The IRS Deductions Blog

Posts Tagged ‘2009’

Question: Question about the 2009 Sales Tax Deduction for new cars?

I can’t seem to get a clear answer about this… We purchased my husbands vehicle in October. We had been leasing it for four years. We were the only drivers. Im trying to find out if i can claim the 2009 sales tax deduction. The IRS website says, “you can take the deduction as long as you are the vehicle’s first owner.” But, I found the opposite answers elsewhere. I called the IRS, but they seemed as confused as I am. Any thoughts?

Answer: The first owner was the leasing company. Through them, you put all the miles on it.

This is now a used car and the special deal does NOT apply to you.

If you itemize, you can still claim the sales tax if you are claiming the sales tax deduction because that approach doesn’t require it to be a new car.

(The IRS occasionally will consider a lease the same as owning the car–however, in that case, the car was new in 2005, NOT 2009.)

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Key incentive for car shoppers nearing an end

A new-vehicle tax break expires Friday. With dealers desperate and offering such additional inducements as fat rebates and cheap financing, now is seen as a great time to buy. It’s the most wonderful time of the year — for buying a new car.

Mckeon talks with local CA car dealers about the Auto Tax Assistance

Question: cancel medicare part A would required repayments of all bills up to the cancelation date ?

I was told I need to cancel medicare part A and B to enrol into
high Deductible Policy with HSA plan thru my employer.

Answer: You should never cancel your Medicare. The specifics of what you have available to you and what you should do would depend on factors such as what you have, and why. Do you have A&B now? Are you under 65 and on Medicare through disability? Do you have Medicaid or any other sponsord assistance? Do you have any additional coverage in the form of an employee sponsored plan, group plan, medicare supplement, medicare advantage plan or prescription coverage such as Part D?

You can get a plan similar to a HSA using your Medicare A&B from companies that sell Medicare insurance. It is called a MSA (Medical Savings Account) and would have a lot of similarities, but some differances. Namely, you typically pay no premium to enroll, you have an amount put into the account for you by Medicare, have a deductible to meet after the funds are used, and then typically have a 100% coverage level (up to Medicare approved (Medicare assignment) levels of payment for approved services). This might be an alternative.

You can not really give up your part A of Medicare. When you qualify, it is given to you, for free (from your taxes paid). Part B is something you pay for unless you have assistance. It is the part B that sometimes messes with your other insurance, but is necessary for supplements, advantage plans, etc. You CAN choose to postpone enrolling into part B if you have a qualifying plan, but it is generally not a good idea to leave it. With moth employer group plans you can have both parts and they work around Medicare, and if/when you leave that work sponsored plan you qualify to enroll in supplements. A HSA may be different because of the tax structure involved. I would call 1-800-MEDICARE to be sure.

Items on Amazon Right Now for Medicare Deductibles:

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Health savings accounts: bad debt for hospitals: can patient pay high deductibles?(Practice Trends): An article from: Family Practice News $5.95 This digital document is an article from Family Practice News, published by International Medical News Group on May 1, 2004. The length of the article is 466 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.Citation Detai…

Federal Share of U.S. Health Spending Rises Faster Than Private

Federal spending on medical programs grew almost twice as fast as the total spent on health care in the U.S. in 2008, a pattern aided by Medicare subsidies to private insurers.

Health Benefits