Recovery: Vehicle Tax Deduction-Claim It January 2010
Sunday, January 24th, 2010
If you bought a new car in 2009, you may be eligible for an additional deduction when you file your taxes.
Duration : 0:1:8
Recovery: Vehicle Tax Deduction – June 09
Wednesday, January 20th, 2010
Have your eye on a new car? Be sure to check out this video from the IRS to find out how buying a new vehicle may actually put some more mileage in your tax return next year.
Duration : 0:0:41
Does the new car sales tax credit apply to leased cars?
Tuesday, November 24th, 2009If you lease a new car before the end of 2009, will that sales tax credit that’s on all new vehicles still apply?
There’s no need to lecture me about the benefits of buying vs. leasing. It’s just a question about the tax credit, thanks.
No. The credit is only for the taxes on new cars for purchase, not lease.
Learn About the New Car Buyers Tax Deduction
Saturday, November 21st, 2009
You’ve probably noticed the great deals on new cars these days. Even the government has a special offer. Buy a new car between February 16 and December 31, 2009 and you’ll probably get to deduct the sales tax on your tax return. Things you should know – you must buy a new car, high-income taxpayers don’t qualify, you benefit even if you file a simple tax return and take the standard deduction, and you can only deduct the sales tax on the first $49,500.
To learn more, visit http://turbotax.intuit.com
Duration : 0:1:35
New car sale taxes, etc?
Wednesday, November 11th, 2009I am planning on purchasing a new car. If I negotiate to a price of $36,000 and there is a sales tax of 6% ($2,160) that will come to 38,160. What other costs are associated with the final sale that I am missing and are they negotiable?
Thanks
TITLE FEE, LICENSE FEE, DOCUMENT FEES AND ANY OTHER FEES THAT THE DEALER WILL TRY AND ADD ON, JUST READ ALL OF YOUR PAPERWORK BEFORE YOU SIGN IT.
New Car Buyer’s Deduction
Wednesday, November 11th, 2009
Youve probably noticed lots of good deals on new cars these days.
Even the federal government has a special offer.
Buy a new car between February 16th and December 31st of 2009, and youll probably get to deduct the cars sales tax on your tax return. The same deal applies if you buy a small truck — or a not-so small SUV or motor home . a even a motorcycle.
Heres how it works:
Lets say you buy a car for $28,000 about the national average price for new cars. If you pay 6 percent sales tax, thats $1,680. And that $1,680 can be written off on your tax return.
So whats that worth?
Most middle-class folks would save between $250 and $420.
Remember:
You must buy a new car, used cars dont count
Higher-income taxpayers wont qualify, but a married couple can earn more than a quarter of a million dollars before having to worry about losing this break.
You can take the deduction even if you file a simple tax return and claim the standard deduction.
You can spend as much as you want, but you only get to deduct the tax on the first $49,500 of the purchase price of each new car you buy this year.
And, finally, if you normally itemize and deduct sales taxes instead of state income taxes, this new deduction doesnt give you anything extra.
The tax write off isnt enough to send people scurrying to a dealership to buy a new car.
But it certainly can make a good deal even better.
Duration : 0:1:37
Can I deduct a new car purchase for my business?
Tuesday, November 10th, 2009My wife and I purchased a new car in 2006. The car is used for both personal use, and for use in my business. Can I deduct anything on my taxes in regards to the purchase of this car? Would I be listing the car as a business asset?
Yes, you can. However, the IRS only allows you to take pieces over time. You’ll need to look into the instructions for depreciation or form 4562.
Most cars are subject to the luxury auto limits meaning there is a cap as to how much you can deduct as depreciation expense each year. For someone that has never dealt with this before, it can seem very complicated. Now might be a good time to hire a CPA to handle your return. Part of the cost (for the CPA) is also deductible as a business expense!
