The deadline for filing 2008 taxes is fast approaching. Just about two weeks away!
It’s never too early to start planning for the next year’s taxes. So consider this for 2009.
If you buy a new car, costing up to $49,500, this year you can deduct the state sales and excise taxes from your 2009 taxes.
As with most IRS deductions there are income limits.
If you’re single and earn between $125,000 and $135,000 the deduction phases out. If you’re married, and you jointly earn between $250,000 and $260,000, you’re out of luck.
You have to have bought the car between Feb. 16, 2009 and Jan. 1, 2010 and you can take this deduction regardless of whether you itemize.
March 31, 2009