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hey 09 owners don't forget about...

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  #1  
Old 01-06-2010 | 08:55 PM
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hey 09 owners don't forget about...
just wanted to remind all the the 09 owners about the gov tax credit since it wont be long till taxs will be filed

http://www.soundmoneymatters.com/new-car-tax-credit/
 
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  #2  
Old 01-06-2010 | 09:23 PM
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Thanks for the timely reminder.

And, it bears repeating again that this is a tax deduction not a tax credit (yes the article got it wrong). There is a major difference.

Thanks
 
Last edited by johnwill; 01-06-2010 at 09:42 PM.
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Old 01-06-2010 | 09:41 PM
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actually, not just 09 owners but also '10 owners who bought in 09 as well.
 
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Old 01-06-2010 | 09:44 PM
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Originally Posted by SteveVFX4
actually, not just 09 owners but also '10 owners who bought in 09 as well.
Good point ! A NEW vehicle bought during the applicable 2009 period, 2-17-09 thru 12-31-09:
 
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Old 01-06-2010 | 09:45 PM
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i just wanted to send a reminder out, alot of people dont know about it also
 
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Old 01-06-2010 | 11:03 PM
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Originally Posted by johnwill
Thanks for the timely reminder.

And, it bears repeating again that this is a tax deduction not a tax credit (yes the article got it wrong). There is a major difference.

Thanks
I wish it was a tax credit. That would be sweet.
 
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  #7  
Old 01-07-2010 | 12:30 AM
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I'm thinking that this won't provide any additional perk for me, since Texas residents are already allowed to deduct the sales taxes they pay on an automobile purchase on their Federal income taxes.......
 
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  #8  
Old 01-07-2010 | 06:24 AM
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Originally Posted by johnwill
Thanks for the timely reminder.

And, it bears repeating again that this is a tax deduction not a tax credit (yes the article got it wrong). There is a major difference.

Thanks
That is true but at least it is a "Super Deduction" meaning you can deduct it even if you don't itemize.
 
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  #9  
Old 01-07-2010 | 09:01 AM
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I bought a used 09 in November. Am I still able to take advantage of this or is it strictly new cars?
 
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  #10  
Old 01-07-2010 | 10:38 AM
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Originally Posted by pineapple2468
I bought a used 09 in November. Am I still able to take advantage of this or is it strictly new cars?
Sorry, you out of luck. Must be purchase of new vehicle, strictly.
 
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Old 01-07-2010 | 10:39 AM
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Originally Posted by Derff96963
That is true but at least it is a "Super Deduction" meaning you can deduct it even if you don't itemize.
Yes, good point.
 
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  #12  
Old 01-07-2010 | 09:14 PM
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Great info, Im wondering if the $4500.00 cash for clunkers is considered income and has to be reported as such?:
 
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  #13  
Old 01-07-2010 | 10:40 PM
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Originally Posted by DDawg
Great info, Im wondering if the $4500.00 cash for clunkers is considered income and has to be reported as such?:
No, it is not.
 
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