You probably already know that if you plan to buy a new car,this is the year to do it.
Here are the details...
● New deduction is only for buying NEW vehicles (not used)
● Purchase must be made after 2-16-09 and before 1-1-10
● Allows taxpayer to deduct State or Local Sales Taxes
or Excise Taxes you pay on the purchase.
● Limited to the fees or taxes paid purchase price up to
maximum of $49,500
● Deduction phased out for high income earners making
$125,000 to $135,000 (for individual filers), and between
$250,000 to $260,000 (for joint filers)
● Does NOT require taxpayers itemize deductions
And, because our government wants
no new car buyer left behind...
● In states that don't have a sales tax (AK, DE, HI, MT & OR)
you are entitled to deduct any other fees or taxes imposed by
state or local government.
"THE MORE THINGS CHANGE, THE MORE THEY STAY THE SAME"
"The art of taxation consists in so plucking the goose as to
obtain the largest possible amount of feathers
with the smallest possible amount of hissing."
J.B. Colbert,
Finance Minister to KING LOUIS XIV
