New-car tax deduction

Hawkinson Kia in the Matteson Auto Mall has

BIG NEWS!!!!!!

New-car tax deduction at Hawkinson Kia in the Matteson Auto MAll

For those who bought or are buying a new car this year but missed out on the cash-for-clunkers program, take heart: There is a special tax deduction this year.
Taxpayers who buy a new car, light truck, motorcycle or motor home before Dec. 31 can deduct sales and excise taxes on purchases of up to $49,500. The deduction, part of the economic stimulus bill enacted this year, phases out for single taxpayers with modified adjusted gross income of more than $125,000 and joint filers with MAGI of more than $250,000.

Hawkinson Kia in the Matteson Auto Mall says:

You don't have to itemize to claim this deduction: Add the sales tax to the standard 2009 deduction.

The amount you save will depend on your state sales tax rate and the price of your vehicle. For example, if your state imposes a 4 percent sales tax and your car costs $40,000, the deduction will reduce your adjusted gross income by $1,600, says tax publisher CCH.

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