The American Recovery and Reinvestment Act provides for new incentives for the purchase of new cars in 2009. This applies to vehicles purchases after February 16, 2009 and before January 1, 2010. Taxpayers who qualify may deduct the sales tax (state, local, and excise) on the purchase of new cars,
Donating a Car to Charity and Getting a Tax Deduction
If you have a used car you want to donate to a charity and are wondering if you can deduct the donation on your tax return, then here are the steps you need to take. First, make sure the charity you want to donate to is a qualified organization. You will need to make sure that they are 501(c)(3)
New mileage rates
IRS RAISES STANDARD MILEAGE RATES With gas prices soaring, the IRS has announced an increase in the standard mileage rates that taxpayers can use to deduct the cost of driving for business, medical services, or moving. BUSINESS. Effective for driving from July 1 through December 31, 2008, the