Sponsored Links
  • Missing Tax Refunds
    Free search Missing Tax Refunds database. Find your Missing refunds
    www.CashUnclaimed.com/TaxRefunds/
  • Reader Mark D CPA
    Get Knowledgeable And Friendly Tax & Financial Advice.
    www.readercpa.com/
  • Income Tax Return
    Check Out Local.com To Find Income Tax Return In Your Area!
    Local.com/
  • Federal Tax Credit FAQ
    2009/10 Economic Stimulus Credits Heating, Cooling, Insulation, Solar
    www.AHCservice.com/
  • Tax Refund Info
    Get All Your Tax Questions Answered At The Improved Ask.com.
    Ask.com/
  • Advance Auto Parts
    Shop Online for Parts & Accessories Ship to Home or In-Store Pickup Now
    AdvanceAutoParts.com/
  • Tax Return Loans Info
    Get Info On Tax Return Loans Access 10 Search Engines At Once.
    www.Info.com/TaxReturnLoans/
  • Income Tax Loans
    Find Income Tax Loans near you Local Search on Income Tax Loans
    www.HelloLocal.com/
  • Need Cash Fast?
    Get up to $1,000 in your account by tomorrow without a credit check.
    www.GetANoCreditCheckloan.com/
  • Rapid Cash
    Get Quick & Affordable Personal No Fax Loans. Stop Searching. Act Now.
    www.MyCashNow.com
  • Rapid Cash
    Low Fee! Fast Approval. Secure. $1500. Bad Credit OK. Apply Now.
    www.DiscountAdvances.com
  • $1000 Fast Cash Personal Loans Online
    Get nationwide fast cash personal loans online. Up to $1000. No faxing, no credit checks, no hassles. Get up to $1000 within hours. Act now.
    www.cash--loans--online.com
  • Tax Advance
    Get US Cash Advance Now? Funds in 1 hour or less. Fast&Easy Approved.
    www.USGetCashOnline.com
  • Tax Advance
    Need Cash Up to $1,500 in 1 HR. No Credit Check/Fax. Apply now.
    PayOnehrFund.com/paydayloans

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.