Fresh Start Tax wants to remind car shoppers about a 2009 tax break. Take advantage of this if you can afford it .
Fresh Start Tax reminds individual taxpayers who are considering buying a new car that they have until Dec. 31, 2009 to take advantage of a tax break that may not be around in 2010. Do not forget this date.
Taxpayers or individuals who buy a qualifying “new motor vehicle this year”, after Feb. 16th, can deduct the state or local sales or excise taxes they paid on the first $49,500 of the purchase price. Why this start date, who knows? Qualifying motor vehicles include new passenger automobiles, light trucks, motorcycles and motor homes.
Individuals who itemize, as well as those who take the standard deduction can benefit from this tax break. In states without a sales tax, other taxes or fees can qualify if they are assessed on the purchase of the vehicle and are based on the vehicle?s sales price or as a per unit fee.
The deduction for taxpayers is reduced for joint filers with modified adjusted gross incomes between $250,000 and $260,000 and other taxpayers with between $125,000 and $135,000. Taxpayers with higher incomes “do not qualify”. These limitations are not fair to higher income families and should have been included in the package.
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