Topic: Wyatt-Johnson Subaru & Hyundai

New Vehicle Deduction

October 7, 2009 |

The “Cash for Clunkers” program for new cars may have ended, but the IRS wants to remind taxpayers that many people might overlook another special break available. If you buy a new vehicle this year, there’s a special federal tax deduction available that can help you save money, in some cases hundreds of dollars. This tax break will allow people who buy a new vehicle in 2009 to deduct the sales and excise taxes they pay when they file their tax return next year.  The tax deduction is available on the 2009 federal tax return even for those who claim the standard deduction.

Wyatt-Johnson Subaru & Hyundai in Clarksville Tennessee

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Buy home or new vehicle, get tax break

July 19, 2009 |

Purchase of Home or New Vehicle Could Generate Tax Break

NASHVILLE – If you’re considering buying a main home or a new vehicle, the Internal Revenue Service wants you to know you may qualify for a tax credit or a deduction after the purchase.

“Qualifying homebuyers generally can file for the First-Time Homebuyer Credit immediately after they purchase a home,” said IRS spokesman Dan Boone. “However, the deduction for buying a new vehicle is taken when you file your 2009 tax return next year.”

Homebuyers can get a tax credit, while new vehicle buyers can get a tax deduction. A tax credit comes directly off the taxes you owe, while a deduction lowers your taxable income, indirectly reducing your taxes. «Read the rest of this article»

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