Save Money on Taxes Next Year if You Buy a New Car Now

Filed in archive Information About , Taxes on April 6, 2009

© jotor

The IRS has released information about how you can get a break on next year's taxes by buying a car. In order to help the large auto-manufacturers of our country, you will now be able to deduct a portion of the taxes on your new vehicle. This could result in a good way to save money on your 2009 tax return if you are looking to buy a new vehicle, to save you making your own with car parts.

The actual amount of money you make will determine just how much you can deduct, but it is possible to deduct as much as $49,000 of the taxes. The taxes may be subtracted only for new cars purchased after February 16, 2009, and before January 1, 2010. You will be able to subtract at least some of the taxes on your new vehicle whether or not you itemize on your 1040 tax returns.