The IRS Deductions Blog

Posts Tagged ‘2009’

Question: Tax benefits for buying a new car in 2009?

I’m in the process of buying a new Toyota Tundra pickup truck and was wondering what the benefits are if i complete this purchase before the end of the year vs. waiting until January to buy it… would i qualify for the tax deduction on the sales tax? is that for any new car? Thanks…

Answer: Yes, you can deduct part or all of the sales tax whether you itemize or not.

Items on Amazon Right Now for Sales Tax Deduction New Car 2009:

Full text of Prime Minister and Finance Minister Datuk Seri Najib Razak’s Budget speech

I beg to move the Bill intituled “An Act to apply a sum from the Consolidated Fund for the service of the year 2011 and to appropriate that sum for the service of that year” be read a second time.

Recovery: October 15th Deadline (ASL, Captions & Voice Over)

Question: What tax forms do I need?

I’ve been doing my taxes online for the past few years but my taxes are simple and I realized that even paying the $12.95 or whatever fee to do them online is still not worth it. So I’m gonna head down to the library tomorrow and pick up the forms to do them myself, but like I said it’s been years since I’ve done them myself. I’m 23, not married, no kids, all I have is a pair of W-2s and a T-1098 (I think that’s what it was called, it’s a deduction for college payment).

So what forms should I pick up to do my state and federal returns?
I live in Minnesota btw

Answer: you will need a 1040 and a 8863 for the education credit. You can go to irs.gov and click on free efile to file your tax return free. I would try that. If you live in a state that has a income tax you will need those forms also.

Christine- EA Master Tax Adviser Check out my profile

**This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you have provided.

Items on Amazon Right Now for Tax Deduction Library:

NANCY KENSINGER: Letter to the Editor

In 1935, President Franklin D. Roosevelt proposed and implemented Social Security (FICA). The program was to be completely voluntary. Participants would pay only 1 percent of the first $1,400 of their annual incomes.

Animalia Angelicus (ROTAK) – Chapter 2 – Larry Degala, author

Question: Does my car purchase qualify for Obama’s stimulus (deduction of sales tax?)?

While buying a new car this weekend, I found out I can deduct the sales tax on my 09 taxes. This past June I bought my wife a new car. Arizona only charged me $260 in sales tax (diff between trade in and new) but now that its being registered in California the DMV wants to collect $2800 in sales tax.

All I have read only states it must be a new car purchase. If I do qualify I will pay the taxes before the 31st. Otherwise I will hold wait a bit longer.

Answer: Your sale documents will reflect that the vehicle was purchased in Arizona which will limit your deduction to what was paid/collected to AZ. As for the taxes that CA will be charging you for registering the vehicle in CA, you will only be able to claim those taxes if you are itemizing your deductions for the year and the CA taxes were paid during 2009. Deductions can only be claimed for the year in which the fees were actually paid.

Items on Amazon Right Now for Tax Deduction For New Car Purchase:

Retirement Tips For Generation-X

Gen-X investors don’t have to let economic disappointments derail their plans.

NEW CAR TAX BREAKS

Question: college tuition and tax deduction for 2009?

if i pay for college class, a cost of about four thousand. can i deduct that for this year 2009 on my taxes. and would i get the same amount back in my tax refund next year.

Answer: If you are not a dependent, you should be eligible for an education credit. It won’t refund the whole $4000 though.

Items on Amazon Right Now for Tax 2009 Deductions:

Paychecks Could Suffer If Tax Vote Slips

The IRS needs time to prepare tax tables so employers are being told to increase withholding whether or not Congress lets tax rates rise

Self Employed Tax Calculator, Calculate Self Employment Deductions 2010, 2011

Question: Frank is a resident of a state that imposes a tax on income. The following information pertaining to Frank’s?

state income taxes is available:
State income taxes withheld in 2009$3,000
Refund received in 2009 of 2008tax300
Assessment paid in 2009 of 2006 tax800

Assuming he elects to deduct state and local income taxes, what amount should Weber use as state and local income taxes in calculating Itemized Deductions for his 2009 Federal income tax return?
a.$2,700
b.$3,000
c.$3,500
d.$3,800
e.None of the above
Would the correct answer be (b).

Answer: The answer is d. He can use the 2009 state income taxes they withheld of $3000 as an itemized deduction, and he can take the $800 he paid for 2006 state taxes as an itemized deduction also!
the $300 state refund he got for 2008 has to be reported as income, on other income!

Items on Amazon Right Now for 2009 Federal Tax Itemized Deductions:

Jackson Hewitt® Shares Tax Tips on Preparing for Hurricanes, Tornados and Other Severe Weather

According to The Federal Emergency Management Agency , there have already been 49 disasters declared thus far in 2010,* with several months still remaining in the year.  With annual hurricane, wildfire and tornado seasons underway and flood season just beginning, Jackson Hewitt Tax Service® shares tips for taxpayers living in areas prone to severe weather â to help them understand what steps …

The New 2009 Tax Deduction for Car Buyers