Buy a New Car and Get a Tax Deduction!
March 2, 2009
A few weeks ago, I wrote a post about a possible tax deduction for new car buyers, as part of President Obama’s stimulus package. Well, good news, it was passed!
As part of the stimulus package, taxpayers will be able to deduct the both local and state sales tax paid on new car purchases up to $49,500. The tax break will cover the purchase of any new car, domestic or foreign, through the end of 2009. Additionally, the deduction is “above the line,” which means that it reduces the amount of a filer’s taxable income. Eligible taxpayers must have an annual income below $125,000 for individuals or below $250,000 for families.
So if you’re in the market for a new car, buy it now and take advantage of low prices, the tax deduction, and low financing at the credit union! And if you need help finding your car, don’t want to hassle with Dealers, and want to possibly save money on your purchase, use Auto Expert, our auto buying service. Happy shopping!
Questions or comments? E-mail me at blogger@matadorsmoneymatters.com.
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