Only Weeks Remain to Take Advantage of Consumer and Business Auto Tax Incentives

Consumers can still take advantage of the generous tax deduction for state sales taxes (and some other state fees) on the purchase of a qualifying new vehicle before Dec. 31.  These savings will not be available after Dec. 31, so now is a great time to buy.

Also, small business customers have just a few weeks left in 2009 to take advantage of generous accelerated depreciation and expensing tax incentives on the purchase of certain qualifying vehicles (extended in the February stimulus bill, The American Recovery and Reinvestment Act of 2009).

The links below provide quick reference guides of the tax incentives from the stimulus bill, but do not provide a comprehensive reference for all tax situations. Please note that the guides are simply summaries.  Consumers and businesses should contact their preferred tax professionals for further details.

To view IRS guidance on the consumer vehicle sales tax deduction, including income and other restrictions, click here.

To view a summary of accelerated depreciation and expanded small business expensing rules from the stimulus bill, click here.

For a summary of these and other potentially relevant tax provisions in the stimulus bill, click here.
Source: NADA Newswire