors when buying a new car. Last June, Toyota has announced that it will double the number of hybrid cars in its model lineup. Currently, there are seven Toyota models with the hybrid system. Toyota expects to sell a million Prius cars annually soon after 2010.

Software Tax (AXcess News) Washington - The Internal Revenue Service has certified the model year 2006 Toyota Prius Hybrid for the clean fuel vehicle deduction. This certification means that taxpayers who purchased a 2006 Toyota Prius new during calendar year 2005 may claim a tax deduction of up to $2,000 on line 36 of Form 1040.

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Every Landlord Tax Deduction The agency stresses that the $2,000 deduction is for tax years 2005 and earlier. Starting in 2006 the deduction is replaced with a credit, which will require a different certification. The tax credit for hybrid vehicles applies to vehicles purchased on or after January 1, 2006, and may be as much as $3,400 for those who purchase the most fuel-efficient vehicles.

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Tax Help For taxpayers filing their 2005 tax returns, however, the deduction must be taken in the year the vehicle was originally used and the taxpayer must be the original owner. Since this benefit can be taken as an adjustment to income on Form 1040, individuals do not have to itemize deductions to claim this deduction.

Toyota Motors Corp. will reportedly increase production of its popular hybrid vehicle, the Prius by up to 50%, or 300, 000 units by 2007, according to Japan%š business daily, the Nihon Keizai. Toyota is aiming to further dominate the hybrid car market in which it already enjoys a sizeable advantage over other hybrid car makers. Hybrid cars, which offer a combined conventional engine and an electric motor for added fuel mileage is now a main alternative to cars with internal combustion engine.

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