Wednesday, February 9, 2011

New tax deduction of the day (Motor Vehichle Taxes)

It's tax season and many people are thinking about new tax laws and what new tax deductions can benefit them.  Today we'll detail a new tax deduction for new motor vehicle (car, truck, etc) purchases.

This new vehicle tax deduction will let you deduct the state or local sales tax or excuse tax from new cars, trucks, vans, or any other motor vehichle purchased between the dates of February 16th, 2009 and January 1st, 2010.

This tax deduction is not only for those who itemize their tax dedutions, but also for those tax filers who want to increase their standard deduction.  You can use schedule A on form 1040 for itemized deductions and schedule L on form 1040a or 1040 for increasing the standard deduction.

I hope this helps everyone looking to increase their tax returns this season.  Come back again soon for more tax tips and tax news and, as always, I am not a tax professional.

1 comment:

  1. It's a pain sometimes filing out forms for stuff like this but it's all worth it in the end, if it means more money in your pocket that is!!