How Do You Receive A Sales Tax Deduction On A New Car?
If you were thinking about buying a new car in the near future, it might be a good idea to buy a new car by the end of 2009. There is a tax deduction on the sales tax you pay for a new vehicle that you purchase in 2009 that you can certainly take advantage of. The following article will explain exactly how to receive a sales tax deduction on a new vehicle. First, you need to verify that there is still time to receive the sales tax deduction. The last day to purchase a new vehicle and still be eligible for the sales tax deduction is December 31, 2009. It would not be smart to wait until that day to purchase a car. Next, you need to confirm that you qualify for the sales tax deduction. By researching at the IRS website, you can verify if you income allows you to be eligible for the deduction. It is typically available for individuals with an income less than $125,000 annually. Once you know that you qualify for the sales tax deduction, calculate that you will benefit from the deduction.
