Categorized | Economy

New Car Tax Credit

After the good news for new home purchasers there’s another good news by IRS. Internal Revenue Service has declared that taxpayers who purchase a new passenger motor vehicle this year (2009) will be able to deduct State and Local sales and excise taxes that they pay on the purchase on their 2009 tax returns in the following year.

So in case you were looking to buy a car and had it in your mind that you can only afford a second hand used car, well now you have the incentive to buy a brand new flashing vehicle for your own and family’s need and it wouldn’t cost you as much as it was going to earlier.

Perhaps this is governments way of giving a boost to the embattled car makers and propping them up. Personally, I don’t see anything wrong. When the companies are doing unwell, all help is desired. But at the same time when the companies are making record profits, they shouldn’t shy off from paying some extra dollars to the government which can again be ploughed back into the community for its own good.

Car tax Credit & Deduction Qualifications and Limitations

Keep in mind that the deduction is available only on state and local sales taxes and levies. The upper amount limit on the purchase of the car is $49,500 for a brand new car, truck, motor home or motorcycle.

The deduction amount is phased out for taxpayers whose adjusted gross income is more than $125,000 dollars for individuals and more than $250,000 for joint filers.

Car tax Credit & Deduction Qualification Dates

To qualify for the Tax Credit and Deduction, you must have had purchase the vehicle after Feb 16, 2009 and before the end of this year (2009).

Also be careful that you take this deduction on the following years tax return and not on 2008 return. The IRS will not be happy if you do that.

Enjoy your new car.

    26 Responses to “New Car Tax Credit”

    1. Tammy Siluis says:

      I like that I don’t have to pay for a subscription like wow

    2. Hey please do the morally right thing and use your site to spread the truth about 9/11

    3. Jay Niel says:

      Great site would you ever consider selling ad space to me?

    4. Tinnitus comes in two forms – the summary sort is only endured by the in-patient, which means only them can discover those ringing looks.

    5. Cody Beran says:

      Respect to article author, some good information.

    6. payday loans says:

      I’m truly enjoying the design and layout of your website. It’s a very easy on the eyes which makes it much more enjoyable for me to come here and visit more often. Did you hire out a developer to create your theme? Superb work!

    7. Thanks pertaining to dropping which link however unfortunately the idea looks to be down? Anybody use a mirror?

    8. Wow that was unusual. I just wrote an very long comment but after I clicked submit my comment didn’t appear. Grrrr… well I’m not writing all that over again. Anyways, just wanted to say wonderful blog!

    9. Hello, I think your blog might be having browser compatibility issues. When I look at your blog in Firefox, it looks fine but when opening in Internet Explorer, it has some overlapping. I just wanted to give you a quick heads up! Other then that, very good blog!

    10. poker table says:

      I like this internet site because so much useful material on here : D.

    11. Its like you read my thoughts! You seem to know so much approximately this, like you wrote the e-book in it or something. I believe that you just could do with a few % to power the message house a bit, however other than that, this is great blog. A great read. I will certainly be back.

    12. Woh I like your content, saved to my bookmarks! .

    13. Just wish to say your article is as surprising. The clearness in your submit is just cool and that i can suppose you are knowledgeable in this subject. Well along with your permission let me to grasp your feed to stay up to date with impending post. Thanks a million and please keep up the gratifying work.

    14. Awesome blog! Is your theme custom made or did you download it from somewhere? A theme like yours with a few simple adjustements would really make my blog stand out. Please let me know where you got your design. Thanks

    15. Excellent post however I was wanting to know if you could write a litte more on this topic? I’d be very grateful if you could elaborate a little bit further. Thank you!

    16. Outstanding post, you have pointed out some fantastic points, I also think this s a very wonderful website.

    17. Very interesting info !Perfect just what I was searching for!

    18. I believe far more writers really should take care to write with passion like you. Even informational articles like this can have personality. That’s what you’ve got interjected in this informative post. Your views are extremely exclusive.

    19. a2244199 says:

      I’ve said that least 2244199 times. SCK was here

    20. wornbard says:

      I know this if off topic but I’m looking into starting my own blog and was wondering what all is required to get setup? I’m assuming having a blog like yours would cost a pretty penny? I’m not very web savvy so I’m not 100% certain. Any suggestions or advice would be greatly appreciated. Thank you

    21. Admiring the dedication you put into your blog and detailed information you present. It’s nice to come across a blog every once in a while that isn’t the same out of date rehashed information. Excellent read! I’ve bookmarked your site and I’m including your RSS feeds to my Google account.

    22. Apple now has Rhapsody as an app, which is a great start, but it is currently hampered by the inability to store locally on your iPod, and has a dismal 64kbps bit rate. If this changes, then it will somewhat negate this advantage for the Zune, but the 10 songs per month will still be a big plus in Zune Pass’ favor.

    23. kasyno gry says:

      Thankyou for all your efforts that you have put in this. very interesting info .

    24. I would like to thank you for the efforts you’ve put in writing this blog. I really hope to view the same high-grade content from you in the future as well. In truth, your creative writing abilities has motivated me to get my own, personal blog now 😉

    25. Nonetheless and its popularity arrived a speculations in relation to its unwanted effects. The reasoning is when anything is the fact good, and then you need to have anything from the ingredient that can bring the other reaction. This may be one of the opinions that this not-so-convinced shoppers want.


    Leave a Reply

    You must be logged in to post a comment.