The Federal Tax Credits Blog

Posts Tagged ‘new car’

TheGloriousNationalParty(GNP) FoundingBriefing02/14/2009

23 ways that your laziness is costing you money

23 ways you are burning cash including would it kill you to make your own coffee?

1217 Glenwood House for sale Port Huron MIchigan

Question: What is the new tax credit you get for buying a car?

What are the details of how much you get back in tax money for buying a new car this year.

Answer: 1) You must buy a new car (not used/pre-owned) before December 31, 2009.

2) You get the tax deduction on the taxes paid on a new car up to a retail price of $49,500 (you have to eliminate the sales tax on the portion over $49,500).

3) You must make less than $125,000 for an individual or $250,000 for a family – at which point the deduction begins to phase out and reaches zero at $135,000 and $270,000 respectively.

4) You will receive the credit when you file your 2009 taxes (before April 2010).

Harper says he won’t revisit abortion, gay marriage

Prime Minister Stephen Harper said a majority Conservative government would not move to ban abortions or gay marriage.

Bosch 1600H NG AquaStar 4.3 GPM Indoor Tankless Natural Gas Water Heater $596.99 Bosch, 1 Major Appliance Or Shower At A Time, Hydro Ignition, Natural Gas Tankless Water Heater, Hydro Ignition Means No Standing Pilot Or Electricity Needed, Water Flow Spins The Hyrdro Igniter Which Generates The Millivolts Needed To Ignite The Gas To The Burners, 117,000 BTU Input Delivers 3.3 Gallons Per Minute At A 55 Degree Fahrenheit Rise, Standing Pilot, 1/2 Gallon Flow To Activate Burners…

NeatReceipts Professional Mobile Receipt and Document Scanner and Software Combination Version 3.0 $249.95 Amazon.com Product Description NeatReceipts Version 3.0 is the easiest way for individuals and small businesses to manage expenses, prepare for taxes, create expense reports, and scan business cards. But it not all just for business–you can also use Neat Receipts for scrapbooking, archiving family recipes, and other family activities. NEAT Receipts is a portable scanner and software solution tha…

Sony Playstation Network Card – $50 $54.46 The Sony Playstation Network Card can be used to download games, movies, and more from the Playstation Store. In the past, a credit card was required for purchases from the Playstation Store. With the new Playstation Network Cards, users can shop the Playstation Store without needing a credit card. These cards can be used in the Playstation Store on both the PC and the online browser of the Playst…

1/26/10 Governor Quinn Announces 1200 New Jobs At Illinois-based Ford Motor Co. Plants

Question: How is it possible to pay sales tax in 2010 for a car bought in 2009?

In August of 2009 I purchased a new car. While doing my taxes for 2010, I noticed a tax credit for those who purchased a car in 2009 but PAID TAXES for it in 2010. How is this possible? Wouldn’t I technically have paid the taxes in August 2009 when the financing was written up? Or, because I had the taxes rolled into my loan which was paid throughout 2010, does that count?

I also asked a mutual friend about this and he said I should have claimed this credit on my 2009 return and has advised me to amend the return to get the credit. If I can do it on my 2010 return I will, but don’t really understand the wording of the question.

Thanks!

Amber

Answer: Yes you would have paid the sales taxes when you received the licenses plate registration from the DMV office in the year 2009.

http://www.irs.gov/pub/irs-prior/f1040sl–2009.pdf

Page 2 of the schedule L for the tax year 2009
State or local sales or excise taxes (or certain other taxes or fees in a state
without a sales tax) paid after February 16, 2009, for the purchase of any new motor
vehicle(s).
So you should file a 1040X to correct the error that was made on the original filed 2009 1040 federal income tax return if you choose to do this.
Use the search box at the www.irs.gov website for 1040X choose instructions
and forms and then go for it.

The below is what is currently on the page 2 of the schedule L for the tax year 2010 so the IRS has not finished updating all of the material yet on the 2010 income tax forms and schedules.
Paid state or local sales or excise taxes (or certain other taxes or fees in a state without a sales tax) in 2010 for the purchase of any new motor vehicle(s) after February 16, 2009, and before January 1, 2010. At this time for the 2010 tax return filing this information would not be correct that is the reason that any one using this form will have to wait until the middle or last of February before they will be able to file the 1040 income tax return.
Hope that you find the above enclosed information useful

Fed Answers Brazil-China-Germany Axis Over QE2 With U.S. Growth

Federal Reserve Chairman Ben S. Bernanke is proving critics wrong as his stimulus program’s weight on the dollar boosts U.S. growth without slowing a global expansion or diminishing demand for America’s financial assets.

Tips for First Time Home Buyers

Question: I have issues and no solution. can someone advise me?

I have a problem. In 2006 I could not file my taxes due to the w2 forms missing from a job I had from January to April. The factory closed in April and I moved 3 times since then. I never received my tax forms and could not contact the company to give them my new address. Now I am living in South America and will be here this coming tax season. What should I do about filing my taxes? I’m going to be 2 years behide this coming tax season. I’m worried and have no ideal how to get in touch with the IRS. I have no money, no job. I’m in crisis. I owe a credit card debt, college education debt, car repoded. Now I’m illegal in South America and can’t get a job because of it. HELP!!!! Can I make a web site asking for help? to recieved donations just so I can get legal and get a career? How would I do that. A lot of questions in one. sorry

Answer: you can download the tax forms from the internet and then file them using the best info you know about. If you don’t have the forms to send in, they will deal with it. Send in the forms for both years. Filing an incomplete tax return at least means one is filed, and they can’t get after you for late filing.

2010 Nonprofit Wish List

Wish granted? Let us know by sending an e-mail to nancy.raskauskas@lee.net. We’ll check it off the list and pass your thanks on to the community. (Photo illustration by Wendy Kieffer | Gazette-Times)

New Car Tax Credit – Quick-Tips Video – NewCars.com