Sales Tax Credit on New Vehicle Purchases for 2009
Disclaimer: This credit or deduction is not sponsored by TundraSolutions or it's affiliates nor do they hold any responsibility for your tax filing outcome. Please do your own homework when compiling your tax return documents.
Courtesy of President Obama new economic recovery plan, if you buy a new vehicle (car, light truck, motorcycle, motor home) between Feb 17, 2009 and Dec 31, 2009, you can deduct the state, local sales and excise taxes. The purchase amount is capped at $49,500. So if your vehicle costs more than that, you can only claim $49,500.
Re: Sales Tax Credit on New Vehicle Purchases for 2009
Careful with the wording in the title of this thread. This is NOT a CREDIT, but instead a DEDUCTION. A credit reduces the amount of tax owed, but a deduction instead reduces the amount of money you pay tax on. A credit is better, because a $1,000 credit reduces your taxes $1,000. A deduction reduces your Adjusted Gross Income $1,000. So if you are in a 15% tax bracket, you save $150.
Overall, it is still a savings, but wording it correctly would eliminate the confusion come tax time.
__________________ Adam Dunker Internet Sales Manager
2007 CrewMax SR5 4x4 Slate Metallic, Headrest DVDs, Spray-in Liner, Bull Bar w/KC Titanium Driving Lights, Black Nerf Bars, 3" Toytec Lift, BF Goodrich T/A KO All Terrains, aFe Cold Air Intake, Gear Alloy Wheels, OEM Fender Flares, Pace Edwards Roll-Back Cover
Re: Sales Tax Credit on New Vehicle Purchases for 2009
You'll have to do your own homework on that one, but I'm pretty sure it's for your '09 return.
Tundradreams, I agree it may be misleading. But so are all of the articles I read. They tend to use the words deduction and credit interchangably. Either way, you'll have to file your taxes and claim one. If you do the filing yourself, I suggest you do your homework and try not to miss a great deduction/credit. If you have someone else do it, save your receipts . I'll post a disclaimer in the original post, thanks for the heads up.
__________________
My Truck: 2005 Tundra, 2UZFE. 4WD. AccessCab. Spectra Blue Mica (8M6). TRD. AT. CC. CK. DZ. FE. AW. LD. OF. TO. VP.
Re: Sales Tax Credit on New Vehicle Purchases for 2009
This ends up being about a total savings of $400 for me...not really that big of a deal. It would have been nice if it was a tax credit and not a deduction.
Sales Tax Credit on New Vehicle Purchases for 2009
Re: Sales Tax Credit on New Vehicle Purchases for 2009
. I'll post a disclaimer in the original post, thanks for the heads up.
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