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Tax Tips: A New Vehicle Could Bring Tax Savings

Nila Rakhit, CPA

A new vehicle could bring tax savings

If you're thinking of buying a new car, truck, motorcycle, or motor home this year, you might benefit from a tax break included in the "Recovery Act of 2009."

Here are the details.

* You can deduct state and local sales taxes paid on up to $49,500 of the purchase price of a qualifying vehicle.

* Qualifying vehicles generally include new (not used) cars, light trucks, motorcycles, and motor homes purchased after February 16, 2009, and before January 1, 2010.

* The deduction can be claimed on your 2009 tax return regardless of whether or not you itemize other deductions.

* The deduction phases out for single taxpayers with income between $125,000 and $135,000. For joint filers, the phase out range is $250,000 to $260,000.

For more information or planning assistance, give us a call at (617)678-4021.


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