On March 30, 2009 the Internal Revenue Service (IRS) announced that taxpayers who buy a new passenger vehicle this year may be entitled to deduct state and local sales and excise taxes paid on the purchase on their 2009 tax returns next year.
The deduction is limited to the state and local sales and excise taxes paid on up to $49,500 of the purchase price of a qualified new car or light truck.
The amount of the deduction is phased out for taxpayers whose modified adjusted gross income is between $125,000 and $135,000 for individual filers and between $250,000 and $260,000 for joint filers.
IRS also alerted taxpayers that the vehicle must be purchased after Feb. 16, 2009 and before Jan. 1, 2010, to qualify for the deduction.
The special deduction is available regardless of whether a taxpayer itemizes deductions on their return. The IRS reminded taxpayers the deductions may not be taken on 2008 tax returns.
Get ready to fall in love with one of the exceptional vehicles in our new or pre-owned inventory. Farris Motor Company in Jefferson City, TN is fully stocked with new and late model cars, trucks, minivans and SUVs. If you're looking for something specific that isn't in stock, fill out the CarFinder form and your dream vehicle will arrive before you know it!
It doesn't stop there. Be sure to check out the specials, promotions, financing, service and other departments at Farris Motor Company. We are committed to customer satisfaction throughout the car buying and ownership process.
The staff at our Jefferson City dealership is here to assist you with all of your automotive needs. Whether it is about our cars, services or something else, we have the answer. Call our informative sales staff today at (888) 848 - 7995, or come and visit us in person at 246 East Broadway Boulevard.
