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| Press Release : 06/05/2009 |
| Tax Deduction for New Car Purchases in 2009 |
| Summary |
March, 2009 - The Internal Revenue Service announced today that taxpayers who buy a new passenger vehicle this year may be entitled to deduct
state and local sales and excise taxes paid on the purchase on their 2009 tax returns next year.
IRS Commissioner Doug Shulman was quoted as saying "For those thinking about buying a new car this year, this deduction may give them a
little more drive to make their purchase this year. At Girard Toyota not only will you be
entitled to this tax deduction, you will be entitled to the lowest financing offers available on our all new Toyota cars, and
light trucks.
This deduction enables taxpayers to buy now and get cash back later on their tax returns."
The new deduction applies to state and local sales and excise taxes paid on up to $49,500 of the
purchase price of a qualified new car, light truck, motor home or motorcycle. The qualifying vehicle must be purchased after Feb. 16, 2009,
and before Jan. 1, 2010 to secure the deduction. Application is to new passenger cars or light trucks with a GVW rating of not more than 8500
pounds.
The announcement noted that the amount of the deduction is phased out for taxpayers whose modified adjusted gross income is between $125,000
and $135,000 for individual filers and between $250,000 and $260,000 for joint filers. This special deduction is made available to car buyers
regardless of whether a taxpayer itemizes deductions on their return.
For additional information on this new car tax deduction, or items disclosed in this tax advisory, please remember to consult with your tax
advisor. You may also contact the Dealer Services Group at dsg@dixon-hughes.com or via phone at
(877) DLR-CPAS. |
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Contact:
Girard Toyota
543 Colman Street
New London, 06320 CT
Phone:(860) 447-3141
Fax: (860) 437-2457 |
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