Special Tax Break Available for New Car Purchases This Year

Dont know if anyone saw thie, but for anyone who bought a new tacoma between 2-17-09 and 12-31-09 is eligible for some money.

Special Tax Break Available for New Car Purchases This Year

IR-2009-30, March 30, 2009
WASHINGTON — The Internal Revenue Service announced today that taxpayers who buy a new passenger vehicle this year may be entitled to deduct state and local sales and excise taxes paid on the purchase on their 2009 tax returns next year.
“For those thinking about buying a new car this year, this deduction may give them a little more drive to make their purchase this year,” said IRS Commissioner Doug Shulman. “This deduction enables taxpayers to buy now and get cash back later on their tax returns.”
The deduction is limited to the state and local sales and excise taxes paid on up to $49,500 of the purchase price of a qualified new car, light truck, motor home or motorcycle.
The amount of the deduction is phased out for taxpayers whose modified adjusted gross income is between $125,000 and $135,000 for individual filers and between $250,000 and $260,000 for joint filers.
IRS also alerted taxpayers that the vehicle must be purchased after Feb. 16, 2009, and before Jan. 1, 2010, to qualify for the deduction.
The special deduction is available regardless of whether a taxpayer itemizes deductions on their return. The IRS reminded taxpayers the deduction may not be taken on 2008 tax returns.
Related Item: IR-2009-60, Special Tax Break on New Car Purchases Available in States With No Sales Tax


just thought id throw it out there. since it affects me. im happy. that will probably get me my lift i want. or a nice bumper

 

Ha! Yes! Awesome! Maybe I can finish off my truck soon! Thanks, Good post.

 

Damn, I make to much. that sucks

 

LOL. Im JK man.

 

Dont be a hater now.

 

No, no... that should have been:

 

Damn fella's,

You should be proud that I worked my way out of the ghetto and actually made something out of myself. Your starting to treat me like my own family does. Im not rich but I worked my ass off to make a few dollars and be somewhat comfortable in my life and that wasnt til after I retired from the military.

I applaud anyone that can survive in the military til retirement and then be lucky enough to land a good job. Of course i got medically discharged/retired after being wounded in the first gulf war. So, I feel as if I EARNED it.

 

My apologies, it was meant totally tongue in cheek.

 

No worries, Life deals us all cards that no one knows how it all plays out. I wasnt upset about anything. But I have still busted my tail and will always carry around a reminder of my time in the desert eitherway.

But to the OPs point everyone should take that tax break if they can get it. I wonder why they picked FEB as the starting date rather than Jan 1 of last year?

 

exactly. that what is weird. lol its all obama just effing with us.
lucky for me i signed my contract on the 27th. lol then didnt hear about the credit till today.
But i cant decide if i want to to put it towards a 6" or a bumper... i just dont know yet.
I'm hoping i hit a deer or some one clips me by then. lol

 

That's probably when the legislation went through. This isn't something that just got passed, its been in effect (almost) all year.

I had my eye on a Tacoma for a while, but made sure I sealed the deal before the end of the year so I could claim the additional deduction on my taxes.

 

And for those of you who didn't know about the credit, I can't believe your salesperson didn't bring it up, especially if you were buying near the end of the year. The guy I bought off of definitely tried to use it as a sales tactic.

 

it was like that all last year as well, so i bought two. i'm with kraqr, i make too much and need to ofset some money, like going to school for shit's and giggles.

 

My wife had just mentioned this tax thing this morning to me, I was not sure if I believed her or not, good to get it confirmed!

 

sweet!!!...mo money mo money