reduce taxable income

The year is rapidly drawing to a close, and that means it’s time to really think about what additional breaks you might be eligible for right now. If you are concerned about reducing your tax liability for this year, it’s a good time to see what you qualify for.  The good news is that there is still time to qualify for a number of tax breaks in 2010.  Here are some of the tax moves you can still make:

Hybrid Car Purchase

A tax credit passed in 2006 for the purchase of hybrid vehicles is still in effect — but it will end on December 31, 2010.  If you purchase certain hybrids, you could be eligible for a tax credit.  There are stipulations, though.  The tax credit is only available on the first 60,000 models sold by the manufacturer.  Some manufacturers have sold more than 60,000 units of some hybrid models.  However, there are still some hybrids that haven’t sold out.  FuelEconomy.gov has a page that shows you which models are still eligible for tax credits if you buy before the end of the year.
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